7 Ways Cryptocurrency is Transforming Online Gambling
Crypto gambling is a popular place to invest and gain great returns from cryptocurrencies; the article discusses the key factors of how crypto transforms the online gambling industry.
Introduction
The online gambling industry has been increasing ever since cryptocurrency was introduced as a mode of payment. Crypto wallets act as a bridge for crypto users who are new to online gambling platforms, where they can invest some of their newly bought cryptos and receive great returns. Some online gambling platforms offer an account called a “demo account” for budding users to practice trading before starting with real trading.
They have grabbed the attention of professional gamers towards cryptocurrency trading in a way that they can earn a fortune while doing something they love, i.e., by playing games. The online gambling industry has reduced the complexity involved in blockchain trading by introducing this creative mode of investment.
1. Faster and Secure Transactions
The key benefit of using cryptos as a mode of online gambling transaction is that they are faster and easier to use. The transaction is completely secured from end to end since only the user of the wallet is allowed to access the wallet. The 13-digit code provided while creating the wallet will protect the personal information and secure the transaction completely. While using a normal banking method, the withdrawal can reach the user’s account at any time within a week.
However, the crypto wallet transfer will only take a few minutes to reach the customer account without reaching any particular medium for the transaction, which will be a direct transfer.
2. Lower Transaction Fees
Transaction fees play an important role in withdrawing winnings from cryptocurrency gambling websites. The winnings may sometimes be higher and sometimes not so great, and in times like that, if a higher amount is paid just for the transaction (withdrawal) of the winning amount from the wallet to the users’ bank accounts, then what benefit will the user get? However, this is not the case when the player uses a crypto wallet since the cryptocurrency has lower transaction fees when compared to traditional payment methods. The lower the transaction fee, the higher the winning amount. Hence, by using a crypto wallet, the player can always win more than other traditional banking players.
Usually, net banking has a transaction fee for both depositing and withdrawing; the credit or debit card transaction will have an interest rate or debit transaction charge, sometimes even a service fee separately. Crypto wallets help by excluding all these in-between fees charged by banking systems. The only fee charged by the crypto wallet will be during the withdrawal process, and that too for the maintenance of wallet security and upgrades.
3. Decentralized Platforms in online gambling
Some of the best crypto gambling sites benefit users in many ways since using decentralized platforms has enhanced transparency and transaction speed. If the user tries to deposit or withdraw using the regular banking method, they might have to wait at least 3 days or up to a week for the transaction to reflect on their account. This is because the bank acts as an intermediary where the transaction comes from the user, goes to the medium (bank), and finally reaches the platform, and vice-versa for withdrawals. But, if the player is a crypto user, the deposit and withdrawal can occur within minutes despite their location since the crypto wallets enhance direct transfer without any intermediaries. Crypto gambling sites listed on Cryptogambling.me are some of the sites that are decentralized platforms for crypto users.
4. Increased Accessibility
When a new person starts buying cryptocurrency, they have no idea where to invest, and since they are new, they probably want some options where they can get good gains for their crypto investment. Thus, the introduction of cryptos has positively impacted thecrypto gambling site. So, the accessibility of online gambling sites has been increased by including cryptocurrency options in them. When using a traditional banking method, it takes 4-7 days for the amount to reflect in the user's account. This is because the transaction goes from the online gambling site to the bank as a medium and then to the user's account.
But the crypto wallet transaction is transparent between the user and the online gambling site; thus, the amount will get reflected on the user's account within minutes.
5. Provably Fair Gaming
Fair gaming happens when the opponents don’t cheat on each other, which was not always the case when players used traditional gaming. But using cryptos can provide fair gaming because of their transparency while gambling. Crypto users must use provably fair gaming that uses seed generators, random number generators, and hashing. Users provide a seed number to Provably Fair Systems, ensuring the casino is not in charge. A lengthy data string gets compressed into a shorter one by the process of hashing.
A seed number is encrypted when it is hashed in Provably Fair Gambling. Uncrackable cryptographic hashes are used by crypto sites, which suggests that nothing has changed. Provably fair technology lessens influence by separating player and casino outcomes. Hash functions are used by both sides to encrypt game outcomes. These are unchangeable and must correspond to the result of any wager. With such openness, the user can be sure that the outcomes of their bets are wholly legit.
6. Global Reach
Cryptocurrency has made online gambling platforms more accessible by bringing a global audience to their websites. In the case of a traditional banking method, the gambling platform might face difficulties like restrictions in some regions and the inability to support some countries' fiat currencies. Since cryptocurrency is a decentralized platform, the gambling site can reach out to a global audience, and in terms of transactions, they can be done hassle-free within minutes despite the location of the user. Since the crypto wallet maintains anonymity, users can access gambling sites even if their countries or regions restrict the particular gambling site. The market for online gaming was estimated at USD 63.53 billion in 2022, and from 2023 to 2030, it is anticipated to increase at a CAGR of 11.7%.
7. Innovative Gaming Options
Cryptocurrency has also created innovative gaming options for users to get bonuses or win cryptos. Games like Crypto Slots, betting crypto on sports gaming, Plinko, and Dice are some online games mostly fueled by cryptocurrency. Recently, web3 gaming and the metaverse have opened doors to many creative gaming options for keeping players engaged. This will also help the gamer explore varieties of games and different genres or just invest in sports on online platforms. Platforms that allow innovative gaming options are listed on the cryptogambling.me website.
Conclusion
After years of development, the cryptocurrency gaming industry has created a method for verifying game fairness. This crypto-only feature is called "Provably Fair Technology." Eliminating the requirement for a third party makes games transparent and uses strong encryption to guarantee game integrity. Additionally, Provably Fair technology enables real-time result monitoring. Compared to conventional payment methods, cryptocurrency transactions are quicker and more secure. Additionally, they uphold the users' anonymity and are open and transparent. They may easily link their cryptocurrency wallet to the online gaming site without having to disclose any personal information about themselves. Thus, the gambler can have total privacy while using a decentralized platform.