In this page, we are going to explain how betting cryptocurrency works, and analyze whether online casinos could soon fully replace real money transactions with this digital cash.
Could cryptocurrencies such as Bitcoin offer a cheaper, faster and more secure way to help casino players fund their online casinos’ accounts online? And is it the right time to evaluate how we pay for services in a completely different way?
As more online merchants – include the likes of Expedia.com and Microsoft – adopt these interesting cryptocurrencies, will we be soon dropping off the hard cash for the more abstract cryptocurrencies?
What is crypto gambling?
Crypto gambling simply refers to the online gambling that was designed specifically with the internet generation in mind. Thanks to this, you can easily transfer digital cash such as Bitcoin across the world and those using it back its use because it lacks the government or bank control.
Instead of a controlled and regulated currency such as the Euro, Bitcoin, and other cryptocurrencies function in an open network where players are in full control. This makes the market value to increase significantly as it is fully controlled by the supply and demand principles.
But is gambling cryptocurrency ever going to surpass MasterCard, VISA, Neteller, PayPal and other APMs as the most preferred option for bettors? And what if the market value of the cryptocurrency shrinks?
The argument for…
- Transactions at the online casinos are instant. Unlike the bank transfers where you have to wait for days for transactions to be processed, gambling cryptocurrency transactions are instant and withdrawals reflect in your wallet in a matter of minutes.
- Casino Cryptocurrency is safe, secure and tax-free. The transactions carried out at online casino crypto sites are safe from the prying eyes criminals, thanks to the blockchain technology that encrypts them. In practice, to hack a cryptocurrency transaction is like winning three powerball lotteries in succession. Can you imagine the odds of doing this?
- Bitcoin value is controlled by the demand and supply basis. As more players continue joining the industry, the Bitcoin value grows significantly. This is one of the reasons why we are perhaps going to continue witnessing crypto success.
- The fees are very minimal – sometimes close to zero. In fact, before some of these Bitcoin exchanges enjoyed crypto success and decided to introduce a fee for the transactions, sending and receiving Bitcoin through the peer to peer mode was completely free and anonymous. The anonymity factor still holds, but not the fee aspect.
Are cryptocurrencies the future for online gambling?
So, will the crypto success continue in the online casino industry in the coming years? As long as online gambling bitcoin sites continue dipping their toes into the water, it appears to be the future. But the most important thing is that the Bitcoin value needs to stabilize at higher prices. This will be convenient even for the small stakes players who would like to bet with this innovative digital currency!