Gaming

How Cryptocurrencies Have Revolutionized Online Casino Industry

Once every few years, the iGaming industry adopts a revolutionary technology that basically turns existing models upside-down. While the 2000s were full of innovations, an unlikely candidate emerged as the key turning point—cryptocurrency.

The words “blockchain” and “crypto” certainly get thrown around a lot, but we are looking to see what is under the hood. This technology’s impact on online casinos comes down to three key reasons.

Efficiency

Even though people visit casino sites in order to play games, it seems that the bulk of every player’s time is wasted on non-game activities. This involves struggling with payment methods, waiting for withdrawals, or anything else pertaining to money.

If you are playing at a Bitcoin Casino, all of these changes. First and foremost, cryptos involve much shorter waiting times. From the moment you request a withdrawal to the money hitting your account, you usually wait no more than three hours.

Compare that to banks needing several business days to verify a simple transaction and the advantage becomes even more obvious. 

Security

Did you know that cryptocurrency transactions are impossible to hack? By impossible, we don’t mean “very difficult.” It is theoretically impossible, according to computing laws. Records of all transactions are stored in ledgers, which form interconnected blocks.

If you’re not using Bitcoin, Ethereum, Ripple, or other cryptos, you’re risking data theft every time you deposit or withdraw money. Credit card information and eWallet emails are the riskiest things to input, as they contain data that can be easily snatched and used for fraudulent activities. 

When you deposit with cryptos, you’re only giving out an untraceable wallet address. Not even military-grade technology can help a person trace that to you. In an age where data is arguably more valuable than oil, anonymity is a valuable asset.

Decentralization

Using your bank’s card at online casinos might seem like a piece of cake, but the process actually involves many obstacles. At any given moment, your deposit could be flagged as suspicious activity. This is true for eWallets, too. 

Many payment providers simply want nothing to do with online casinos, so they outright block all cash flow. With cryptos, the situation is vastly different.

All cryptocurrencies are decentralized—they are not controlled by any single entity. This means that you are free to use your money in any way you deem fit.

There is nothing worse than not being able to play your favorite games because of rejected transactions. Cryptos are the smooth factor you always wanted.

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Jaimin G.

Jaimin kick-started his career as a news writer after completing his graduation. While studying, he was attracted towards the enticing world of crypto and became a crypto trader in 2014. Being an enthusiast in revolutionary technologies like blockchain and cryptocurrencies, he enjoys speculating about the market and writing exclusive pieces on the emerging trends.

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