The Pros of Using Cryptocurrency to Play Online Casino Games
The online casino industry has exploded in popularity over the last decade or so. There are a number of reasons for this, but a big part of the industry’s success can be attributed to its ability to keep pace with technological developments. As new innovations have emerged in the wider tech industry, the online casino industry has embraced them and capitalized on the opportunities they present.
Since the earliest days of the internet, there have been gambling websites in one form or another. Now that high-speed mobile data connections are common and smartphones are the norm, the online casino industry has shifted focus to its mobile services.
Blockchain and cryptocurrencies are just two of the modern technological innovations that online casinos are using to their advantage. Both of these technologies also bring benefits to the players, making online gambling accessible to even more people and potentially safer for players.
Anyone can start using cryptocurrencies, there are no entry barriers. Here are some of the benefits to using cryptocurrencies when gambling online.
Anonymity is important to many gamblers, especially those who want to keep their vice a secret from their spouse. But a single credit card bill can give the game away. It seems like there’s not much you can do about this. After all, you need to hand over your credit card information to add funds and confirm you’re over 18.
Cryptocurrencies are completely different, there’s no paper trail. Not only will there be no record of your online casino spending, cryptocurrencies mean you can register an account and play without needing to prove your identity. Note that in some countries there is a legal requirement for gamblers to prove their ID.
Using cryptocurrencies also means that you don’t need to hand over any sensitive financial information, such as your card number or bank account. Of course, if you want to receive winnings, you will need to provide some information.
Fewer Fees and Costs
Some cryptocurrencies charge fees to send crypto across the network, but a growing number are free. There are also no additional fees or costs involved in sending cryptocurrency internationally, meaning that it is often cheaper than traditional methods, even when its own network fees are taken into account.
There’s also no need for any third party payment processors when you use cryptocurrencies. This can make cryptocurrencies a very attractive and cost-effective option for online casino operators.
No Location Restrictions
Cryptocurrencies work the same everywhere. Unlike fiat currencies, which need to be converted into the local currency to be useful, cryptocurrency can be sent between wallets around the world in exactly the same way.
Not only is sending crypto across borders easy, but crypto can also provide a way for players to gamble from countries where the activity is normally banned. Combining a cryptocurrency wallet with a VPN will give players all they need to access online casinos around the world.
A Growing Library of Blockchain Based Games
Blockchain gambling is becoming increasingly common. The blockchain has a number of properties that make it ideally suited as a gambling platform. For example, blockchain’s can be read by anyone but altered by no one. This makes them ideal for recording transactions accurately, in a way that players can trust.
Another key advantage to playing casino games on a blockchain platform is that smart contract codes can be audited by anyone. Open auditing of the source code of blockchain-based games means that any player can check to make sure that the games are fair and that they will actually pay out. Furthermore, the blockchain will keep a record of all the transactions, making it possible to check whether money is actually being paid out to real players.
You can find out more about using cryptocurrencies at online casinos at the Gambling Metropolis website. Their crypto casino section covers the basics of what cryptocurrencies are and why they are relevant to online gambling. This is an excellent starting point if you want to know more.
Cryptocurrencies, and blockchain more generally, are the subjects of some pretty bold claims. While some of the hype around these new technologies is certainly overblown, they do also offer a lot of advantages over traditional currencies. Playing online casino games is just one arena in which these technologies can demonstrate their worth.
Whether you want to enhance your privacy while playing, only play games that are provably fair, or you want to access services that are normally blocked in your country, cryptocurrencies could provide a potential solution. Anyone can start using cryptocurrencies; they are much more accessible than you might think. There are plenty of guides online that will get you started with cryptocurrencies, have a look if you think that crypto might be right for you.
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Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.