After its birth in the 90s, the online gambling world quickly took over the gambling market in a major way. There are many reasons for that. Such as, it lets you flex your skills anonymously from the safety of your home. You are no longer time-bound as you do not have to travel to go to casinos anymore. And of course, it keeps the whole stigma around women gambling at bay. There is another major reason why this industry gained popularity so fast. It is very adaptable to new situations. Many casinos faced a tremendous blow during the Covid-19 pandemic. But case in point, the online gambling world industry soared. It also adapts to new forms of technology very quickly. Which in today’s fast-moving world acts as a boon.
This is also why this industry was quick to adapt to cryptocurrencies since it first appeared in the market. With Bitcoin being the first form of digital money to come into play. It saves a lot of time for both parties. While keeping the field secure and anonymous. Here, we are going to look at how and why cryptocurrency is taking over the online gambling world.
One of the main benefits of betting with cryptocurrency is that it provides the players with complete anonymity during the game. Bitcoin wallets do not have the owner’s personal information attached to them. It does not affect the players’ credit scores. And does not impact the chances of getting loans. It does not even appear on bank statements. This is a plus point as some banks or financers are likely to check these statements. The chances of you getting a loan decrease dramatically if any gambling activity is found. This is why cryptocurrencies are so popular these days. It lets the players focus completely on their games. And lessens any worries about any possible negative consequences.
Lesser security risk
Identity theft is a real threat to some people who invest in gambling regularly. This is the reason why people are turning to blockchains as a payment method. It is a type of technology that records the proof of digital assets in an almost unchangeable way. And provides records of all the transactions made with value. All the transactions come with their unique identity codes. On top of that, all the transactions made are encrypted. It decreases the chance of third-party transactions. This makes the whole system extremely secure and customer-friendly. So it is no wonder that it became popular this fast.
Cryptocurrencies do not have any governing bodies supervising the transaction process. So it is automatically free from all the added costs that banks charge you during a transaction with your credit cards. Also, this cost increases even further if the transactions are international. A report says that these transactions charge an almost 3%-5% advance fee and also a high APR. And this cost is charged to both the player and the casinos. Now, betting with cryptocurrencies lessens the cost significantly if not completely erases it. The best part is you can actually convert it to fiat currency without involving a bank in the process.
Playing with real money means going through a lot of difficulties just to receive your payout. The process gets even more complicated if the transaction is international. Normally, it takes about 3-5 working days for you to receive a payout. So obviously it frustrates a lot of players. Now the benefit of cryptocurrencies is that it gets credited to your digital wallet instantly. So you no longer have to wait a long period to get your prize. And it enables you to utilize it sooner rather than later.
As with most things, the use of cryptocurrencies is still a matter of debate. Some find it way too unstable. While others seem to think about it as a step further into the future. However, when it comes to online gambling cryptocurrencies seem to be an ideal match. The increased safety and anonymity appeals to a lot of players. It makes even regular casino players take a chance at it. Especially for players who for whatever reasons are unable to go to a casino for the time. Expert reports have found a major uprise in the online gambling industry during the pandemic-ridden period. And a lot of credit for it goes to cryptocurrencies.
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