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.
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.