The online casino market is reasonably recent, as the first gambling site appeared in the mid-90s. Since then, the industry has developed rapidly, transforming digital gambling into a billionaire business worldwide. One of the critical aspects of the digital gambling environment is its capability to adopt new technologies. While some industries are resistant to change for various reasons, the online gambling world constantly absorbs new trends and innovations to meet the ever-evolving demand of the market.
Broker Review Contents
Crypto Gambling: What’s Changing for Players?
The new era of decentralized finance offers online gaming businesses the opportunity to incorporate Bitcoin and blockchain into their payment offerings. This new trend is paving the way for the transformation of virtual casinos into bitcoin casinos that allow players to process transactions using blockchain-based currencies, such as Bitcoin, Litecoin, Ethereum, and more. Also, several new cryptocurrencies have appeared following the example of Bitcoin, the first cryptocurrency in history.
The introduction of crypto payments in online casinos empowers the range of solutions for players, including specific benefits that classic payment methods cannot offer. Today, at least a quarter of the bets processed online are in cryptocurrencies, which depicts a brilliant expansion of crypto transactions for online gambling. Digital casinos that accept crypto are leading the revolution of the industry, as more players understand the advantages of using Bitcoin and other crypto money.
Pros of Bitcoin Gambling
We’ll now dive into the world of crypto payments in online casinos. First, we’ll analyze the major benefits for players who process their financial transactions in digital currencies.
1) Decentralized
Since Bitcoin doesn’t rely on a physical bank or financial institution, nobody can freeze your crypto account or steal your Bitcoin money. Bitcoin allows you to be in control of your money and transactions. Decentralization permits Bitcoin to offer unlimited cost-efficiency, as no additional cost for governing bodies or other involved institutions is required.
2) Security
The cryptocurrency system protects payment information as users don’t need to share personal data to submit the transaction, which protects you from identity fishing. Bitcoin works like a database of information about the provenance of the digital asset that is nearly immutable. This technology makes Bitcoin payments highly secure: although transactions can be tracked through their unique code, it is impossible to change them because digital currencies are encrypted. This system offers extra security as it effectively reduces the risks of fraud.
3) Privacy
Bitcoin doesn’t require users to attach their information to their Bitcoin wallets. As a result, this cryptocurrency offers you complete anonymity. Nobody can identify crypto payers and no bank can view or know your gambling activity. Many banks aren’t likely to accept loan applications if they find any gambling spending.
4) Speed
International payouts require a long time to be processed, which is annoying for most gamblers. Since such payments can take up to five working days to be completed, many casino players prefer physical casinos rather than online venues. Bitcoin changes this situation as all payments are immediately available on the player’s digital wallet. This is probably one of the best reasons to try Bitcoin casinos.
5) Cost-efficiency
We’ve said that Bitcoin transactions don’t involve any third party. Hence, Bitcoin payments don’t charge you for anything. However, you can adjust a commission to obtain a speedy crypto transfer, which is a faster processing of a Bitcoin transaction. A low commission is also required when converting Bitcoins into fiat currency.
6) No Inflation
Bitcoin is completely digital and safe from inflation trends, as this crypto volume growth is predictable. It means that Bitcoin isn’t subject to the economic circuit’s variations in the like fiat currencies.
7) No Taxes
Due to a loophole in the regulation pattern, some countries don’t recognize Bitcoin as a property, so they don’t tax it. If you want to use Bitcoin for gambling, get information about your local tax law to know if your winnings will be subject to taxation.
Cons of Bitcoin Gambling
We’ve also found a couple of disadvantages of using crypto for online gambling, as follows:
1) Volatility
Since crypto money exists in a limited amount, its price bounces up and down daily. Hence, it’s not recommended to keep considerable savings in Bitcoin.
2) Still New
Bitcoin has been around for a short time, so its network is still undergoing big changes. The crypto industry needs to reach an adjustment phase, which might happen soon as cryptocurrencies are fast-evolving.
Conclusion
The surge of cryptocurrencies is leading the online gambling market in a new direction, improving many aspects of processing transactions, such as security, anonymity, and timeframe. Although crypto is a recent industry, its potential can revolutionize online gambling.
