The world is changing fast and more technological advances are getting to the financial world as well. The use of non-monetary currencies is becoming more and more popular, with cryptocurrency leading the pack. Bitcoin is the most popular type of crypto, but the others are also rapidly gaining popularity like Litecoin and Ethereum.
These cryptocurrencies are helping people make more money in investments. They are also slowly developing to the common day-to-day businesses as forms of payment.
Today’s casinos are increasingly accepting crypto. But they don’t all support the same coins. Litecoin casinos India support Litecoin. By comparison, Ethereum gaming sites accept ETH. All the same, below is an overview of how crypto could change the industry.
Better Bonuses
Since the use of crypto in betting and online gambling is still a new concept, companies are trying to find ways to make customers use it more. The best way to do it is to give them more for their worth.
Increased frequent bonuses are the perfect example of implementing the plan. Companies and sites are offering increased bonuses when users deposit and use crypto to place bets and gamble. Also, some go the extra mile to offer a percentage on winnings.
Lower Fees
When making cash deposits or withdrawals, there is always a standard charge applied by the site you are using. This transaction fee depends on how much you deposit or withdraw. These transaction fees always accumulate and can be a lot.
In crypto, no matter what type of wallet you are using, it is mostly, if not always free. This means that you can deposit without being charged. You can deposit large sums and maximize your winnings. As for withdrawals, depending on the betting company you use, it can be free or cost less than cash withdrawals for transaction fees.
Extra Security
One of the biggest advantages of this new wave of currency is security. Transactions from the online crypto wallets to your betting account are safer. This is mainly because online crypto is heavily encrypted to protect its owners’ information.
They use blockchain technology to add an extra layer of security. The extra layer complements the already existent security measures in place by the company or site. Additional security prevents third parties from accessing this sensitive information.
Increased Privacy
It is common knowledge that crypto companies are very careful about the privacy of their clients. They do this because if this information is leaked, a lot of bad things could happen.
Some of them include but are not limited to the money being stolen and blackmail. As such is the case, casinos, betting companies, and sites have all increased privacy and security measures. Such action helps in creating more privacy so that only they and the clients can access the transaction history.
The method is more secure and private than the use of the money we are used to using. It always requires a phone number or account number to transact from.
Additionally, crypto supports trust-free payments. That means you don’t need to provide verification details to play your favorite online games. Instead, all you need is some Ethereum for betting.
Faster Withdrawals
Currently, with the use of ‘normal’ money, transactions, especially withdrawals, may take time to be approved, especially large sums. This does not mean that crypto allows for withdrawal within seconds. However, since it is never associated with any bank, the approval process is shorter compared to the other form of currency.
Also, crypto attracts miners’ fees, but they are negligible in many cases. For example, instead of withdrawing 10,000 in dollars or pounds, it could be worth maybe one bitcoin or cryptocurrency in use.
Possible Challenges Along the Way
Volatility
This is the most common problem with crypto, the depreciation and appreciation of value within short periods. This can be a problem if you do not use the amount you deposited immediately.
When you deposit a certain amount and let it lie in your account, it may rise or fall in real-time. If it falls, the next time you use your money to bet, the expected return will be slightly less. It all depends on how much it fell off.
This problem cannot be fixed. To fix this, you will need to deposit the exact amount of crypto you need and utilize it all at once. The only silver lining is that the value of the crypto could rise and make you more money.
Adoption
Not all casinos offer the option to use crypto instead of cash, therefore making it applicable to the few select. The main reason why it is not readily available in all casinos is that it is starting to grow. There are a few risks that have to be taken to stabilize it in the market. Some of them include incurring a small loss for the customers’ sake. The loss involves withdrawals.
When they say withdrawing crypto is free, it is not entirely true. It is only free for the customer, but the company has to incur a very small loss for the transaction. It may not seem as much, but when it adds up from many users withdrawing, it can hurt the company. The loss is even more significant if it is not a big prestigious company.
Too Many Coins
There are many different types of cryptocurrency. Since it is a growing business, there are always new entries once in a while. However, there are about ten main types. This is still a lot for the gambling companies, which is why most casinos stick to the big coins—Bitcoin and Ethereum.
Choosing which type of crypto to use could leave out other users who use another type. For users, the crypto you major in may not be the one your favorite betting company uses, hence inconveniencing you.
Conclusion
Blockchain technology has made its way into the online gaming business. Thanks to blockchain technology, gamers will be able to withdraw funds quickly and easily.
Blockchain technology has the potential to bring up a slew of new applications and business opportunities. It is only a matter of time before crypto becomes the most used currency in the world.
