Cryptocurrency and blockchain technologies are developing at an incredible speed, and every day, we see more and more options for using them in practice. One of the most important industries this innovative technology has penetrated is gambling. According to experts, the global gambling industry will exceed $565 billion by 2022, which is approximately equal to $68 for every person on the planet. On the other hand, the cryptocurrency already has an established relationship with iGaming. Currently, about 50% of transactions with bitcoins are somehow related to gambling.
In this article, we will talk about the use of cryptocurrency and blockchain technology in gambling. So if you want to understand how gambling and cryptocurrency are related and whether it is worth playing Bitcoin games, keep reading this post. We will look into all these.
The Secret to the Success of Cryptocurrency Games
First, cryptocurrencies like Ether and Bitcoin make it much easier for people to access the market in jurisdictions where gambling is prohibited. For example, in most Asian countries, any transactions involving $5 deposit online casino sites may raise suspicion from banks and, subsequently, from regulatory authorities.
But if we talk about Asian countries, then there are also some difficulties in working with cryptocurrency. Thus, the Chinese authorities have recently introduced severe restrictions on cryptocurrency transactions, so many miners are moving to other countries, for example, the United States, where there is a more loyal attitude towards digital assets. The South Korean government has also begun to look suspiciously at cryptocurrency. Authorities are seizing digital assets from wealthy citizens who are suspected of illegal transactions and tax evasion using cryptocurrency.
Secondly, many online gamblers simply do not want in-game transactions to appear on their bank statements. And it is a cryptocurrency that provides anonymity and makes it easier to deposit and withdraw funds.
Last but not least, the use of cryptocurrency and blockchain technology allows users to see that games are safe and fair. Since all cryptocurrency transactions are registered within the framework of blockchain technology, the levels of trust in operators can be significantly increased, and there is less room for foul play.
Benefits of Using Cryptocurrencies
There are many significant prospects for the use of cryptocurrencies in gambling:
- There is no need for additional calculations;
- The restrictions associated with the size of the transferred monetary amounts are eliminated;
- You can increase the security of all your settlements;
- Funds are kept only by the owner;
- The amount of the winnings is automatically transferred to the player;
- Operations using cryptocurrencies can improve the security of operations;
- There is 100% encryption of operations.
Apart from all the above, the use of a random number generator in the calculations eliminates the possibility of outside interference. This means that you can count on a fair and bug-free game. General security in gambling is achieved through smart contracts that oblige to take measures to prevent violations by blocking possible penetrations and the introduction of hacker programs. All these create even more profitable and safe conditions for gambling.
Why Gamblers Will Continue Using Cryptocurrencies
Of course, the above benefits are important and provide a lot of opportunities to gamblers. However, this is not just everything that digital money can promise. Experts do not predict any fall of crypto gambling in the future since it is associated with so many good things:
- No commission or transaction fees — The circulation of digital currency takes place in decentralized networks. Accordingly, there is no single institution that benefits from fees, commissions, and payments. The only fee charged to users is the miner fee for the transaction. Its amount doesn’t exceed $0.04, which is significantly less than in any other financial institution;
- The speed of the transaction — Cryptocurrency payments are processed much faster than transfers through traditional financial institutions. In most cases, it takes no more than a few minutes to verify and complete the payment;
- Security — By using blockchain technology, digital currency transactions cannot be canceled or rejected. The history of all transactions is stored in the system, and any attempt to change the history is rejected. Thus, crypto transactions are absolutely safe and leave no room for fraudulent activities. Casinos that use such a currency enjoy increased user confidence;
- Anonymity — You do not need to provide personal data to fund your account or withdraw your winnings using digital currency. All that is needed is the bitcoin wallet address and keys. The gambler’s identity remains anonymous. Thanks to this, even players from those countries where gambling is prohibited can freely play in online casinos and withdraw their earned money.
Taking into account all the above, we can only say that the trend of crypto gambling will become more and more solid in the future. Nowadays, there are already many casinos that accept BTC, LTC, ETH, etc. But the number of such gambling operators will only grow in the future.