Cryptocurrency is a digital or virtual currency based on a network that is being distributed across many computers and utilizes cryptography to ensure the security of transactions.
They run on a decentralized network that is based on blockchain technology.
One of the distinct features of cryptocurrencies is that they are not issued by any central authority, which renders them theoretically immune to any government manipulation.
Over recent years, cryptocurrency has slowly gained public attention as a form of investment and payment method. In the years 2017 and 2018, Bitcoin gambling has seen a rise in popularity.
While crypto gambling may look the same as the usual online gambling with regards to having an uncertain outcome, they have a big difference which is why they should not be confused as the same thing.
Before venturing into crypto gambling, you need to be armed with basic knowledge and understanding of it so you know what to expect and you can get the best experience from it.
Understanding Crypto Gambling
Gambling with crypto is like normal gambling but only differs in the process of funding your account. Crypto gambling utilizes cryptocurrency instead of fiat currency, and bets, as well as payouts, are all in the form of cryptocurrency.
Advantages of Cryptocurrency for Casino Players
- Unbeatable security
No other form of payment can top cryptocurrency when it comes to security. Only bitcoin can guarantee 100% safe and secure financial transactions. This feature can offer you significant protection from fraud and other hacker attacks.
2. Complete anonymity
One of the reasons why people are cautious with online transactions is because of the need to input sensitive bank or credit card information. Because cryptocurrency runs without any intermediaries, it offers gamblers complete anonymity and peace of mind.
3. Fast transactions
Traditional bank transfers usually encounter human errors or delays. Cryptocurrency differs in that the use of the blockchain network is capable of speedy automated payment processing which can take no more than 10 minutes anywhere around the globe.
4. Different bonuses and promotions are available
To entice potential customers, plenty of gaming sites are introducing different bonuses and promotional offers for crypto-playing. You can use these bonuses as a head start for online gambling and to boost your bankroll.
The Potential of Crypto Gambling
As cryptocurrency continues to rise in popularity, many people are embracing the huge possibility that cryptocurrency will become the future of online transactions and that soon, the gambling industry may also heavily rely on cryptocurrencies.
As cryptocurrency transactions need not undergo third-party approval, crypto transaction is relatively cheaper than traditional bank transaction. Not to mention deposits and withdrawals have negligible costs and transactions are almost instantaneous.
Cryptocurrency’s main disadvantage is its volatility, this results in its fluctuating value. In gambling, it could mean that any winnings may result in a different value when you are ready for a withdrawal. But when it comes to speed, security, and other underlying transaction fees, cryptocurrency can still be considered a reliable casino payment method.
As cryptocurrency can only continue to grow in its popularity, we expect to see more and more online casinos embracing its potential.
The future of cryptocurrency can only grow bigger going forward. As more people explore different gambling options, the relatively new concept of cryptocurrency gambling will appeal to many.
It may be confusing to understand crypto gambling in the beginning, but as with all new things, it takes time to fully maneuver its concept, but once you did your research, the opportunities to win big are endless.