How Are Cryptocurrencies Changing The Online Gambling World?
In early 2009, a brand-new type of currency was introduced to the world that would change the way online payments are made. Bitcoin was launched as the very first cryptocurrency, a special type of digital currency that’s completely decentralized, meaning it’s not controlled by any government or financial institution. This currency uses cryptography to keep users’ money safe and to ensure that transactions are always safe. Since Bitcoin’s launch, thousands of other cryptocurrencies, or altcoins, have been created and released for public use. However, Bitcoin remains the most widely used one by far.
When it comes to online casinos and offers for real money, players typically use fiat currencies (that is, traditional controlled currencies such as the pound, the dollar or the euro). Payment methods such as debit/credit cards, prepaid cards, and e-wallets are used to transfer these currencies to and from a player’s casino account.
While fiat currencies have long been the norm for real-money online gambling, cryptocurrencies are becoming the preferred option for many players. This is because they offer many benefits that you don’t get as such with fiat currencies. One of the major benefits is anonymity. When using cryptocurrencies for online gambling, there’s no need to provide any personal details or any other kind of important data – you need only provide the address of your cryptocurrency wallet. In other words, you’re able to gamble without anyone being able to find out you’re gambling. This makes online gambling with cryptocurrencies very secure since there’s practically no chance of your details being compromised. Other benefits include withdrawals that are mostly faster than when using fiat currencies, minimal fees and the ability to circumvent regulations and gamble no matter where you are.
In short, not only are cryptocurrencies making online gambling more accessible, but they’re also making it more appealing. By offering anonymity, enhanced security, faster transactions and unrestricted access to casinos, they’re making online gambling a lot more convenient than it is when using fiat currencies. That being said, there are a few downsides to gambling online with cryptocurrencies. The main ones are the fact that cryptocurrencies can be highly volatile, and the exchange rates can fluctuate dramatically; and the fact that they’re unregulated.
On the whole, gambling online with cryptocurrencies has more advantages than disadvantages. The main effect cryptocurrencies are having on the online gambling industry is that they’re being accepted by a growing number of casinos. If there’s a demand for cryptocurrencies to be accepted at online casinos, many casinos will start to accept them. From a business perspective, it makes sense for operators to provide players with the payment methods they want to use.
There are two types of cryptocurrency: those that accept cryptocurrencies alongside fiat currencies and those that only accept cryptocurrencies and no fiat currencies at all. Casinos, where you can use both fiat currencies and cryptocurrencies, include Mansion Casino, Spintropolis, BitStaraz, and Unique Casino. Some casinos that only accept cryptocurrencies include FortuneJack, Stake Casino and Wolf Bet Casino. You should find that most casinos that accept fiat currencies and cryptocurrencies only accept Bitcoin. If you wish to gamble with other cryptocurrencies such as Ethereum, Litecoin, Ripple or Bitcoin Cash, you’re more likely to find these accepted at casinos where only cryptocurrencies can be used.
Cryptocurrencies have opened up online gambling to many people who wouldn’t have gambled otherwise. They’ve also provided a different, more convenient way of funding online gambling for those who already gamble. While it’s likely that fiat currencies will remain the more popular method of funding online gambling, there’s no denying that cryptocurrencies have become the preferred option for quite a lot of players.
The vast majority of online gambling is still done with fiat currencies, though more and more people will switch to cryptocurrencies, especially since they offer so many benefits. However, there’s a good chance that over the next few years, the percentage of online gambling done with cryptocurrencies will steadily increase. Fiat currencies may well be adapted or have some major changes brought about so that they don’t end up becoming the less popular option. We could well see things like withdrawal times being shortened, fees being reduced and less of a need for players to enter so many details to have transactions go ahead. So long as cryptocurrencies offer the benefits they do, many players will pick them over fiat currencies.
For well over a decade, online gamblers have had to make do with fiat currencies. Since cryptocurrencies have come along, they’ve provided gamblers with more anonymous and secure payment options that many have come to prefer over fiat currencies. If cryptocurrencies continue to rise in popularity, we could see more and more traditional online casinos start to accept them, so they don’t lose out on attracting and retaining players.
Featured image: CryptoNewz