Is cryptocurrency the future of online casino gambling

Ever since the introduction of Bitcoin in 2009, every industry has been figuring out how to take advantage of cryptocurrencies. The many benefits that cryptocurrencies like Bitcoin have are why online casinos are adding them as one of the payment options for their users. Like any other technology or payment system, crypto is not perfect. Even if there are certain risks, the advantages of utilizing crypto exceed the disadvantages.

In this article, I will discuss why cryptocurrencies will have a huge impact on the online casino industry. But before getting into that discussion, let me share with you a couple of details about crypto and why you need to care about it.

What is a Cryptocurrency?

A cryptocurrency refers to any form of digital currency whose transactions data is processed and stored on a decentralized digital ledger called the blockchain. Unlike centralized payment systems like Visa, whose data is processed and stored on central servers, crypto transaction data is stored on several computers on the huge blockchain network.

So, the core technology behind crypto is blockchain. Every Cryptocurrency relies on blockchain technology to process transactions and store all the necessary data. Some of the most popular cryptocurrencies you may need to know about include; Bitcoin, Ethereum, Dogecoin, Litecoin, and many more.

Most of the cryptocurrencies is the market run on Ethereum’s blockchain since it is free and open-source and allows any capable developer to use their blockchain to deploy Decentralized apps (Dapps) and tokens (cryptocurrencies).

How Do You Buy & Sell Cryptocurrencies?

Buying and selling of crypto are done on the crypto exchange platforms such as Coinbase and Binance. Most people use these two centralized crypto trading platforms. However, there are a plethora of alternatives. With these platforms, you can buy crypto using a fiat currency like the USD or another cryptocurrency if you already own one.

The price you buy these currencies at varies based on the current market trends, including the market forces of demand and supply. Before you buy or sell crypto, you need to know the current market price in order to make an informed decision. Currently, the two cryptocurrencies that most online casinos accept include; Bitcoin and ETH.

When it Comes to Online Casino Gaming, Cryptocurrency is a GameChanger

Cryptocurrencies have many benefits that make them the ideal payment option for online gambling. Let me share some of the benefits of crypto that directly affect online casino gambling.

1.  Fewer Charges

One of the main reasons I would prefer paying with crypto is the fewer charges compared to the mainstream payment alternatives. The average transaction fees of Bitcoin have dropped to $1.8 per transaction, which is way less compared to the likes of Visa and Master Card. And remember, these transaction fees are uniform no matter the location. With the mainstream payment systems, people from other regions pay hefty fees in transactions.

So, for anyone affected by the huge transaction fees that the mainstream payment platforms charge, cryptocurrencies could be the perfect answer for you. When the charges to deposit money to your wallet are low, the number of people engaging in online casino games will eventually go up, leading to more industry growth.

2.  More Privacy

There are several gamblers who would wish to keep their gambling activities private. But with the centralized banking system, this is practically impossible because the banks where these transactions are processed have all the data regarding how much they spend on gambling. This means your privacy relies on the mercy of banks.

With crypto, no one has this data, making it practically impossible for it to be leaked by anyone. For those concerned about the lack of privacy in the centralized system, you are better off using crypto.  

3.  Eases International Transactions

One of the challenges online casinos face is processing payments made by people outside their countries or region. With crypto, it is way too easy to send and receive money because of the limited bureaucracy in the process. When combined with lower transaction fees, online casinos will quickly broaden their userbase beyond their geographical location.

Transactions, especially withdrawing, are also faster. Visa and other centralized platforms might be faster when processing deposits. You can click in here to learn more about the cryptocurrency transaction process. However, it takes days to avail money when someone tries to withdraw their payouts. With crypto, we will now have a future where a gambler in Africa can easily place bets on an online casino in Asia.

4.  Tight Security

Despite the liberal nature of cryptocurrencies, they are very secure compared to the other alternatives. Unless someone lands on the password for your crypto exchange platform, there is practically no way they will access your money. This tight security offered by blockchain technology is one of the reasons it has become very popular in several industries, including online gambling.

5. Encourages More Inclusiveness

There are billions of people worldwide that do not have bank accounts. Some of these are not into the banking system because of the many flaws it has. Some people don’t use banks because of privacy concerns and other security reasons. With crypto, these people will also be integrated into the online casino userbase.

There are also a lot more cryptocurrency benefits that we didn’t mention here.

Final thoughts

Overall, cryptocurrencies have become a game-changing technology in every industry including, online casinos gambling. The many benefits of crypto, including lower fees, tight security, and privacy, are the reason several online casino platforms are adding it as one of the payments. As cryptocurrencies gain popularity, we expect more online gambling platforms to make them the default payment method. 

check out here to see the full list of online casino in Malaysia that allows cryptocurrency transaction.
Here are the lists of online casino that allow crypto transaction

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