Cryptocurrencies like Bitcoin and Litecoin are digital currencies that are used for the purpose of goods payments and other online services. Cryptos are innovative in overall usage and offer impenetrable security with non-censorship, making them extremely popular in recent times.
Over recent years and months, we have seen a significant amount of growth in crypto interest among the general population. This has also led to more and more people making use of cryptocurrencies as an alternative payment method.
Online gambling and iGaming is one such industry where the use of cryptocurrency is rising like a wildfire. As a result, there is an unprecedented rise in crypto gambling in the global online gambling industry. This detailed article will examine the reason behind its overall popularity. At the same time, this article also delves into the seamless partnership between blockchain and online casinos. So, continue reading.
Relationship Between Crypto Gambling and Blockchain Explained
The advent of online gambling has allowed players to bet and enjoy their favourite games from the comforts of their homes. The world of iGaming has become quite exciting with the growth of blockchain technology. This innovative technology offers better transparency and a secure gateway to make online transactions with complete peace of mind.
The online casinos and sports betting sites benefit greatly from the blockchain infrastructure. Blockchain helps create a secure gambling environment for the players. Now players don’t have to worry about any security breaches, game outcome manipulation, slow transactions, and strict verification processes. Take the example of 10Cric, India’s best crypto casino that promotes crypto gambling by offering different digital currencies for online transactions.
Secret Behind Popularity of Cryptocurrency Online Games
Firstly, digital currencies like Bitcoin and Litecoin make it incredibly straightforward for the players to access the gaming market where gambling of any kind is restricted. However, talking about the Asian countries, there are some issues working with cryptocurrency. Recently, government officials in China have imposed several restrictions on cryptos transactions. So, players are moving to other countries with a tolerable attitude towards cryptocurrency, like the United States.
The second reason for the popularity of crypto gambling is that players want to remain anonymous. They don’t want their online transactions of online gambling to appear in their bank statements and want anonymity. Cryptocurrency provides complete privacy in this regard because it is pretty easy to deposit and withdraw funds from online casinos without anyone knowing about it, including the government.
Thirdly, when combined, blockchain technology and cryptocurrency make online casino games provably fair and secure. All transactions involving cryptocurrency are registered within the blockchain technology framework, and players’ trust in the casino operator tremendously increases. So, there is no room for foul play, and players get to enjoy an immersive gaming experience.
Cryptocurrency Benefits In The World of Online Gambling
Crypto gambling is increasing with every passing day, and there are several benefits of using digital currencies in iGaming. Some of the benefits are discussed below:
- No requirement for additional calculations
- Restrictions with the size of transferred funds are eliminated
- Players can increase the security of their online transactions
- Funds are in complete control of the owner
- The winning amount is quickly moved into the digital wallet
- Using cryptocurrencies increases the overall safety of funds
- Online transactions are 100% encrypted
Apart from the points mentioned above, cryptocurrencies use RNG or Random Number Generator that minimises any outside interference. Furthermore, it means that players can entirely rely on the games to be random and fair. All these things, when combined, offer lucrative and safe crypto gambling online.
Why Will Players Continue Gambling With Cryptos In The Future?
The benefits mentioned above provide many opportunities to the players when gambling online using cryptocurrency. However, it is not just everything the cryptos promise to the players. Experts and iGaming pundits believe that there will be a massive demand for cryptocurrency for online gambling in the next five years. It is so because digital currency is associated with numerous sophisticated features, unlike the fiat currencies like:
1. No Transaction Fees & Zero Commissions
Digital currency circulation takes place in completely decentralised networks. It means there is no single financial institution that can profit from the payment, commission and fees. The only fees charged to the user are the mining fees on the transaction, which is relatively meagre. The amount is way lower than the fees charged by banks and other banking methods.
2. Faster Online Transactions
Online other payment gateways that take days to complete the transaction, there is no such thing with the cryptocurrencies. All online payments involving cryptos are processed in real-time. You can expect the deposits to be processed in a few minutes and the funds are available in the cashier section of the online casino. Similarly, the withdrawal requests are processed instantaneously, and you can expect the funds in your digital wallet in less than an hour.
3. Safety and Security
The cryptocurrency transactions can neither be rejected nor cancelled using blockchain technology. All transaction history of cryptos is stored in a system, and any attempt to modify it is rejected. This makes the digital currencies secure, and there is no room for error. Cyber thugs can’t commit frauds involving cryptocurrencies. So, online casinos and betting sites that offer cryptos as their preferred banking methods enjoy a lot of user confidence.
While using cryptocurrency for online transactions, there is no need to provide personal or financial details. Instead, players need to have their wallet addresses and private keys. As a result, the player’s identity is completely anonymous, which makes it ideal for people to indulge in crypto gambling in countries where it is illegal.
Cryptocurrencies like Bitcoin, Litecoin and Ethereum, among others, are discrete, reliable, fact and hack proof. Owing to an extensive list of features and benefits, there is no doubt that crypto gambling is on the rise, and there is no stopping it. Considering everything, it is safe to assume that the trend of crypto gambling will continue to become famous and will become more solid in the near future.