How Virtual Currencies Are Affecting the Gambling Industry
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The entire world is going through a progress period that doesn’t plan to stop. All the industries that exist today have upgraded their way of functioning. However, thanks to the online world, we have also got many new industries that attracted many people for a short period. One of the industries that appeared a few years ago is the cryptocurrency business field.
We do not want to say digital currencies are going to replace traditional money. Some people claim something like that will happen soon. However, no one can say that for sure. On the other hand, others believe digital currencies are only a scam. Their way of thinking is wrong as well. Every person that is familiar with digital currencies knows they have a strong potential to grow.
The number of digital currencies people are using is not small. Of course, the most popular one in the world is Bitcoin. However, there are also some altcoins like Ethereum and Litecoin that are gaining more and more popularity every day. There is a good reason why a new digital currency appears often. Their demand on the market is huge, and people gladly decide to invest their money in virtual currencies.
One change in all the industries is visible on every corner. Companies around the world started to accept crypto-based payments. There are two reasons why they are doing this. First of all, different insights confirm the value of each cryptocurrency will grow in the future. On the other hand, they are also an excellent advertising tool. The supporters of cryptos will more likely choose to collaborate with companies that approve crypto payments.
Now is the right moment to start talking about another fast-growing industry. Online gambling is popular in almost all parts of the world. As you know, some countries in Asia and Africa have banned gambling in their territories. That is the reason why citizens of those countries do not have the opportunity to gamble there. On the other hand, gambling online is available to everyone who has a stable Wi-Fi connection and decent smart device.
Virtual Currencies and online gambling are strongly connected. That is the reason why we want to analyze how virtual currencies are affecting the gambling industry. We will highlight some of the relevant examples that will confirm our statement. Let’s get started.
Improvement of Transaction Quality
As you know, working with digital currency does not involve official financial institutions. That especially counts when we talk about banks. Keeping your money in a bank account is a fine move. However, when we talk about transactions, things become a bit more challenging.
Let’s imagine that you earned a decent amount of money in the casino. Logically, you would want to withdraw that money and have it instantly. However, something like that is not going to be available to you if you gamble with flat money. You will have to wait for a couple of days to get your money in some cases. For example, banks do not work for the weekends and holidays. Despite that, they also have their working hours. People often gamble after they come from work. Because of that, there is a big chance your bank won’t work when you earn the money.
Things with crypto casinos are a bit different. As you know, crypto transactions are much quicker than that. You can get your virtual coins for a couple of minutes to your crypto wallet. That is probably one of the reasons why crypto gambling sites are taking over traditional ones.
Additionally, do not forget that every transaction comes with certain fees. However, virtual currencies work thanks to blockchain technology. The fees you have with traditional payment methods no longer exist. That allows you to withdraw even more money to your wallet.
Anonymity
Here comes an even better part. In many cases, you will have to share some private data with gambling sites. It is not a secret that we do that all the time. However, when money gets involved, people start to hesitate a bit more. Not every person feels comfortable to share personal information with other parties.
Cryptocurrencies made things more simple. All the gamblers have the option to gamble anonymously. With crypto wallets, you do not have to share any private data to get the verification. In that way, people start feeling safer. The mutual trust between casinos and players goes to another level.
However, Everything Is Transparent As Well
Some things around virtual currencies and gambling may seem contradictory. Just because players can gamble anonymously, that doesn’t mean things are not transparent. As you know, blockchain is a technology that creates a record for every transaction. No person on this planet can change or delete those records. Because of that, you can be sure the transaction is going to complete successfully.
That is a great opportunity for every betting and gambling site to confirm honesty and transparency. It is another way of how the mutual trust between both sides grows.
Casinos Are Developing Unique Cryptocurrency
Many online casinos are using a blockchain network. The number of those casinos will be even bigger this year. However, many of them decided to develop their cryptocurrency. Of course, in many cases, the supply of cryptocurrency is limited. However, their value can also grow if the demand for the particular cryptocurrency becomes bigger.
That situation brings another excellent opportunity for the gamblers. Believe it or not, some gambling sites have a 0% house edge. In other words, all the players have the same chance to win a reward as the house. It is an opportunity you can’t find in the traditional casinos.
Final Thought
As you see, the influence of cryptocurrencies on online casinos is not weak. At least, it inspired gambling site owners to follow the latest trends. That is the reason why many casinos decided on using VR and AR technology as well.
