The last couple of years have seen remarkable changes in the gambling world. The rise of online platforms has brought about significant changes, opening up more opportunities for gamblers. Cryptocurrencies are the final piece of the online gambling cake.
Because Laszlo Hannyecz was aka the “Bitcoin Pizza Guy”, trading his 10,000 Bitcoins in exchange for two large Papa John’s Pizzas, cryptocurrencies became mainstream in 2010.
Since then, cryptocurrencies are mainstream in different industries because they are game-changers in expanding finance, changing financial structures, eliminating costly intermediaries, and making it more inclusive.
Because internet proliferation has enabled cryptocurrencies as convenient payment options in this sector, hundreds of online betting sites offer this option.
Eliminating Payment headache
In the past, internet gambling had been a problem because people had long waits for their profits to flow through to them via bank transfer. Because this business is not physically based, participants did not need to be physically present.
Gamblers feel like they have found a new breath of life as cryptocurrencies provide them with easy payment options. Although bank payments can sometimes be costly and time-consuming, they are often expensive due to creepy processing charges. A simple red flag may cause bank transfers to be stopped.
These issues used to be terrifying for online gamblers as they did not feel confident about their winnings. However, online betting sites are now accepting cryptocurrencies as part their payment options.
Gamers can leverage on cryptocurrency to get a faster, more secure way of paying. Because there are no intermediaries, faster withdrawals are possible. All transactions occur directly between the casino and the player.
Anonymity is guaranteed
Cryptocurrencies have been cryptographically encrypted with blockchain networks. It is impossible to copy them as all the parties involved have to verify every transaction.
Crypto wallets cannot be accessed by anyone else, and details are kept confidential. Another advantage of cryptocurrencies is the anonymity of payments.
Limited stakes and restrictions placed on specific areas may make it difficult for certain people to gamble. These problems can be overcome by cryptocurrencies, which provide anonymity.
However, anonymity in cryptocurrency could prove to be a problem due to illegal activities. A Hong Kong Jockey expert recently warned illegal cryptocurrency betting sites were jeopardizing the integrity of jockey racing. It shows how important regulation is for bookmakers.
The operation costs are minimal
Many traditional gambling clubs have been reduced due to fierce competition from online casinos. Technological advancements like blockchain and cryptocurrency are helping to facilitate this.
Online gambling websites have had their operations significantly reduced by cryptos. MintDice has created a new breed in online casinos that aims to create trust within the online gambling market.
It remains to be seen whether cryptocurrencies will overcome stumbling blocks such as the linkage with illegal activities in online gaming, since their adoption is now a reality.