5 Reasons Why Crypto Gambling Is Best
February 28, 2020
The online gambling industry is a rapidly growing behemoth that is evolving at lightning speed each year. The international industry is worth billions of dollars and is only set to skyrocket thanks to the efforts and innovation put in to ensure its survival.
Online gambling is considered to be a part of the tech industry, purely because it is always at the cutting edge of technology. It has spear-headed mobile gaming and instant browser technology, it embraces all of the latest and most innovative banking solutions, and now has its foot in the crypto world, showing that digital currencies have a real part to play in online spending in the future.
Crypto gambling is a steadily growing segment of the market and epitomises the advancements in the digital money arena, proving that it is the way of spending in the future.
WHAT IS CRYPTO?
Cryptocurrency is a digital form of currency that is not tied to any central reserve. Rather, it is a decentralised asset that is mined on the internet. All transactions are recorded on a single secure registry, known as a blockchain. Mining computers retrieve very specific cryptographic algorithms which are given worth through public interest.
Popularity alone determines the value of such code, which can be invested in via crypto exchanges and paid for with real money.
This currency has been around since 2008 when Bitcoin was developed. Today, there are hundreds of different e-coins available. A handful of these are used in gambling at crypto casinos. Some of these brands include Bitcoin, Litecoin, BitCash, Etherium, Dogecoin, and Torrent.
When it comes to spending on digital sites like online casinos, digital coin works best. The advantages of using crypto at casinos is clear.
REASONS WHY CRYPTO IS KING AT CASINOS
Speed of transaction is always a big concern among online casino gamblers. Players want their deposits to reflect immediately so that they can play right away. In this age of instant gratification waiting long periods of time for withdrawals from a casino site is also unacceptable.
Fortunately, blockchain transactions are verified extremely quickly, ensuring that funds are sent in real-time to and from your crypto wallet. The funds are not handled by a third party and are therefore not susceptible to delays. Because crypto funds do not incur KYC protocols, players are not left waiting for 72 hours before first-time withdrawal requests are verified either.
All in all, moving funds to and from a casino with cryptocurrency is the fastest banking method available in the industry, at the moment.
2. Security of Crypto
The security provided for blockchain transactions is unparalleled by any other centralised system on the planet. Because there is no central server, but rather multiple nodes on the internet that must all confirm and verify the transaction, no one entity can change, corrupt, or reverse any one transaction made from one party to another.
It is virtually impossible to hack a transaction in order to change it. This should give you peace of mind that once your payment is made and then confirmed by the blockchain, it cannot be refuted, reversed, or defrauded in any way. A done deal is a done deal!
Centralised fiat currency is handled by trusted third parties and is therefore subject to administration fees by every party involved in the transaction. This process can prove costly, especially if the transactions are conducted across borders, thanks to forex charges.
Cryptocurrency is a peer to peer payment system that skips out the middleman. Aside from a small mining fee incurred, there is very little cost charged on any transactions. The digital and decentralised nature of cryptocurrency also means that there are no borders. Bitcoin in England is the same as Bitcoin in the USA, so no foreign exchange levies can be charged on transactions.
Cryptocurrency is not tied to any one individual, but rather to hash codes. Whoever posses the codes controls the currency. Crypto retailers and casinos are therefore not interested in the ID of the player on the site, but only the codes and the currency. You can, therefore, sign up with a username unrelated to your real identity in order to maintain a sense of anonymity while gambling.
5. Responsible Gambling
Cryptocurrency is controlled from a special digital wallet and cannot form part of your traditional banking account. For this reason, you can easily budget out your betting without it interfering with your day to day spending money. This sort of funds separation is very ‘healthy’’ for personal responsible gambling initiatives.
It’s clear from the above information that cryptocurrency certainly has a big part to play in the future of gambling. It surpasses the use of fiat currency in almost every area and prepares you for the future digital age in fine style.
For the best gambling experience around, be sure to do it the crypto way!