Right from the off, online casinos have improved and changed. Almost yearly, these casinos are taking on and incorporating the latest technological advances to provide new and improved gaming platforms. As outlined in cryptonews.com, cryptocurrencies are one of the latest changes to online casinos.
Initially treated with trepidation, cryptocurrencies are now becoming commonplace for a range of different transaction types around the world. Now, it’s becoming more and more popular at online casinos as well. This article takes a look at this dramatic rise and its impact on online gambling and why it could be better using crypto when betting online.
Why crypto and online casinos work
The marriage of crypto and casino is not a surprise. Cryptocurrencies actually offer a lot of features a growing number of players look for in an online casino. One of the big areas of concern when it comes to online security stems from casino transactions. Crypto is ably placed to remove this concern.
With security such an issue, the decentralized, highly secure encryption of the blockchain algorithm lends itself perfectly to casino payments. No data is passed to the casino either meaning the user can remain entirely anonymous during the transaction. In fact, due to crypto keys and the way crypto (a virtual currency) is stored, third parties can’t even access a player’s crypto wallet to steal funds either.
Another feature of online casinos is the slow payouts. Many online casinos are working hard to improve payout times without compromising on security. Crypto is the simple answer here. Each transaction has to be verified on the blockchain (it’s also during this process that the transaction is logged and recorded). However, crypto verification happens very quickly unlike traditional transaction methods. As such, players can claim winnings a whole lot faster, seeing them reflected in crypto wallets within minutes.
Finally, many trusted payment methods are simply not available throughout the globe. But cryptocurrency isn’t bound by country borders. It’s a fully international payment method. Online casinos that have embraced crypto payments are able to provide payment methods to anyone. And, there are no currency conversion fees either.
Crypto casino concerns
Of course, it’s not entirely that simple. Crypto is highly volatile which means players are gambling with the value of their initial bet, not just the bets they place. If a crypto takes a tumble in the time it takes to place a bet, the subsequent winnings may still be less than the original bet. Players must take this into account. But for many, this risk is worth all the additional benefits using crypto brings.
Overall though, cryptocurrencies are revolutionising the online gambling world. By providing faster, more secure payments on a widely accessible platform, online gambling is opened up to more players. It’s now simply up to each gambling jurisdiction to keep up with this crypto trend. New and improved regulations incorporating cryptocurrencies will only serve to help and protect the gambling industry. Better still, it might encourage better transparency and fairness, improving the industry even more.
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