The Impact of Cryptocurrencies In Online Gambling
Online casinos are innovative by nature, as they have created a new business from an existing one, the brick and mortar casinos. The extension of this traditional business was made based on the dynamism of the industry, and it’s with no surprise that online casinos felt comfortable adopting cryptocurrencies as a mean of payment.
Crypto is not just another addition to the online gambling industry though, it brings revolution to this fairly new industry and a strong positive impact to the gamblers.
Hype vs Logic
Combining crypto and online casinos seems the most logical step, as both live in a digital world and both live in a growth hype. This trend captivated more gamblers to the online casinos that do support crypto payments.
Casinos do know how to appeal to the players, and the creation of special promotions and bonuses for crypto banking made deposits with other currencies seem somewhat obsolete, especially for crypto adopters.
There is an ongoing debate on whether crypto are currencies or not. Some countries classify it as currencies, others don’t, which just means that gambling with crypto cannot be considered by some as gambling with real money. The existing gambling legislation cannot, therefore, apply here.
This opens the door to online gambling in the locations where the laws forbid real money bets, offering at the same time a transparent and secure banking system at the lowest fees. More than enough reasons for the online gambling industry and their lawyers to adopt crypto.
Unsurprisingly, Bitcoin was the first cryptocurrency to enter online gambling platforms. Along with a gradual adoption of the asset by the online sites, new gambling platforms also started to appear, the so-called Bitcoin casinos.
These are new virtual establishments, specialized platforms that only use cryptocurrencies to operate. If Bitcoin was the first crypto to be accepted, the accelerated expansion of the market made other currencies notorious, leading to the expansion of the funding methods of the online crypto casinos, in order to accept the most popular currencies.
Apart from Bitcoin, also Ethereum, Litecoin, Ripple, Dogecoin, Dash and others become available in many online casinos. But using crypto as currency falls short of what the blockchain can do for the online casino industry.
There is another trend being developed, the blockchain casinos which are no more and no less than online casinos that fully use the blockchain technology, they exist on the blockchain, being totally decentralized.
On the Blockchain
Being on the blockchain brings a lot of novelties to the online casino industry. It’s a betting system that is more transparent and fair, where the users can access their earnings instantly, where they can track all their transactions, and where the house has no edge. Yes, 0% for the house.
And as if this wasn’t innovative enough, so it happens that blockchain casinos will not be limited to accepting payments in crypto, as the blockchain technology can accept payments in any available method including fiat, among many other advantages.
Welcome to the brave new world of blockchain and online casinos.