Cryptocurrency is gaining popularity across the globe at an exponential rate. In fact, it is now estimated that approximately 6.8% of the world’s population holds some form of digital asset. Now, this may not seem like a large number at first glance, but the popularity of crypto is most evident when we examine specific countries more closely. For example, in America, it is estimated that 28% of adults own crypto or have owned it in the past, and many more have suggested an intention to do so in the future. Crypto is becoming so popular that many people have started to see it as the future of finance itself.
With this being the case, it makes sense that various industries have been looking for a way to incorporate digital assets into their businesses. Doing so can not only aid them in attracting new clients and customers, but it can also help those businesses to thrive in a tech savvy world. Nowhere is this, perhaps, more evident than in crypto casinos, and in this article, we’ll explore some of the most significant ways that crypto has revolutionised the online casino world.
Increased Privacy
One of the major drawbacks of online casino gaming is that it often requires players to part with their sensitive information, such as their bank details, in order to make wagers or claim winnings. In today’s world, where digital threats like hacks and data leaks are on the rise, having to give this kind of information away can make many people nervous, and rightfully so.
However, due to crypto casinos’ use of decentralized technology, these sites often do not require their players to part with this information. This is because transactions made using cryptocurrency are encrypted and pass through a giant public ledger known as the blockchain, making them incredibly difficult to trace to a source. In this way, online crypto casinos are able to provide their players with an additional level of security that traditional casino sites simply cannot match.
Crypto’s Volatility
The aspect of crypto that most appeals to the majority of investors is its volatility. In this context, volatility refers to the tendency of digital assets to rise or fall in value over time. The benefits of this can be seen most clearly when we take a closer look at the world’s most popular form of cryptocurrency, Bitcoin. At the time of writing, Bitcoin has an estimated value of over $118,000. However, when it was first launched in 2009, the coin’s value did not even exceed a dollar. Time and popularity have led this coin to a massive increase in value.
Because crypto has this tendency, it makes sense that it pairs so well with the gambling world. Crypto gamblers are not only able to make bets on the games they play, but can also make an additional wager on the volatility of the coins they are using, in hopes that they might increase in the future.
Fast Transactions
Crypto is decentralized, meaning it does not rely on the input of third-party institutions, such as banks. This is a major asset when it comes to crypto casino gaming, as it greatly streamlines the process of sending and receiving money. Gamblers no longer have to wait for banks to process their payments; instead, even large winnings can be claimed almost instantly, enabling the player to continue their gaming with little to no interruption.
Provably Fair
With traditional casinos, there were often so many third parties involved that it was difficult for the gambler to assess the fairness of a game. Now, through the advent of crypto casinos, players can independently assess the fairness of casino games and the reputability of the sites themselves using open cryptographic methods. This helps to build trust and transparency between casino operators and players and can lead to a much more authentic and relaxed casino gaming experience.
Removing Geographical Restrictions
Crypto is universal, meaning it stays the same no matter where in the world you use it. This is a major benefit when it comes to online casino gaming, as it gives gamblers access to more offshore casino options that they may not have been able to utilize due to restrictions concerning specific traditional methods of payment or if they are playing from a country that has reduced payment options.
Conclusion
The rapid adoption of cryptocurrencies across the globe has had a hugely beneficial impact on the online casino world. Not only can gamblers engage with casinos knowing that their information is being kept as secure as possible, but they can also enter a whole new kind of gaming, betting on the volatility of crypto itself and unlocking new casinos with bigger and better bonuses for players than ever before.