Published on July 13th, 2019 | by Bibhuranjan


Cryptocurrency in the online casino industry

Many companies now use cryptocurrency and blockchain technology. And it is not surprising, because, in recent years, cryptocurrencies have literally driven the whole world crazy. More and more individuals and companies rely on them when making payments. Some even buy houses for cryptocurrency, which once again confirms the growing popularity and widespread use of this type of money.

The casino industry is no exception. Over the past few years, such pioneers as SatoshiDICE have joined the world’s industry leaders, who (albeit with a small delay) realized the advantage of technology. Besides, existing casinos have started to accept cryptocurrency along with fiat money, which undoubtedly proves that this type of money has a future in the online gambling industry.

The advantages of blockchain technology and cryptocurrency

In addition, there are many advantages to using cryptocurrency and blockchain technology in online casino Blockchain technology is considered the best solution for the online gambling industry, and there are a number of reasons for that. This is confirmed by hundreds of thousands of transactions carried out between operators and players daily. Thus, with the technology of blockchain money transfers that could previously take a day, became much faster without unnecessary overpayments to intermediaries, which benefits both operators and players. Therefore, it is safe to say that blockchain technology is the way to a revolution in the online casino industry.

Another indisputable advantage of blockchain is anonymity. It is known that banks have access to information about user transactions. If the report on its transactions contains a large number of transactions between gambling sites, it is likely to be refused in cases of private circulation. On the other hand, the blockchain does use the services of third parties, due to which transactions take place directly between the operator and the player, so banks are deprived of the opportunity to monitor the gambling activities of their customers. In addition, the fee for transactions with cryptocurrencies is much lower than in the case of fiat money.

It is also worth noting that online gambling is focused on the global market, which is another argument in favor of the use of cryptocurrency and blockchain technology. Banks charge a fee for currency exchange. As a result, both operators and players are subject to possible changes in the exchange rate. With a digital money, there is no need to convert currency.

Perhaps, cryptocurrency casinos are the fastest. This is due to the nature of blockchain. Distributed ledger technology not only protects information through coding but also eliminates the need to contact financial institutions.

It should also be noted that players who use cryptocurrency in online casinos can get a lot of privileges. For example, the transaction time is significantly reduced, and the fees are either very small or absent. Also, when using alternative payment methods, players don’t have to provide an identification number, bank account details, address, etc. In fact, all you need is a username and e-wallet details.

Where to find a reliable cryptocurrency casino?

Unfortunately, there is a large number of potentially fraudulent cryptocurrency casinos. That is why every fan of cryptocurrency gambling should pay only on legal sites.

It is believed that one of the most developed countries offering bitcoin casinos is Malta. So, to date, the government of this country has already begun the process of legalizing the use of cryptocurrency in online casinos. According to the Maltese authorities, blockchain technology and cryptocurrencies have a huge potential that can not be infringed. In the near future, the local government plans to stimulate the development of blockchain and crypto industry. In general, the state intends to become the world’s leading user of digital currency and blockchain technology.

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Editorial Officer, I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.

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