MercoPress, en Español

Montevideo, April 25th 2024 - 08:36 UTC

 

 

Beyond borders: The global impact of Crypto on the future of betting

Friday, February 23rd 2024 - 06:00 UTC
Full article
Cryptocurrency is rooted in cryptography and decentralization. Photo: Unsplash Cryptocurrency is rooted in cryptography and decentralization. Photo: Unsplash

New cryptocurrencies hoping to benefit from the increased hype around Bitcoin launch every day. Most of these coins collapse completely within hours of existence.

However, some coins defy stiff competition, fear, uncertainty, and doubt to become highly respected financial services. A case in point is Solana, which had been condemned to failure in 2022 after the arrest of FTX’s Sam Bankman.

Solana fell from a high of $250 in 2021 to a low of $9 a year later. Now, as crypto’s attention focuses on Bitcoin's halving in April, Solana has grown to a valuation of $110 at the time of writing.

Solana aside, crypto is gaining tremendous popularity in the online casino sector. More and more gambling sites are accepting Bitcoin, Ethereum, and other coins for transactions.

In this article, we’ll delve deeper into the relationship between crypto and the online gambling sector. Precisely, we’ll outline crypto’s role in shaping the future of iGaming. Let’s get started.

Security and Privacy

Cryptocurrency is rooted in cryptography and decentralization. Cryptography secures your funds to keep hackers away. It also anonymizes payments to minimize your exposure.

Decentralization eliminates third-party intermediaries like banks. Instead, distributed computer nodes govern the crypto ecosystem. Decentralization improves transparency now that all records are visible to the public.

It also enhances security. No one can steal your funds if they’re secured in the blockchain. People can view your past transactions. But your identity remains hidden.

In the casino industry, hiding your identity is only possible when using an unlicensed crypto casino. However, licensed operators must ask for your identification documents by law.

Although online casinos ask for your identity, this doesn’t take away the fact that crypto is highly secure. You can’t lose your Bitcoin for as long as you take steps to protect your funds.

For example, use a third-party wallet as opposed to storing your crypto at a centralized exchange. Use a secure wallet to minimize the risk of hacking. Also, always double-check addresses. You can't reverse crypto payments.

Increasing Accessibility

One of the reasons online casinos support crypto is that it operates globally. Bitcoin is borderless. No one can set rules on where and when it should operate. No one can ban specific people from using crypto.

This makes Bitcoin a great ambassador for the online betting industry. It can help people from all over the world access online casinos. With crypto, you don’t need an ID or email address to transact.

You just need to buy Bitcoin. Next, find a crypto casino and complete your deposit. The folks at cryptocasinos247 have a comprehensive list of casinos that accept Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and a few more coins.

Choose a site that supports your favorite cryptocurrency. But don’t worry if your preferred coins aren’t offered. It is easy to trade any coin for BTC or ETH. The vice versa is also true.

Convenience

In some parts of the world, you must visit a local bank branch to send money. If you want to withdraw money, you need to visit an ATM machine. Mobile wallets like Apple Pay and cryptocurrencies like Bitcoin can eliminate these inconveniences.

Bitcoin is a better solution for the online gambling industry now that it has no geographical limitations. With crypto, you can play casino games on your iPhone, Windows laptop, desktop PC, or even console.

Because it's not centrally controlled, Bitcoin has no business hours. You can send crypto at any time. In all cases, crypto payments are completed successfully within minutes.

Crypto’s transaction time varies from one blockchain to another. Fast blockchains like Solana and Ripple can process payments within a minute. Bitcoin and Ethereum take between 5 and 20 minutes to approve a transaction.

Fast Payouts

As mentioned, crypto processes transactions fast. Now, cards and mobile wallets also offer quick financial services. Where Bitcoin wins is during withdrawals. Let's say you've won $100,000 at a slot machine.

You can’t withdraw this money through Apple Pay or PayPal because most casinos have a small withdrawal limit for e-wallets. You can use bank transfer. But it will take you a few days.

With Bitcoin, you can receive your money within 10 minutes. Most people will choose the fastest payment method. No one wants to wait for days before they can receive their casino profits.

The best part about crypto payments is the fees. You could send millions of dollars worth of crypto while paying less than $10 in fees. Some blockchains charge less than $1 to send huge amounts of money.

Bonus Promotions

Cryptocurrency has a big role to play in marketing online casinos of the future. Not only will it help boost accessibility globally, but it will also motivate new customers through bonuses.

Crypto is a valuable asset. Bitcoin is worth more than $51,000 at press time. Ethereum is nearing $3,000 in valuation while USDT is as valuable as the US dollar. Some coins are worth pennies today. But they could tenfold in months.

In other words, crypto is an excellent incentive for new customers. Imagine receiving one Ethereum as a reward for making your first deposit at a casino. The most generous operators give you up to one BTC.

But there’s a catch. You receive an equal amount to your deposit. If you deposit just $20 worth of BTC, you receive a $20 bonus. Another thing to keep in mind is that each bonus has terms you must fulfill. Read about the terms before you accept any bonus.

Crypto’s biggest value lies in Blockchain technology, the decentralized ledger of records that powers most cryptocurrencies. The blockchain keeps crypto secure. It facilitates borderless payments. And it offers a platform to create decentralized apps.

The blockchain allows casino developers to create provably fair games. That’s right. You can check the system for proof that your win or loss was 100% fair.

Considering everyone loves fair games, the blockchain might be the future of casino game development. However, this will work only if developers also improve on graphics, bonus features, and Return to Player rates.

 

Top Comments

Disclaimer & comment rules

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!