Cryptocurrency Revolutionizing the Online Casino Industry

Sep 08, 2021 0
Cryptocurrency Revolutionizing the Online Casino Industry

Cryptocurrency online casinos differ from regular casinos, but not for long. In the last year, worldwide crypto adoption rose by 881%. Pair that with global online gambling growth of about $10 billion per year until 2025, and these next few years look bright.

With so many online casinos popping into existence in the last few years, this bubble shows no signs of bursting. So it’s a perfect time to learn how cryptocurrency revolutionizes the online casino industry.

Understanding the Blockchain

First of all, cryptocurrency gambling begins with blockchain technology. Most of the available options for depositing crypto exist as a peer-to-peer (P2P) solution outside the traditional banking system.

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To put it simply, the blockchain represents a public ledger. Think of it like a spreadsheet that records each digital transaction’s date, time, and amount.

Once the spreadsheet fills up with recorded (encoded) information, it becomes a block on the chain. Hence the name.

Every transaction recorded in the blockchain represents unalterable data. This acts as a digital way of storing large amounts of information. Blocks on the chain, filled with nodes (computers), comprise the entire blockchain network.

If you deposit with a blockchain casino, that transaction becomes permanent within the network. It’s not directly traceable to you because there’s no central authority.

It’s just a piece of data with a digital address or timestamp. Each node, or block, contains the network in its entirety. Cryptocurrency acts as a digital asset that gets exchanged between two parties without any third parties getting involved.

As it does with almost every facet of modern society, the blockchain revolutionizes the online casino industry.

How Crypto Impacts the Online Casino Industry

Is cryptocurrency the future of online gaming? Does the sun rise in the morning? This technology evolves so quickly that it has the power to change reality.

Online casinos adopting crypto can’t deny its impact. What used to be a fringe usage of monetary exchange developed into a marketplace with a $2 trillion market cap and thousands of options to choose from.

From Ethereum’s Decentraland to Bitcoin casinos, the online gaming industry stands at the threshold of revolutionizing itself within the crypto-verse.

Since it would take a crypto genius to hack the blockchain network, the technology renders that type of behavior obsolete. The whole purpose of this type of digital currency derives from cryptography and advanced coding.

Secure transactions entrusted by the network offer data transparency. Transactions require validation from users. Also, as a gambler, you wouldn’t need to prove your identity with a crypto deposit.

All you’ll need to do: scan the QR code to a private depositing address. The money then shows up immediately in your balance.

It’s that simple.

Perks of Gambling with Crypto

Decentralized gambling revolutionizes the online casino industry by extending its reach beyond the banking system. Removing the third party offers enormous benefits for gamblers and casinos alike.

While there might be too many to name, here are three significant gambling perks with crypto.

Faster and Better Withdrawals

With traditional banks, withdrawals from online casinos might take days. Also, you may encounter daily, weekly, or monthly limits based on amounts.

Not so, with bitcoin and other cryptocurrencies.

Withdrawals could take anywhere from ten minutes up to an hour. Some online casinos may not put any limits at all when it comes to the amount of bitcoin or crypto that you can withdrawal from your balance.

Anonymity

An online cryptocurrency casino offers gamblers perfect anonymity. Some casinos based strictly on Ethereum wouldn’t even ask you to verify your real name.

You could enter the casino from your phone, make a deposit and start gambling in the blink of an eye. Bitcoin casinos exist as well, where your true identity might not need revealing.

So long as you know how to identify a legit online casino that’s reputable and trustworthy with crypto, you’ll always remain anonymous.

Security

As we covered before, crypto and blockchain technology provides one of the most secure pathways for digital currency transactions. You just need to make sure that you keep your digital identity secure.

Other than that, crypto transactions become part of the public ledger. So, any suspect transactions built into the blockchain become known right away.

Whereas traditional banking requires a card or an account number that’s not encrypted, every crypto transaction requires confirmation on the network. So, it’s much safer than debit cards.

How to Gamble with Bitcoin

Now that we’ve established the privacy and security benefits of crypto let’s check out the basics of gambling with bitcoin. Since it’s the mother of all cryptocurrencies, it leads the way with most online casinos.

What started as a revolution in the industry became commonplace. If you’re wondering how to gamble bitcoin, you should know that many online casinos that now exist revolve around this crypto lynchpin.

Bitcoin games include:

  • Slots
  • Video Poker
  • Roulette
  • Blackjack
  • Live dealers
  • Keno
  • Bingo

Whether you use an app or deposit from a digital wallet, gambling with bitcoin remains the best option for online casinos.

Feel free to learn more about how to gamble using bitcoin.

Conclusion

Why do online casinos use cryptocurrency? The reasons seem endless and straightforward. A revolutionary aspect comes from the accessibility of new customers.

You only need a computer or mobile device with an internet connection to start gambling online with crypto. Seamless deposits and faster withdrawals evolve.

Gambling online with cryptocurrencies revolutionizes the industry at lightning speed. Options include Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dogecoin, and more.

Online casinos adopt crypto in the same way that the world does. The power of a decentralized currency remains stronger than ever.

Gambling with crypto is the future by a long shot.

The opinions and assessments expressed in the text are the views of the author of the article and may not represent the position of Cryptogeek. Do not forget that investing in cryptocurrencies and trading on the exchange is associated with risk. Before making decisions, be sure to do your own research on the market and the products you are interested in.


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