The Impact of the Rise of Crypto-Currency on Online Casinos

Over the past few years online casinos have experienced dramatic change regarding how users make their payments

The Impact of the Rise of Crypto-Currency on Online Casinos

Over the past few years online casinos have experienced dramatic change regarding how users make their payments. A couple of years ago, you couldn’t even imagine crypto-currencies being used on casinos. However, that has changed, as more and more online casinos are steadily embracing and accepting crypto-currency payments from their users. The coming of the Covid-19 pandemic also greatly contributed to the increased crypto-currency use in the online gambling scene. Interestingly, more gamblers are also embracing and are in fact turning to crypto-currency online casinos. What does this portend for the gambling industry? Is this just a burble that is going to go away when finally the pandemic is over and things go back to normal? Some pundits however argue that the use of blockchain in gambling and particularly on some of the best online casinos is here to stay and may even completely overthrow the use of fiat currency in the coming decades ahead.

In this article, let us take a look at the impact of the rise of the use of crypto-currency on online casinos.

The use of crypto-currency technology on online casinos makes them more transparent

Most conventional casinos often operate using random number generators that allow them to offer fair odds to players. Players who are not sure about the fairness of a given casino can find out that pretty quickly by checking the online slot reviews. Such online slot reviews usually give unbiased and objective reviews of each of the online casinos.

Now, one major benefit of using crypto-currency casinos is that they are fully transparent. What this means is that players can see exactly how their transactions are being processed. They can also be able to clearly see where their money goes should they lose a bet thus allaying any fears from the players about whether the system is rigged or not.

There is less likelihood of scam

 The fact that the online gambling sites that accepts blockchain currency allow players to be able to track and trace their funds, the likelihood of tampering is usually less likely. What this means is that players on crypto-currency accepted casinos are not highly susceptible to scammers like it is with traditional fiat currency.

However, this is not to say that scams are completely impossible at blockchain accepted online casinos, the margin of players becoming victims of fraud is significantly very low.

Blockchain online casinos are universal

Gambling laws vary worldwide and every country or jurisdiction has its own set of laws that govern their respective online gambling scene. Usually, it is the use of traditional currency that can directly be regulated by government agencies or authorities. Interestingly, players that use crypto-currency have found themselves a way to bypass most of such regulations considering that most of the exchanges that occur on the blockchain network aren’t governed by laws that control or govern fiat currency. Today, there are more players in countries that prohibit gambling are able to play without the fear of retribution from their governments.

Faster processing of funds than in conventional casinos

One of the advantages of the online casinos that accept blockchain as a mode of transaction is that accessing funds is usually quite fast. The conventional online casinos that only accept traditional currency for transactions usually take longer for players to be able to get their requested funds.

The blockchain transactions usually no have middlepersons as in the case of traditional casinos where banks often charge huge amounts for users who request for funds withdrawals. The use of crypto-currencies in gambling thus offers the fastest online casino payment solutions to players.

The use of blockchain in online casinos has enhanced privacy for the players

With the assumed high risk nature that is traditionally associated with gambling, players with that use their bank accounts for their casino activities usually get negative reputation from their respective banks. This often makes it complicated for some of them to even apply for mortgage as they are perceived to be very high-risk borrowers with a high risk of mortgage or loan default. This is where online casinos that have embraced the crypto-currencies come in handy for certain players who want to gamble discreetly.

Unlike a traditional bank that usually has all personal details attached to it such as name, address, or date of birth, the crypto-currency wallet is anonymous. Moreover, crypto-currency wallets usually don’t reveal any purchases that people make.

Players at online casinos that use crypto-currencies also don’t have to worry about other players in the system knowing their real identities. This comes in handy particularly for people of high repute in the society who are highly mindful of their reputation. The use of blockchain currency has simplified their desire to be able to play but still hide their real and actual identities.