In recent years, cryptocurrencies have literally driven the whole world crazy. More and more individuals and companies rely on them to make payments. Some even buy houses with cryptocurrency, which once again confirms the growing popularity and widespread use of this type of money. As already mentioned, many companies use cryptocurrency and blockchain technology. The casino industry is no exception. In fact, there are many advantages to using cryptocurrencies and blockchain technology in online casinos.
Pioneers such as SatoshiDICE have been joined over the past few years by global industry leaders who have realized the advantage of the technology, albeit with a slight delay. In addition, existing casinos have started accepting cryptocurrency along with Fiat money, which undoubtedly proves that this type of money has a future in the online gambling industry.
Blockchain technology-the path to revolution in the online casino industry
Blockchain is considered the best solution for the online gambling industry, and there are a number of reasons for this. This is confirmed by hundreds of thousands of transactions that are conducted between operators and players on a daily basis. So, with the blockchain technology, money transfers that previously could take a day have become much faster and without unnecessary overpayments to intermediaries, which benefits both operators and players.
Another indisputable advantage of blockchain is anonymity. It is known that banks have access to information about user transactions. If the report on its transactions contains a large number of transactions between gambling sites, it is likely to be rejected in cases of private access. On the other hand, the blockchain does not use the services of third parties, so transactions pass directly between the operator and the player, so banks are unable to track the gambling activities of their clients. In addition, the Commission for transactions with cryptocurrencies is much lower than in the case of Fiat money.
It is worth noting that a low commission is also beneficial for operators who probably pay 5% of the profit from commissions.
Unlike traditional online casinos, the possibility of blocking your account due to suspicious activity is virtually eliminated in cryptocasino.
Last but not least, online gambling is focused on the global market, which is another argument in favor of using cryptocurrency and blockchain technology. With digital money, there is no need to convert currency. In contrast, banks charge a fee for currency exchange. Thus, both operators and players are subject to possible exchange rate changes.
Why choose cryptocurrency casinos?
Cryptocurrency casinos are probably the fastest. This is due to the very nature of blockchain. Distributed registry technology not only protects information by encoding, but also eliminates the need to contact financial institutions.
It should also be noted that players who use cryptocurrency in online casinos can get a lot of privileges. For example, the transaction time is significantly reduced, and commissions are either very small or not at all. In addition, when using alternative payment methods, players are not required to provide an identification number, Bank account details, address, etc.in fact, all they need is a FIGO, user name, and e – wallet details.
Reliable cryptocurrency casino – where to look
Unfortunately, there are a large number of potentially fraudulent cryptocurrency casinos. That is why every fan of cryptocurrency gambling should pay exclusively on legal sites.
It is believed that one of the most developed countries offering bitcoin casinos is Malta. So, to date, the government of the country has already started the process of legalizing the use of cryptocurrency in online casinos. According to the Maltese authorities, the blockchain technology and cryptocurrencies have a huge potential that can not be infringed. In the near future, the local government plans to stimulate the development of the blockchain and crypto industry. In general, the state intends to become the world's leading user of digital currency and blockchain technology.