Undoubtedly, blockchain technology's invention and popularity have changed the gambling industry's technological and financial overview. This impact of cryptocurrency has ushered different branches of online gaming into a new, secured and reliable means of payment.
According to Klara Czerwinska, a globally renowned expert in online gaming, „Wraz ze wzrostem popularności kryptowalut w 2022 roku, korzystanie z kasyno online paysafecard, a także innych bezpiecznych metod płatności, nie jest dla graczy wymogiem koniecznym. Branża hazardowa coraz częściej korzysta z technologii blockchain i przezwycięży wyzwania związane z bezpieczeństwem i wiarygodnością tylko wtedy, gdy wdroży ją w pełni. Każde kasyno będzie musiało się do tych standardów dostosować i zapewnić graczom bardziej wiarygodne możliwości realizacji transakcji. W przeciwnym razie zaryzykuje pozostanie w tyle za konkurencją”.
In this article, we will highlight how cryptocurrency has impacted the growth of gambling globally and the advantages it carries alongside.
What Are The Effects Of Cryptocurrency On The Gambling Industry?
There have been a lot of changes since the use of crypto started in online gaming. We will take the liberty of outlining five (5) for your best interest.
1. Privacy Of Transaction
Gambling with fiat currencies using traditional payment gateways like MasterCard, PayPal, and Visa exposes players to those risks. However, with cryptocurrency requiring less information and identification, gamblers have nothing to fear when playing their favorite games on their preferred online casino. This modern means of payment also save casinos the cost and stress of storing players' transaction details as all crypto transactions are stored on the blockchain, which is only accessible to the parties involved.
2. Cost And Speed Of Transaction
When gamblers deposit and withdraw, the speed and cost at which this happens are very important. Cryptocurrency is a decentralized system. Unlike credit cards and bank transfers, cryptocurrency requires no third party to validate payment on its system. All payments are validated by high-performing computers that are accurate and cannot be manipulated. This absence of third-party intermediary increases the speed of transactions, which in turn lowers or, in most cases, eliminates all transaction costs.
The speed and transaction cost advantage has made it a more preferred currency for platforms and gamblers to use. This digital currency also gives players full control over their money, eliminating the nightmare of depositing and withdrawing funds using fiat currencies.
If there is one thing everyone wants, the partnership of casinos and cryptocurrency should provide security. With cryptocurrency being built on the most secured technological platforms in the world, gamblers can rest assured that their safety is guaranteed.
Before the introduction of cryptocurrency in the gambling industry, personal information and funds security has always been a vital concern for business people who gamble. Major gambling houses found it difficult to protect both the finances and identity of the players, leading to the decrease in the popularity of online casinos. Thanks to crypto, the era of hacks and stolen player funds is now behind us. This assurance is because, in crypto, all funds are recorded in a ledger and stored in the blockchain. The only information your online casino would require is your wallet address, which doesn't contain any of your records.
Cryptocurrency today has made it easier for players to track the payment credibility of any platform. Over the years, most online platforms found it easy to steal from players. They deduct a certain amount from players' wins, depriving them of enjoying their maximum benefits. The impact of digital currency has put an end to such illegal practices. With all transactions recorded on the internet, a gambler using their smartphone can track their pay-outs in real-time.
Most online casinos also leverage this technology to make their platform an open source to eliminate risks of cybercrimes.
5. Games, Bonuses, And Rewards
Cryptocurrency has changed how games are played and created in the gambling industry. Through the leverage of cryptocurrency worldwide, gaming platforms create games more suitable for the higher risks and greater reward format. Crypto is not just a means of exchange anymore; it is a mode of investment. Hence, many game enthusiasts are willing to take more risks to own a crypto asset because of the possibility of a value increase in the future. Gaming houses also use this information to develop more exciting and captivating games.
As more high-risk games are being created, so are the bonuses increased. With the absence of third parties to process the transactions between gamblers and casinos, gaming houses now offer better reward opportunities to players who switch to virtual currency. These incentives increase players' winning chances and attract new investors. A typical win-win situation for everyone.
With the popularity and growth of cryptocurrency, there is no doubt it will shape the future of payment channels globally. So, players and casino owners are advised to take advantage of today's opportunities through online gambling. The aim is to win big and become part of the new digitalized world.