The advent of cryptocurrencies has fundamentally changed the world of finances in many aspects. The new, blockchain-based technology with virtually no safety breaches and instantaneous transactions provides never-before-seen opportunities to customers and businesses alike.
New possibilities arise for the gambling industry as well. Even though many casinos, still run on traditional wallet technologies for deposit and withdrawal purposes, there are some providers that have already started implementing new technologies.
In this article, we'll take a look at how cryptocurrencies impact both casinos and gamblers.
Cryptocurrency Changes the Game for Online Casinos
As we mentioned above, Bitcoin, Ethereum, EOS, and other cryptocurrencies are embedded in a system called the blockchain. This is a system of connected computers that enables people to mine cryptocurrency and guarantees the safety of funds. The more computers and more transactions there are on the system, the better and the safer cryptocurrencies become. This affects online casinos in several ways:
- Bitcoin and its analogous currencies have no boundaries. They work anywhere in the world. Since Bitcoin lives entirely online, crypto casinos can often skirt government regulations and limitations. There is no limit to how many customers or what nationalities can be welcomed. This can lead to much larger profits.
- In a traditional gambling world, if a casino wants to partner with credible banks and for deposits and withdrawals, it has to get a license. Banks won't work with an unlicensed casino. But these licenses are very expensive. With Bitcoin and other currencies, many casinos can exist without a license. Virtually anyone can create their own crypto casino and distribute winnings manually. The money saved on licensing can be significant.
- Cryptocurrencies are the safest forms of currencies on the market. Casinos that use cryptocurrencies can forget about hiring expensive security departments that are supposed to build firewalls against hackers. The blockchain is in and of itself a firewall with virtually unbreachable security.
Benefits to the Customers
Casinos can save a lot of money on their traditional expenses if they opt for the cryptocurrencies. But there are probably more advantages to the customers.
Here are some of them:
- Blockchain currencies are totally anonymous. You can make transactions without ever revealing your identity. Conventional casinos require their customers to provide private credentials like their name, address, phone number, e-mail address, credit card number, and so on. With Bitcoin, however, you can sign up with only your wallet address. You can safely start playing.
- Transactions with cryptocurrencies are really fast. When you want to withdraw via regular bank transfer, it can usually take up to 3-5 business days, and with your online wallet - several hours at least. With Bitcoin or other currency, however, the transactions are almost instantaneous. The only variable here is how fast can the staff process the payment.
- As we said earlier, the crypto-based casinos work worldwide. If gambling is forbidden in a country, there's no chance whatsoever that one could get inside a regular casino. But with online crypto casinos, you can play from any country, anytime.
- Cryptocurrencies have no transaction limits. With regular casinos, you may only be able to withdraw, say, $5000 a day. And for bigger amounts, you'd have to stretch the whole transaction over several days. But with cryptocurrencies, you can withdraw any amount of money you want. Sometimes, however, when the withdrawal is too large, it can take a bit more time for safety reasons as the transactions must be processed manually.
- Cryptocurrency fees are significantly low compared to conventional banking methods. There's not really much to explain here - that's just plain better.
The Crypto Future Is Already Here!
Cryptocurrency, as we can see, changes everything for both gamblers and online casinos. It provides much safer and faster transaction processes with easy access to the worldwide market of gamblers. There are fewer fees and greater revenues for everyone.
Granted, there are several setbacks with this technology as well. Namely, crypto-based casinos are still very scarce. Many casinos that do use cryptocurrencies have other payment methods as well, which means you still have to disclose your personal information and be susceptible to security breaches.
But, even in light of these flaws, the blockchain technology still stands as the best existing method of payment with far fewer safety concerns and much faster transactions.