Cryptocurrency and online gambling: The virtual storm
This is the age of the internet where we socialize, shop, order food, and do everything else in between online. The gambling industry realized its potential a long time ago which we why today we have some of the biggest casinos online that are giving land-based casinos a run for their money.
A quick glance at the market value of online gambling graph by Statista shows that the online gambling industry has grown more than twofold in the past decade and is projected to grow even further at a consistent rate. There are many reasons behind its success which include convenience and casino games variety. However, what is actually going to bring a virtual storm in the industry in the next few years, are cryptocurrency and blockchain.
Cryptocurrency in Online Gambling
The following are some of the ways cryptocurrency and blockchain will disrupt the online gambling industry:
The online casino industry offers numerous opportunities for casual and professional gamblers. There are sign up bonuses worth $1,000 and more, unbelievable jackpots, and tournaments where you can win more than a billion dollars! If you are interested in learning about some of the best casinos, then feel free to read more.
As online casinos are becoming the ultimate platforms for making some decent money, they have also attracted cybercriminals around the world. Time and again, hackers have tried to exploit online casinos through vulnerabilities in the servers and payment networks. This problem can be solved with blockchain technology as blockchain’s distributed ledger is extremely difficult to manipulate and online casinos can transfer the winnings to their players automatically using smart contracts.
Cryptocurrency is the perfect currency for the online casino industry. For starters, it’s much safer than any traditional payment system including credit cards and platforms like PayPal or Skrill. It’s also cheaper as it’s based on a decentralized payments network which doesn’t levy any transaction charges.
As cryptocurrency is becoming popular, casinos are evolving too. For instance, there are a variety of interesting things that you can expect from Bitcoin casinos which support the most popular cryptocurrency today including speedy transactions that are globally accepted, high payouts due to the fact that bitcoins are growing in value by the day, etc. There are many bitcoin-specific games too due to the growing popularity.
Traditional casinos are troubled by all kinds of regulations and government norms. They have to obtain a number of documents from the users to create and verify new accounts which isn’t just an inconvenience, but it hurts the business too as the gamblers want to just get right into the action. Since the blockchain technology grants a high level of anonymity, it can solve all these problems.
A good example of how blockchain can simplify the account creation process is Satoshi Dice, which was one of the first bitcoin-based online casinos. It allowed the users to start betting by simply sending Bitcoin to a certain address. They didn’t need to set up an account or download any software. This was a first for the industry but it clearly showed that bitcoin has a variety of applications in the casino industry alone.
To say that the online casinos are making the most of cryptocurrencies today compared to other markets won’t be an exaggeration. After all, they are the perfect partners for each other. In fact, as virtual currencies are gradually replacing the traditional currencies, we will see more and more casinos supporting and promoting them for the users.
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