The Lowdown on Using Cryptocurrencies for Online Gambling

  • Tips
  • Written by Anette
  • Posted on November 6, 2020
Find the Best Gambling Sites
Casino Bonus
Home News & Articles The Lowdown on Using Cryptocurrencies for Online Gambling

The gambling industry has seen a rapid transformation over the last couple of years. Probably the most notable changes were brought by the development of online gambling, which has given players new options. The introduction of cryptocurrencies has opened a whole new world of possibilities for both operators and their customers.

Cryptocurrencies were underground until the late 2000s, going mainstream after a man named Laszlo Hanyecz traded 10,000 Bitcoins for two large pizzas back in 2010. That earned him the nickname “Bitcoin Pizza Guy”, and ushered a whole new era in the financial world.

Since then, Bitcoin and other cryptocurrencies have managed to find their way to various sectors, becoming a real game-changer. They quickly changed the traditional financial structures, speeding up transactions, and eliminating costly intermediaries.

One of the sectors significantly influenced by cryptocurrencies was online gambling. In no time, numerous online casinos and sports betting websites accepted this novelty, allowing their customers to use them as a convenient means of payment.

Speeding Up Your Payments

Claiming your winnings at an online casino was often a real hassle in the past, as people had to wait for days before their withdrawal could be processed and their funds visible in their account. Bank transfer, although very secure, was a very slow payment method, time-consuming and often expensive due to processing fees.

Crypto coins
Learn more about playing casino games with cryptocurrencies.
Cryptocurrencies were a breath of fresh air when they appeared in the market. They represented a very convenient payment method and were quickly accepted by punters all over the world.

All these problems were an inevitable part of the process, giving online gamblers nightmares when collecting their winnings. However, the introduction of cryptocurrencies and their rapid rise in popularity in the gambling world changed all of that. They became a safe and reliable payment option, and more importantly, a fast one.

By using cryptocurrencies to their maximum advantage, operators offered their customers a secure way of handling their payments. Their application also eliminated intermediaries from the process, as all transactions involved took part between a gambling platform and a gambler.

Here you can play online casino games

Cryptocurrencies Guarantee Anonymity

Cryptocurrencies get cryptographically encrypted using blockchain networks, meaning they can’t be used without being verified by all sides involved in a transaction. Details of the transaction are only known by the owned of a crypto wallet, which guarantees confidentiality.

This anonymity is another crucial factor behind the popularity that cryptocurrencies have among gamblers. As they provide anonymity, cryptocurrencies eliminate challenges imposed by limitations on betting stakes and other particular geographical restrictions. In the end, this gives players more freedom in their gambling activities.

This anonymity has its downsides, mainly when cryptocurrencies are used for illegal gambling. Many illicit gambling and betting platforms have been using them as a payment method, causing severe problems in specific markets. Cases such as these only further demonstrate the importance of regulation.

Operational Costs Down to a Minimum

The number of online gambling sites is continually growing, while this increase is aided by the rapid development of new technology, including blockchain and cryptocurrencies. New types of online casinos, known as MintDice, have also emerged in recent times, becoming an essential player in the business.

The latter has helped online gambling platforms to cut down their operational costs significantly.

Cryptocurrencies have great potential. Not only can they speed up payments, but they can also make online gambling much safer. Operators and players use them more and more, and their further development will undoubtedly create even more possibilities.

It’s unlikely that cryptocurrencies will ever replace traditional currencies, and if they ever do, it won’t be for several generations. It does make sense that the money we use is going to become digital one day. For the time being, their application in gambling will allow them to continue their development, which is sure to grow insignificance.

Receive 151 Free Spins!

1701 people preceded you!