There are various benefits to gambling with cryptocurrency, and many online casinos have started accepting this decentralized currency as a form of payment. There are even casinos that exclusively accept crypto. These casinos typically have all the non-crypto casinos’ games, along with crypto-specific games.
There’s a huge list of online slots to choose from at online casinos that accept cryptocurrencies. Given the rising popularity of cryptocurrency, is it time for online casinos to start thinking about creating a currency specifically for gambling?
Cryptocurrency and How It Works
Cryptocurrency is a decentralized payment system that offers various benefits. No government or institution has control over crypto, and all transactions are recorded in ledgers held on servers across the globe.
The ledgers work using blockchain technology, making transactions more secure than traditional payment methods. It’s also much faster than other methods of payment.
What is Blockchain?
Blockchain is the method used to keep track of transactions across the various servers. The blockchain records and stores all the information of a transaction in a “block” that is then added to the existing chain, which is where the name comes from.
Blockchain uses a number of encryptions, and redundancies to ensure that no falsifications, interruptions, or changes can be made to the record. This adds extra security to your transactions.
Benefits of Gambling with Cryptocurrencies
Besides the safety and security the blockchain provides, there are various other benefits to gambling with cryptocurrencies. You can remain relatively anonymous since transactions don’t have to go through financial institutions. Casinos will only ask you to verify your information once you reach a certain amount in winnings.
Crypto transactions are much faster than traditional payment methods. You can wait up to seven days for withdrawals with traditional currency, where you’ll only wait minutes with crypto.
The gambling industry has always had a reputation of being dangerous and risky, and many people are wary of parting with their hard-earned cash, only to lose it. With cryptocurrency, this risk is lowered, and fraud is eliminated. Transactions are also non-reversible, which means non-payment doesn’t exist.
Crypto Specifically for Gambling
Gambling transactions make up roughly half of all Bitcoin transactions, which indicates just how popular gambling with cryptocurrency has become. There are also many speculations that online casinos will shift toward only accepting cryptocurrency in the near future.
With so many cryptocurrencies already in circulation, it may not be necessary for casinos to invent a new currency specifically for gambling. Casinos don’t need to reinvent the wheel to gain the benefits of blockchain technology.
The risk of creating a new cryptocurrency specifically for gambling is the lack of value it may hold. Popular cryptocurrencies may be decentralized, but they are still linked to traditional currencies.
Cryptocurrency has become a popular method of payment, especially for online casinos. There are various benefits to gambling with crypto, and it also eliminates some of the risks. With so many different cryptocurrencies from which to choose, it’s not necessary for casinos to create another currency for gambling.