The cryptocurrency began as an alternative to the centralized payment system. It really took a lot of time for people to take them seriously, and even when the price of bitcoin is higher than ever, people still have their reservations. However, the technology this payment system uses is way more versatile and has multiple applications. In a way, cryptocurrencies and blockchain will change the gaming industry for the better as they open up an array of possibilities. NFTs are a good example as they are basically digital assets with an ownership certificate. Here we are going to discuss how blockchain has impacted online casinos, and why it is only growing in popularity.
Safe and Fast Transaction
We live in an on-demand culture and having the ability to seamlessly shop while knowing our funds are safe and secure is very important. There are multiple payment gateways that are working on upgrading their service in order to become more competitive. This is all thanks to banking as service or API connections that allow payment gateways to do swift payments on top of the existing banking infrastructure. However, due to different jurisdictions and regulations, it’s difficult to facilitate cross-border transfers and stay constantly compliant with different regulatory frameworks.
Blockchain payments are different and don’t use the same payment network. Thanks to smart contracts technology payments happen almost instantly and it’s almost impossible to tamper with the validity of the system. As a result, casino players prefer to use sites that allow them to pay via cryptocurrency since this is currently the safest and quickest way to do business.
Playing Casino Games Anonymously
Another really amazing advantage of using cryptocurrency as payment in online casinos is that you get to play anonymously. The reason why casinos need your personal information is basically to confirm you are not underaged and in order to allow you to make withdrawals.
This payment method does not require personal information, because it is handled by a smart contracts system, and it is verified in an entirely different way. You can choose one of the sites based on no id withdrawal casino reviews, and pick a reliable casino to create an account. Moreover, you will have means for safe withdrawal and deposit, and play using a unique URL rather than logging in. On top of this, the fees for carrying out these transfers are significantly lower compared to the other payment methods. This means you get to save money or use it for gambling on different casino games.
Negative Side of Blockchain Payments
Although its popularity is growing and more people are turning to cryptocurrency as their payment method of choice, there are also some negative aspects to this arrangement. The way things stand now you are basically sacrificing utility for increased speed and safety. As you know there is still a limited number of businesses that accept this payment method, so regular currencies are still more versatile and useful. Luckily this has changed significantly over the years and more businesses are now open to crypto transfers. That being said, if you wish to convert your cryptos into fiat then you will have to pay sizable fees.
Another important issue we need to discuss is energy consumption. Maintaining blockchain requires a lot of electricity, and electricity is very expensive in many countries across the globe. This is why the majority of mining rigs that power this system are in countries where electricity is cheap, and it is still derived from sources like coal. Currently, blockchain is consuming more energy than entire countries, which is why it really increases the pollution in certain regions, who as mentioned are already struggling with a lack of clean energy sources.
It’s great to see that we are embracing this new technology, but we also need to be aware of the problems it creates. Many coins and cryptocurrencies are highly volatile and just look like a more elaborate Ponzi scheme, which is why people are still reluctant about accepting this technology. In all honesty, the legal system did step in and managed to bring some order to the whole system and make these investments more secure, but this only shows that it is difficult to have an unregulated payment system.