Cryptocurrencies were first looked at with suspicion by a lot of people, and they were often associated with things like global terrorism and crime syndicates. However, more people are now accepting it as a legitimate form of currency and most crypto investors today can name you a few altcoins besides Bitcoin, Litecoin, and Ethereum.
More sectors are also beginning to see how they could use crypto and the technology underlying it in their business model. One of the industries that have been banking on cryptocurrencies the most is the online gambling sector. Let’s take a look at how cryptocurrencies are transforming the world of gambling how they will keep transforming it in the future.
The Advantages of Cryptocurrencies in Online Gambling
First, let’s talk about why cryptocurrencies and online casinos make sense. One of the biggest reasons why people love using cryptocurrencies on gambling sites is because of how convenient they are. Making transfers to and from accounts with online casinos can be laborious, to say the least, and it can take days, even weeks in some cases. But, with cryptocurrencies, you can make payments and transfers almost immediately.
Another benefit of crypto in online gambling is the anonymity they offer. We know that Bitcoin is not totally anonymous, but coins like Monero and Zcash do everything possible to keep the information of their holders private and this is one of their biggest selling points. Some people simply don’t want an outside entity knowing everything they’re doing with their money, especially when it comes to gambling, and this is why more players are looking for crypto casinos or casinos that allow players to fund their accounts using privacy coins.
One more thing that makes cryptocurrencies so great for online gambling is how fluid they are. People can play using one single currency and play/cash-out across borders without having to think about currency exchanges. Crypto casinos also don’t require that you constantly confirm your mailing address or authenticate your existence.
Crypto Casinos Put the Power Back into the Player’s Hands
One of the things that irritate online gamblers is the fact that a bank could decide to block a payment at any given time. Having to wait days for money to get to an online casino account only for it to be blocked is extremely frustrating. But this isn’t something you need to worry about with crypto. There is no middleman, so no one can tell you how and where you can spend your coins, and for many, this will be enough for them to choose a crypto casino over a regular one.
The Blockchain and the Online Gambling Industry
The thing that could end up revolutionising the world of gambling the most, however, is blockchain technology. It seems as though blockchain and online gambling are a match made in heaven.
This is because the blockchain offers a completely transparent, virtually immutable, and highly reliable ledger system. The blockchain can be used by online casinos to not only power their games but keep track of payouts. What used to be done by independent auditing agencies can now be performed by any player, and people can now quickly verify whether a casino’s odds are fair.
Another reason why the blockchain is a major disruptor in the online casino industry is that it makes establishing an online casino much easier. Operators don’t have to deploy as many resources as they used to. They don’t even need to own any physical assets. They can simply host their casinos on a table and reliable blockchain like Ethereum’s and let them handle the infrastructure. And they won’t have to worry as much about secure payment portals and overall security.
The Security Issues with Current Casinos
While the claims of online casinos being fraudulent have been largely overblown, the sector is still lagging when it comes to security. Too many casinos out there do not offer fair odds or aren’t registered with reputable regulatory agencies, which makes choosing a reliable casino very difficult.
You should also know that a casino allowing Bitcoin payments will not necessarily be safer than one that doesn’t. As a matter of fact, they could be more dangerous since getting refunds when using crypto is much more difficult than when using a credit card, for instance. Not to mention that most of the casinos that allow Bitcoin are still hosted on private servers and don’t use the blockchain.
If you want to know which Bitcoin casinos you can trust, you can find out more at OnlineCasinos. They have a helpful list of the top Bitcoin casinos and some of the special offers they have at the moment. If you want to know more about how to use Bitcoin safely when gambling online, how to tell if a casino is lawfully allowed to operate, and a few things to watch out for, you can find out more at OnlineCasinos as well.
Cryptocurrency Casinos and the Metaverse
Another thing that could boost the popularity of cryptocurrencies in online gambling is the metaverse. The metaverse is not a new concept but it is now gaining more and more attention. We can expect Facebook’s Meta project to officially launch pretty soon, and we can also expect other competing metaverses to be launched as well.
Multiverses drive demand for native digital currencies and Facebook already has a project for a Facebook-backed stablecoin called Diem. It’s only a matter of time before we see casinos pop up, which would not be uncharacteristic for the brand since Facebook has been offering social gambling games for a while.
Don’t be surprised if you see one or multiple major casinos opening virtual versions of their casino in the Metaverse either. They might also allow people to pay using Facebook’s cryptocurrency or any major crypto of their choice. This could completely transform the future of online gambling and allow major land-based casinos to reassert some of their dominance. On the other hand, we could also see outlandish casinos that are much closer to fantasy than real casinos, which would attract a completely different type of player.
There is no doubt that the future of cryptocurrencies and online gambling are intertwined, and we should see more online casinos either allowing people to use crypto or using blockchain technology. This should make online gambling more accessible, safer, and eventually more popular.