As we’ve now started to settle in on what’s been largely called the digital generation, there are a host of industries that have benefited from the transition to a more technologically-advanced society. Be it the marketing industry, the gaming industry, or even the fashion industry, many fields have found ways to maximize the utility that the internet age provides.
One industry that has definitely seen a massive benefit from the dawn of the internet is the gambling industry. From being a purely physical business, online gambling has become almost as ubiquitous as your traditional casino or gambling venue. It even boasts the undeniable advantage of being much more accessible and being more convenient to players, as online gambling games need only for you to have an internet connection and a computer or smartphone to start betting.
Now, another game-changer to online gambling is set to put the industry on its head again: cryptocurrency.
But before we dive into the nitty gritty of how cryptocurrencies will revolutionize the online gambling scene, we highly encourage you to visit clovr.com! Clovr boasts the best online guides and content on all things related to casino gambling, crypto gambling, and many more! Whether you’re just a beginner gambler or a more seasoned online bettor, clovr should definitely be on your radar as one of your go-to online resources. Visit clovr today!
Now, back to cryptocurrencies and online gambling.
Why crypto is the future of online gambling as we know it
While online gambling, as mentioned earlier, has become uber-popular over the years, we believe that cryptocurrencies will take it to new heights and will become one of the industries that benefits the most from the supposed crypto-boom.
Let’s take a look at some of the reasons how cryptocurrencies will impact online gambling for the better!
Perhaps the biggest advantage that cryptocurrencies provide to seasoned online gamblers is the heightened security. As cryptocurrencies are built on blockchain technology, online gambling games that have integrated crypto will enjoy a much more secure system of payment and play. Without getting too technical, the use of blockchain technology makes it incredibly difficult for would-be scammers to hack and tamper with transactions because of the way data is “chained together” (hence the term blockchain).
Aside from the increased security, cryptocurrency also provides that each Sender and Recipient in a transaction remains completely anonymous. Users are identified through a string of numbers assigned to them, which definitely adds another layer of protection that many crypto gamblers will likely appreciate.
Easier to start playing and betting
Another clear benefit that cryptocurrencies in online gambling provides is that everything will be online. Cryptocurrencies are not tied down to a certain device at all, as they are usable through all types of computers and smartphones which most people already have. This provides a low barrier of entry to those who would want to start playing right away.
Faster speed of transactions
Through cryptocurrencies, online gambling transactions will experience a massive increase in speed. What would normally take hours or more to withdraw winnings or deposit in money, would now take a mere 2-10 minutes with the speed that’s offered by cryptocurrencies.
Free from regulations, banks, monetary authorities
A unique advantage that cryptocurrencies will provide online gambling is the fact that the currencies here are not subject to any governmental regulation or monetary authority. By its very nature, cryptocurrencies are decentralized and thus are not maintained by such traditional institutions. This allows for gamblers more leeway, freedom, and less hassle in how they use their money to place their bets!
The decentralization also means that you’ll be reassured that your money is only at your hands or the casino’s. No other actor will have access to your financial and personal assets, making the transition to crypto online gambling all the more appealing!
Less transaction fees overall
Decentralization also provides that you will not have to pay hefty transaction fees that are usually required by banks or other institutions. With no central authority maintaining transactions, you will be able to win more as you won’t have to think about any fluctuating expenses that are charged by banks in order for you to play!
Choice of currency
Cryptocurrencies also provide an amazing number of options of the type of crypto you would like to use to play and bet. More options is always better and through cryptocurrencies, you’ll be able to choose if you’d like to bet with either currencies such as Bitcoin, Litecoin, Cardano, and many more! The fun part is that you won’t even have to be in another country to use another currency, as everything is digital.
You can now virtually play anywhere
This may not be obvious but cryptocurrency integration will allow more online games to be playable in more places, broadening the reach that online games already have. With cryptocurrencies being at the forefront of building the “metaverse” or the virtual universe, they’ll allow more online casino or gambling games to be available in more places and through easier means!
And there we have it, some of the real benefits that cryptocurrencies provide to the online gambling scene! With all the no-brainer advantages that crypto offers, we believe it’s only a matter of time before all gambling games have crypto embedded in them, in one way or another.