The 21st century is probably the most unique one compared to the previous part of human history. We live in a world where technology is everywhere around us. Despite that, the good news for all people is that technology is evolving every single day. That makes the planet Earth a more comfortable living place.
The same rule counts when we talk about online technology. People started to spend their free time differently. For instance, they would rather decide to spend their free time home, watching a movie or their favorite TV show.
However, the Internet has directly influenced the business world as well. People now have the chance to start a business from the comfort of their room. Of course, the number of options they have has grown as well. That is the reason why we got some new industries that are gaining popularity.
Two fresh industries that have become viral are online gambling and the cryptocurrency field. As we said, people use different methods to fulfill their free time with entertainment. On the other hand, they are following the latest trends as well. That is the reason why many of them would invest in cryptos and try to ensure financial stability in that way.
However, these two industries are becoming connected. Many online casinos invest additional effort to attract people to their gambling site. That is the reason why many of them started to accept crypto-based payments. Of course, not all of them will offer the same quality of service. If you want to find the best ones, you can click here for more information.
So, is gambling with cryptocurrencies the next big thing in the gaming industry? The shortest answer to that question is – yes, it is. People probably need more pieces of evidence that will confirm that statement. Because of that, let’s find out why cryptocurrencies are a powerful gambling payment option.
High Level of Security
We do not want to say that online casinos were not safe before the cryptos appeared. However, people need to have one thing in mind. Online casinos have centralized servers. These servers keep all the data about players and their transactions. In most cases, these servers come with a high level of protection. Yet, they are also an attractive target for many hackers.
That type of problem does not exist with the digital transaction. The decentralized system allows players to control their transactions. There is also a strong security system thanks to the features of blockchain technology. Every transaction becomes part of a blockchain with a unique code. That means the hacker will not manage to change its details.
Quick Withdrawal of the Money
Let’s use an example of real-money transactions. A player got a reward in an online casino by playing slots. Because of that, he has some money on his casino account that he would want to withdraw. However, will that money be immediately available to him? The answer to that question is – no.
The banks need at least 24 hours to approve the transaction. On the other hand, they also have working hours. The players won’t manage to withdraw money in all parts of the day. That also counts when we talk about weekends, national holidays, etc. In the worst case, people will have to wait for 3 or 4 days for the money that they honestly earned.
With cryptocurrencies, things are less challenging a lot. With a couple of clicks, the gambler will transfer coins to his crypto wallet. The system functions 24 hours a day, seven days a week. At every moment, their money will be available to them.
The Costs Are Low
The middleman in crypto transactions does not exist. That is the reason why transaction fees do not exist. Even if they exist, they will be much lower compared to the ones that the bank has.
On the other hand, let’s imagine that someone is gambling in an American online casino. Logically, in that case, that person will withdraw dollars to his bank account. However, when he wants to convert dollars into his national currency. That would bring additional costs that the player will have to pay. Players should have in mind that these conversions are not always affordable.
Crypto transactions do not require that type of conversion. People will get their coins directly to their crypto wallet with low charges. The only thing they additionally need to do is sell the cryptos and withdraw them to their national currency. In other words, the double conversion does not exist.
Some people are still big supporters of land-based casinos. The reason why they don’t want to digitize their habit is simple. They hesitate to do that because they are afraid for their security.
A good security system is not the only way how digital currencies provide security to users. They also offer anonymity to every person that wants to use them for different purposes. People do not have to attach their personal information to their crypto wallets.
On the other hand, that doesn’t mean that transactions are private. They are completely transparent, and users can get insights at every moment. More precisely, every person can find out his balance, addresses of both parties involved, and other transaction information.
So, Are There Any Disadvantages?
Unfortunately, there is one disadvantage people need to be aware of. The number of casinos that accept crypto-based payments is still not big. Because of that, in many cases, they will still have to use traditional currencies for gambling.
However, the purpose of this article was not to highlight cryptos as the best possible gambling option. We wanted to explain why gambling with cryptocurrencies is the next big thing in the gaming industry. In 2021, things have slowly started to change. It is hard to predict what exactly will happen for five or ten years. However, people should use the opportunity while it is still fresh.
The same rule counts for online casinos that want to improve their way of working. Accepting digital currency now is the right moment to attract thousands of new customers. We will see if the online casino owners will become aware of that opportunity soon.