What changes have blockchain and crypto made to gambling in 2021

The world is a different place after blockchain and cryptocurrencies all but destroyed the traditional financial sector. These technologies allowed people to buy goods and services with ease and anonymity wherever they like.

According to the report, more than 100 million people around the world use cryptocurrencies. Today, you can use crypto money almost anywhere from coffee shops to cars and even assets such as real estate.

The gambling industry is no exception.

Casino sites are starting to embrace blockchain technology and virtual coins, which are still somewhat unregulated in the eyes of many national governments. The transparency that blockchain brings to the table is just too valuable for this industry not to take advantage of it.

But what changes have blockchain and crypto made to gambling in 2021? Keep reading to find out! 

What changes have blockchain and crypto made to gambling in 2021

What is blockchain?

Blockchain is the technology that powers cryptocurrencies like Bitcoin and Litecoin. It's a digital network where you can store information in an encrypted form while it's constantly verified by other users on the network.

This makes blockchain transparent, secure, and virtually non-hackable. The main benefit of using blockchain for gambling in the real money casino is that all transactions are recorded under a timestamp and they're completely transparent.

Since you can see everything on the network, it's impossible to alter or forge transactions. We are going to show you the practical benefits of this technology in the next section.

What changes have blockchain and crypto made to gambling in 2021

Advantages of crypto-based online gambling

Blockchain is obviously on the rise, but what does it bring to the world of virtual gambling? It turns out that cryptocurrency casinos gain multiple benefits from new technologies such as digital money. We identified dozens of advantages, but let's focus on the most important use-cases only.

1. Blockchain has made it easier for people to gamble anonymously

Anonymity is the name of the game when we talk about blockchain. This is a huge plus for many people who want to keep their gambling habits private. How come?

Cryptocurrency blockchain networks are public ledgers that contain all transaction records that ever occurred. However, a user's personal information is hidden. This means that you can gamble without anyone knowing your name or personal details.

This is a huge advantage over regular casinos, which require your ID and other personal data before they'll let you play. Not to mention that some casinos actually store this information on their servers and share it with third parties.

Consequently, there is no easy way for anyone (including governments) to see what you do in a blockchain-powered casino and who you play with. The process of discovering the identity of crypto owners is long and difficult, discouraging hackers from trying to crack your personal information.

2. Cryptocurrencies are a new payment method for digital casinos

Cryptocurrency transactions are still not entirely regulated by national governments. This means that you can buy and sell goods without worrying about taxes or VAT, for example. That includes all transactions, winnings, and losses.

You can now use multiple cryptocurrencies on casino sites, including the most popular options like Bitcoin, Ethereum, and Litecoin. Let’s say you visit Spin Samurai to play a few rounds. In this case, you can choose from several payment methods:

  •  Traditional transaction channels like credit cards
  •  Modern transaction channels like cryptocurrencies

The sheer versatility of payment means makes digital casinos more inclusive. After all, different players use different ways to transfer their funds. But the same logic applies in the opposite direction.

Namely, cryptocurrencies also allow you to withdraw your winnings in a flash.

This is one of the most important features that online casinos can provide. How long does it take for you to withdraw funds from most regular sites? Usually, you have to wait at least five business days before receiving your money.

Blockchain-backed cryptocurrency transactions are fast and secure. They take a few seconds to complete, so you can collect the cash you've won in less than a minute after the game's over.

3. Blockchain enables decentralization and security

When was the last time you used your credit card at an online casino? And how long ago did you come up with a new password? It may have been more than a few months or even years ago!

Credit cards are relatively easy to hack and compromise. There are countless stories of people being conned out of their credit cards and PINs in various ways, including phishing scams and the hack of online databases.

But what if we told you that blockchain provides another level of protection? This is possible due to decentralization, a feature that makes cryptocurrencies stand out from other payment methods.

When it comes to cryptocurrency transactions, each block contains a hash of the previous block. This makes it much harder to change, and the changing of one transaction would mean changing all previous transactions too.

As such, nobody can interfere with your blockchain-based gambling activity. Even if you lose cash in a cryptocurrency gamble, there's no way for anyone to deceive or manipulate any data. The reliability of blockchain-powered casinos is paramount. 

4. The new technology makes casinos less prone to fraud

This benefit goes hand in hand with the previous one. The new technology makes Bitcoin casinos less prone to fraud, scams, and manipulation. In other words, blockchain technology is perfect for the online casino industry.

Every gambler in the world wants to play in a safe and secure environment. No one feels too comfortable making deposits with credit cards or other transaction channels that can easily expose their personal information.

On the other hand, blockchain-powered gambling is ideal for virtual gamblers because it protects their anonymity and prevents third parties from interfering with their games. Many high-profile players have already started using Bitcoin and other cryptocurrencies for their gambling activities. The trend is clear — blockchain and cryptocurrencies are changing the landscape of gambling, for the better. 

5. Crypto gambling is fast and flexible

Speed is of the essence when it comes to depositing and withdrawing money from an online casino. Nobody wants to wait for days before they can start playing their favorite games. And that's where cryptocurrencies come in.

They are incredibly fast when it comes to processing transactions. In most cases, you'll be able to complete a transaction in a matter of seconds. It's also made it possible to bet on sports and other events in real-time. This takes the excitement of live betting to a whole new level.

At the same time, deposits and withdrawals don't require as many steps as some other payment methods (like credit cards). After all, cryptocurrencies make it possible to link your account with a wallet address.

All you need to do is paste this long string of numbers and letters after you've completed your first deposit. It can’t get simpler than that.

6. Increased demand for crypto-friendly betting platforms

With all the benefits we mentioned above, it's natural to see an increased demand for crypto-friendly betting and casino platforms.

Developers launch dozens of dedicated crypto-gambling platforms every month, offering a wide range of betting options. This includes dice games, casino games, sports betting, and many others.

The growth of the cryptocurrency industry is also good news for regular gamblers looking for alternative ways to play games online. And it's not just about availability!

Gambling sites with cryptocurrency support tend to offer higher payouts and better bonuses than their fiat-based counterparts. That's why it's fair to conclude that virtual casinos with crypto payments will become the most dominant gambling trend in the next few years.

The Bottom Line

Cryptocurrencies still have a long way to go before becoming mainstream, but they already offer many benefits that other payment methods simply can't match.

Digital coins are the best option for players who are concerned about the safety and protecting their personal information. They also make gambling fast and flexible, which is particularly good for attracting new generations of players.

And what’s the best thing about it?

Blockchain technology has made online gambling accessible to anyone in the world. All it takes is the Internet connection to join the party. Whether you're a pro or a casual player, you'll be able to use cryptocurrencies for your daily gaming activities.

This decade will be amazing for casinos and gambling sites with crypto support. Are you ready to give them a try?