One thing that characterises the online gambling industry is its attention to modernisation and dynamism. There have been several changes and inclusions that transformed the face of betting into what it is today. The invasion of cryptocurrency is one such invention that has revolutionised the entire industry. Staking with Cryptocurrency is getting more popular among the punters than it was ever before with platforms such as Coinbase.com and Crypto.com gaining new users every week. In this post, we will unveil how the crypto assets have impacted the world of gaming and which are the best platforms where you can wager with digital money.
Cryptocurrency: The Inception
With the growth of the internet, there have been some revolutionary inventions that made human life better and more comfortable. With all these comes the commencement of blockchain technology and cryptocurrencies. We have jotted done a timeline of the development of cryptocurrencies:
- It was first introduced in 1998;
- In 2009, a group of software engineers under the pseudonym of Satoshi Nakamoto introduced Bitcoin – the first decentralised Cryptocurrency that has taken the entire world by storm today.
- In 2011, two more currencies were launched – Litecoin and Namecoin.
- Presently, there are more than 700 Cryptocurrencies and using it as a mode of payment is globally well-accepted.
Though it first grabbed our attention towards the end of the last millennium, the idea of a virtual mode of payments existed long before that. First, there were the checks which later paved the way to the dream of having digital money. The dream got fulfilled in the form of Cryptocurrencies.
For the first time in 1980, POS transactions were introduced which pursued the financial experts and software developers to expand their prospects which directed to what we are going to talk about today. Therefore, we can say that the crypto-asset has been there for around two decades, but the last five years were a duration that witnessed some significant growth.
Cryptocurrency in Online Gambling
For a few years now, digital currency has been used as a mode of payment in many shops around the world. Yes! These days one can pay bills, and buy goods or services with it. Multiple shops accept it. That was not enough: lately, it has invaded the world of online gambling too. Like crypto, online casinos are also a result of the expansion of the internet that took place in the late 90s. Back then you had to visit one, now no matter where you live you can access one from your home. For instance, these Online Casinos are a perfect destination for gamble-lovers from Asia. The platforms and games are incredibly dynamic and have come a long way all these years. Firstly, earlier one had to play with virtual money at desktops; then the games got optimised for mobile devices. One could wager with real money later. Even the games have changed a lot. For example, slots then used to have only one payline which then got boosted, and now there are games with megaways. Among all these advancements, crypto-gambling is the recent one where one can wager on his favourite casino games using cryptocurrencies. The industry is growing, and there is no sign of slowing down.
Advantages of Gambling with Cryptocurrency
Nowadays, we have seen an upsurge in the volume of the bets placed with Cryptocurrency as compared to the conventional payment methods. Gamers prefer the new currency more than the financial ones. Finally, we could come up with the following reasons:
- All the payments are processed upon the confirmation of the spender; hence it cannot be forged like the other methods.
- The transactions are processed almost instantly while the conventional methods take time to complete.
- The traditional payment options have a good amount of fee amount, but for the cryptocurrencies it’s negligible.
- A crypto-transaction is conducted anonymously; hence one needs not to provide any personal data. It is secure as well.
All these benefits contribute a part of its popularity. However, there are more reasons why it became such a huge part of the industry.
Reasons Why Gamblers Prefer Crypto-Gambling
Undoubtedly, it got several benefits, but that is not the only reason why avid gamblers prefer wagering with it. Let’s unearth the other reasons:
- Many nations’ local laws don’t accept it as a currency. If you live in such a country where real money is prohibited, then wagering with LTC or BTC would resolve all the problems. The rules and regulations concerning betting with real money don’t apply to them.
- For many, gambling is better than converting the leftover bitcoin into traditional money.
- Funding your account with cryptocurrency charges a very small or even no fee.
- The betting platforms often offer lucrative bonuses and conduct promotions for players betting with this digital money.
- It assures that the site is Provably Fair and that all the game outcomes are random. So, one can play without worrying about getting cheated.
- Depositing and withdrawing money from your casino account takes place in no time while it may even take days for getting money in your bank account when opting for specific conventional banking payment methods.
Overall, you can see that gambling with crypto-money is not only secure, fast, and fair but one gets a little more money as you hardly have to pay much money for the transactions. Finally, how can one overlook the benefits you can reap from the exciting promotions and bonus offers that casinos run from time to time? As for the casinos, the online gaming and entertainment industry finds Cryptocurrencies a ground-breaking way to fascinate more players.