The Future of Cryptocurrency Gambling

The Future of Cryptocurrency Gambling

Cryptocurrency gambling is becoming increasingly popular by the day. This is especially true in online casinos.

At first, most online casinos offered Bitcoins. However, since someone is always creating a new digital currency, most of these casinos are ready to welcome even the newest one.

These days, gaming websites will accept any digital currency, including Bitcoins, Litecoins, Ether and so much more. Cryptos are highly acceptable in the gambling industry because of their ease of use, security, and convenience. Additionally, since third parties do not regulated cryptos, transaction fees tend to be low.

Whether or not people like it, cryptocurrencies are taking the world by storm. They will soon dominate online gambling. For this reason, players, and the world at large should welcome cryptocurrencies with open arms because they are here to stay. This begs the question, what is in store for cryptocurrency gambling in future? We are about to find out.

More Casinos Will Welcome Cryptocurrencies

More Casinos Will Welcome Cryptocurrencies

At the moment, a good number of online gaming websites still mix things up. They allow players to use both fiat and digital currencies. Many casinos have not completely transitioned to cryptocurrency. However, if the current trend continues, the world will become more accepting of cryptocurrencies. New digital currencies are joining the market every day. That will mean the online gambling industry might switch to cryptocurrencies completely in the near future.

The complete adoption of cryptocurrencies in online gambling will depend on several factors. Right now, digital currencies are doing better than or out-performing traditional currencies in the financial markets. And, this means the full adoption of cryptocurrencies by casinos might come sooner rather than later. Additionally, more people are learning about cryptocurrencies and starting to use them to buy things from physical and online stores regularly. As a result, this will force casinos to provide players with cryptocurrency versions of their various slots and games.

Playing in digital currencies will make casino players play even more and stake more. This will be an advantage to casinos. What is more important is that players will have an easier time in casinos. Dealing with digital currency is much easier, especially, if someone readily has them.

Challenges Along the Way

Before casinos adopt cryptocurrencies fully, they need to address a couple of issues. For instance, the blockchain technology will need to change and start processing requests much faster. At the moment, the technology processes requests rather slowly. The process needs some improvement if it is going to match mainstream payment processors, such as Visa and MasterCard. A wait time of up to 20 minutes may not seem that long. But, when you compare that with the instantaneous processing by credit cards and electronic wallets, it is too long.

Therefore, if cryptocurrencies want to fully compete with mainstream modes of payment, they need to address the speed issue. Another issue of concern is the implementation of the right systems for various digital currencies. Fiat money allows people to use mainstream methods to deposit funds no matter what the currency is. This is not the case with cryptocurrencies, which are only tied to certain wallets. For instance, it is impossible to deposit Ether into a Litecoin wallet.

Nonetheless, the odds appear to be in favor of digital currencies, since more casinos are making efforts to adopt them. Although there are lots of issues that require addressing, the industry will resolve them as time goes on.

The Advantages of Using Cryptos in Casinos

The Advantages of Using Cryptos in Casinos

Although casinos have been around for many years, the issues of security and trust have never been addressed completely. A casino that isn’t well-established or doesn’t have its activities supervised and licensed by an authority won’t see many users. This is why most casinos spend a lot of money every financial year. They do this in an effort to offer players fast payouts and security.

Trust and security are two of the most important facets when a person comes to a cryptocurrency casino. It is advisable for players to always deal with legitimate crypto casinos to make sure they will be safe. Having said that, using cryptos in casinos is still safer than traditional payments. Blockchain technology that uses cryptography to secure and protect personal information is the technology cryptos rely on. The fact that there are no third parties, such as financial institutions, involved makes cryptos even more secure. Transactions take place exclusively between the parties involved.

Moreover, digital currencies enable fast, safe, and easy withdrawals, as well as deposits. And, players do not have to produce personal information, such as telephone numbers, ID numbers, bank details, etc. With cryptos,  players only need their usernames, their names, and the details to their cryptocurrency wallets. Importantly, transaction fees are significantly less in cryptocurrencies compared with traditional forms of payment.

Better Payouts

Because financial institutions can’t really govern and control digital currencies, transaction costs are usually extremely low or, sometimes, free. There are no taxes as well, which translates into better payouts in casinos. Therefore, the use of digital currencies in casinos is very beneficial to players, as well as the casinos.

In addition to attracting players who prefer playing with cryptos, casinos have other ways to benefit from using digital currencies. Unlike mainstream methods of payment, cryptos do not have chargebacks. This is why players need to be extra cautious. Once they have made payments, they can’t ask for compensation or reclaim their funds. This makes things easy for casino operators since they do not have to constantly deal with disputes from players. Additionally, cryptos shelter casinos from player fraud.

Cryptocurrencies Are Transparent

Transactions involving digital currencies are very transparent. In most cases, gambling involving cryptos takes place through an algorithm known as Provably Fair. With this algorithm, players can confirm the fairness of games, as well as the legitimacy of a casino. This is some good news, especially for cryptocurrency casinos that are just starting up. Such casinos have the opportunity to bypass the tedious process of looking for gambling licensure. The simple fact of supporting cryptos confirms their authenticity.

Popular Crypto Casinos

Popular Crypto Casinos

Just like the market of digital currencies and the blockchain technology, the market of crypto gambling is constantly changing. New things are popping up every day. Better options could find their way into the market and provide better and improved services.

At the moment, there are not many crypto casinos. However, there are new ones starting up almost every day. Despite the small number of crypto casinos, the available ones contribute well to the gambling industry. They will also shape the future of crypto gambling. The list below is in no particular order. Some the well-known crypto casinos include:

  • Cloudbet
  • mBit
  • FortuneJack
  • BitStarz
  • 7BitCasino
  • BetChain
  • BitcoinCasino.US

Bear in mind that any type of gambling comes with its own share of risks. Players considering crypto gambling should consider factors, such as the legality of participating, the odds of winning, and bonuses offered. The future of crypto gambling appears to be very bright. However, there are a few issues that crypto gambling needs to address. Crypto gambling is in a position to take over the entire industry once it resolves the few problems it has.

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Richard Holmes was born in Tampa, Florida and studied computer science at Pensacola Christian College in Pensacola Florida. A devout Baptist, volunteer Sunday School teacher and online gaming fan, Richard works as a part-time systems administrator at Baptist Hospital and part-time professional blogger specializing in statistics, probability and computer science issues. He is an ardent believer in the future of artificial intelligence as a tool for transforming human society for the better, particularly in the area of health care and modern medicine. A chess player, and competitive online gamer Richard actively participates on online gaming tournaments in his free time.