Why the Gambling Industry Is the Perfect Fit for Cryptocurrency
As online gambling has skyrocketed in popularity over recent years, the industry has continued to evolve and adapt to offer its customers the best experience possible. Those who like to keep up with the latest casino news maybe already be aware of one such development: the advent of the cryptocurrency casino.
As the name suggests, this allows users to deposit and gamble with Bitcoin, Ethereum or a variety of other crypto assets. But why, exactly, might a player choose to favor digital currencies over fiat ones? We take a look at the main selling points of cryptocurrencies in relation to the gambling industry below.
One of the biggest concerns of many online gamblers is the amount of information that is requested upon signing up to a site. As well as sensitive data such as birthdays, addresses and contact numbers, gambling sites often request copies of identity documents so as to verify players are who they say they are. This can not only be time-consuming, but also invasive into the person’s privacy. By contrast, the decentralized nature of cryptocurrency means that no such information is needed, allowing a player to play anonymously.
If no sensitive data is being shared, there’s zero danger that it could be stolen. Of course, a site user will still be required to make a deposit, but the watertight blockchain technology which underpins crypto makes it nigh-on impossible for a hacker or cyber-criminal to access the funds involved. Meanwhile, the encryption capabilities used by all reputable cryptocurrency casinos means that you can rest assured there is no chance of your account being hacked by a third party.
Speed of transactions
There’s nothing worse than making a deposit and waiting hours or even days for it to go through. The way in which certain traditional online casinos are set up means that waiting for a bank transfer or wire transfer to be cleared can sometimes stretch into almost a week. With cryptocurrencies, most deposits and withdrawals can be processed and approved within a matter of minutes, if not seconds. This means you spend less time twiddling your thumbs and more time playing the games you love.
The decentralized nature of cryptocurrency means there are no financial institutions, third parties or middlemen in the way of your transactions – which means that fewer costs are incurred in processing them. While this might seem ostensibly to be a benefit only for the site operator themselves, many Bitcoin casinos choose to pass on this saving to their users in the shape of lucrative bonuses and promotions. As such, it can make good sense to favor a cryptocurrency casino over a conventional one for the financial perks it offers.
Thanks to the anonymity, security, efficiency and cost-effectiveness of cryptocurrencies, they’re an ideal fit for the online gambling industry as they tick all the boxes which most players are looking for. Will you try your luck at one today?