How Crypto Currency Became a Part of the Gambling Industry
For a while now, online casinos are taking over the land-based casinos, especially in the last few years. The popularity of online gaming is increasing rapidly. Online gaming offers better bonuses, promotions and free spins, some of the most common perks that traditional casinos don’t offer.
Their variety of games is much bigger, with catching graphics and sound effects. But far more important is that they offer much better payouts and far more convenient payment methods, both for deposits and for withdrawals.
Another thing that makes them even more popular is accepting cryptocurrencies as a method of payment, which is definitely becoming the most popular method of payment for many reasons. Cryptos are simple, fast, convenient, anonymous and safe, so more and more gamers are changing their preferred payment method in favor of cryptocurrencies. With cryptocurrencies, all the transactions go from one e-wallet straight to the other – there are no banks involved.
What this means is that there are no conversion rates you need to worry about because it is one and the same currency all over the globe. With no third-party involved and no banking fees, no conversion rates and instant payments it is no wonder that crypto is taking over. And if you would like to try the benefits of playing in a crypto casino, click here and try your luck.
Let’s see what cryptocurrency is
Now we shall explain what cryptocurrency is to make it easier to understand why crypto casinos are becoming so popular. Cryptocurrency is a type of currency which uses cryptography for security. A decentralized system, which uses cryptography, is verifying the transactions. All the records are maintained in the same manner as well.
Encryption algorithms are used to power this alternative method of payment. When paying with cryptocurrency, gamers are not required to provide their personal information, so any transaction made remains entirely anonymous. Cryptocurrencies seem to be the best option to replace traditional currencies, for the transactions are fast and decentralized, going from one e-wallet to another almost instantly without involving third-parties. With all of that said, it’s no wonder that cryptos are considered the currency of the future.
Let’s see what is a crypto casino
Crypto casinos are almost entirely the same establishments as regular casinos, only they allow their customers to use cryptocurrencies instead of fiat currencies. That is, customers make their deposits and withdrawals using cryptocurrency instead of a traditional currency.
As mentioned previously, using cryptocurrency won’t require you to leave any personal or sensitive information, so it is more than likely that this anonymity is what’s making it so popular. And also, the transactions being very fast play a very important role in gaming with cryptocurrencies. Traditional bank methods include personal information and banking fees, but with crypto all this is skipped, so they offer a far more comfortable and convenient option.
Let’s see how do casinos work with cryptocurrency
The same as in any other online casino, in crypto casino customers create accounts, make deposits using cryptocurrencies, and then play to win. When they win, withdrawals are also paid in cryptocurrencies, not in traditional (fiat) currencies.
Crypto casinos utilize blockchain databases, which makes sharing information very safe. Blockchains contain cryptographic information of the previous block and transaction data, which makes them very safe, for there is no interfering with the data that is stored in the blockchain. Every change is instantly registered and there is no possibility for tampering.
Blockchains are the most transparent because all transactions are instantly recorded on them. This gives the insurance to the customers that their money is completely secure. There are also smart contracts in blockchain technology, that actually are computer protocols where customers deposit their cryptocurrencies and make withdrawals with no third party involved, making them one of the safest currently available.
Benefits of cryptocurrency
Blockchain technology is widely adopted in other technologies, and so it found its place in the gambling industry as well. There are many advantages of choosing crypto casinos over regular casinos:
- Transparency: Using blockchain technology where every transaction is registered instantly, the secure sharing of information is enabled. There is also a high level of encryption. Blocks of codes where transactions are recorded are unbreakable. Decentralized blockchain network verifies all the transactions. All this ensures that the customers’ money is safe and secure.
- Anonymity: When paying in fiat currencies by traditional bank methods, personal and financial information need to be provided. When paying in cryptocurrencies, no personal information is required, which is precisely why all the transactions can remain entirely anonymous.
- Safety and security: Since cryptos use cryptography for security, and transactions are verified by a decentralized system using cryptography, they are absolutely safe and secure.
- Very fast transactions: As there is no third party involved, no banking fees and no conversion, the transactions are very fast, getting from one side to another in virtually no time.
With all of these listed perks and benefits, there is no question why cryptocurrencies are becoming more and more popular every day in all industries. Of course, with the gambling industry being among the first ones to embrace innovation, it really comes as a no surprise that cryptos were welcomed with open arms.