Ever since the inception of blockchain technologies like cryptocurrency, it has been a trailblazer and improved many processes across industries. Since 2009, many industries have incorporated cryptocurrencies in their features. Crypto has become a popular type of payment and has been well accepted by many due to its many advantages.
Online gambling is one of the industries that integrated blockchain technologies in their services. It is the current recipient of its advantages and has innovated banking and financial transactions ever since.
What Exactly is Cryptocurrency?
Cryptocurrency is a type of digital currency that uses a form of encryption to protect its content. The technology exists in a virtual form which makes it intangible rather than physical and crypto relies on blockchain technology that is why it is decentralized. It utilizes blockchain technology to provide some of the best and safe banking services on the planet.
One of the few examples of cryptocurrency is Bitcoin and it is also the most popular. Many casino gamblers have already enjoyed its benefits in their online transactions for its security and safety.
Cryptocurrency and Online Gambling
Many online gambling platforms have already started to adapt to the changes that cryptocurrency brings and many users can attest its benefits from their user experience. Crypto can provide many advantages to the varying facets of online casino gambling services. This fact is the reason why cryptocurrency can benefit both the casino and the online gambler.
Benefits of Crypto in Gambling
The list of the advantages of Bitcoin and other cryptocurrencies to online gambling is continuously growing. However, in this list we only handpicked some of the visible and important benefits of this technology in the ever evolving industry of online casinos.
Freedom From Additional Transaction Fees
One of the things that punters enjoy in คาสิโนออนไลน์ gambling is earning real money. However, most of the casino payouts included some additional transaction fees that even though minimal in amount, may still hurt your funds a little bit.
When Bitcoin was presented in 2009, one of the main goals of this technology was to eliminate the extra transaction fees in the financial services. Without these extra fees, the transactions can now be direct and it does not need any additional cost anymore.
Speedy Processes
Once you decide to use cryptocurrencies in your gaming, you are required to register a crypto wallet. The traditional methods of payment take a long time to process due to the third party agents that prompt you to undergo additional steps in the transaction.
With Bitcoin and other cryptos, your funds can be instantly transferred to your crypto wallet. With this method, online gambling can now be easier and more convenient. The blockchain technology has been a miracle for the online gambling community due to its many benefits.
Robust Security
One of the pros of crypto is the solid security that this technology can provide. Cryptocurrencies provide unique encryption codes for each financial transaction when you play. These codes are so complex and hard to gain access into, third party users cannot penetrate these encrypted systems.
Anonymity
In the traditional forms of online gambling, the players are using credit and debit card transactions that third party users can gain access into. With crypto gambling, all of the player’s name, location and credit card data will remain encrypted, so that players can play anonymously.
Modern technology has made our lives easier and very convenient, however, these same technologies can be used against us. Hackers can penetrate security systems and our personal data can be compromised. That can never happen in cryptocurrency, users of this technology can have the confidence to share their information online without being afraid that they may be exposed to hackers and scammers.
Tax Benefits
Many players’ earnings that are very important to their online gambling are mostly subjected to government taxes. With cryptocurrency, your earnings can be transferred directly to your account without having to worry about taxes so that you can enjoy your winnings.
Although, this might be on the gray area of the moral balancing scales, this can undeniably be one of the benefits of blockchain technology that anyone can enjoy.
Better Bonuses and Promotions
With crypto, the process of banking can now be much faster because it operates end-to-end. There are no middlemen or third party agents that might utilize your financial data. This is one of the reasons why many online casinos can now provide more reasonable bonuses and promotions for the players.
The Future of Crypto in Online Gambling
We now learned that blockchain technology has a lot of advantages in online gambling, with many other industries are looking for new ways where they can apply this technology in their services. This technology has innovated the online gambling ecosystem in many ways and provides the users a pleasant gambling experience.