What’s the Role of Cryptocurrency in Regulated Online Gambling Markets?
The world of gambling has evolved in the past years, and now online gambling is one of the most popular ways of living the casino experience.
Now that online gambling markets are here, people wonder what the next step will be for the gambling industry. The answer is cryptocurrencies.
Cryptocurrencies got their boom in 2009 when Bitcoin made its debut, and they are still trending. Apart from the benefits cryptos give us daily and the scope of their success in the long run, they can change everything about online gambling for the better.
Do you want to learn more about the role of cryptocurrencies in regulated online gambling markets? This is the page for you! Read on to learn more about how cryptos work.
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Understanding How Cryptocurrencies Work
Cryptocurrencies are digital and decentralized assets, which means they don’t follow the rules of banks, governments, or other regional organizations. These assets use a blockchain system that records all crypto transactions in “blocks” of data.
Blockchain systems are public, so anyone can check them. That makes them safe from any cyber-attacks.
If you want to buy cryptocurrencies, you need to get them from a crypto exchange or online trading platform. The way trading websites work depends on the one you sign up for, so you should spend some time looking for a reliable exchange.
You also need a digital wallet to keep all your cryptocurrencies, as you can’t get a physical representation of them.
Should I Trust Crypto-Based Online Gambling Platforms?
You shouldn’t trust the first online gambling platform you find online just because it uses cryptocurrencies, but it’s undeniable how much safer these assets make gambling markets. We recommend you try cryptos to see how they improve your online gambling experience.
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Why Did Cryptocurrencies Change Online Gambling Platforms?
As we mentioned before, cryptocurrencies changed online gambling markets completely, and many gamblers using traditional gambling platforms switched to others that offered crypto transactions.
However, where does that change come from? Mainly from the benefits crypto transactions bring to the table.
These are the main reasons cryptocurrencies are so revolutionary in gambling markets:
Transparency
One of the main issues of online gambling platforms is people don’t trust them. It’s difficult to know if a website is reliable, so many users are hesitant to invest their money in them.
People doubt the legitimacy of some gambling platforms because they lack a transparent drawback system. Crypto transactions, on the other hand, are 100% transparent. You can check your transactions anytime you want since blockchain servers are public.
Some people even doubt if the games they are playing on gambling websites are truly random. Cryptos promote provably fair betting, which lets you check its results through the blockchain system.
Safety
Although this is related to the transparency of crypto transactions, it’s important to talk about how safe it is to gamble when using crypto. As we mentioned before, these transactions are safe from hackers, but that’s not the only safety feature they offer.
You don’t have to give up your personal information to make a crypto transaction, so you can stay anonymous all the time. Most online gambling platforms need you to offer information about yourself to process your payment, which scares some users.
Apart from not compromising your personal information, crypto-based gambling platforms validate your transactions through the public blockchain as soon as you make them.
Your transactions are also free of bank fees or restrictions as they don’t stand by their rules. This means you can make international crypto transactions anytime you feel like it without worrying about your bank retaining your funds or blocking your credit card.
You are the only one with access to your crypto wallet as you are the one with the access and signing keys, so you will be safe from anything as long as you don’t lose them or give them to other people.
Transaction Speed
Although online gamblers are already used to this, you often need to wait a few days before you can withdraw your funds from the gambling platform. The reason for this is some gambling apps take time to verify your transactions or retain them for safety purposes.
This could be a problem if you need to use money right after you stop gambling. You can forget about that with cryptocurrencies since they only take a few minutes to become effective.
What’s the Role of Cryptocurrencies in Online Gambling Markets?
Due to all the benefits cryptocurrencies bring to online gambling markets, their role in this industry is to be an agent of change. Not all gambling platforms allow people to bet with cryptos or other digital assets, but many are starting to include them in their payment methods.
More online gambling platforms will endorse cryptocurrencies in the future if they don’t want to be outranked by their competitors. This also means gamblers will learn how to handle cryptocurrencies to benefit from what they offer.
Are There Any Drawbacks to Using Cryptocurrencies in Gambling Markets?
We’ve only talked about the benefits of cryptocurrencies so far, but it’s also important to know they have some drawbacks all gamblers should be aware of. The first of them is there are many scam exchanges and crypto platforms out there.
That’s actually one of the main problems of cryptocurrencies, and it’s difficult for users to tell scam websites apart from legit ones. Hence, get your digital assets from reliable exchanges.
Cryptocurrencies are more volatile than other assets on the market, so it’s difficult to tell when they will go up or down. Thus, buying cryptocurrencies is already a bet if you don’t use them right after you buy them.