The whole idea of crypto-based online casinos was nothing but more of a joke, even a couple of years ago! However, with time, this notion has changed significantly, and the usage of cryptocurrencies in the arena of online casinos has increased exponentially. With its increased set of benefits, it is one of the most opted and sought-after modes of payment medium in terms of online casinos.
As you scroll down this post, you will get specifics about the benefits of online casinos that use cryptocurrencies, the various types of cryptocurrencies used in online casinos, what are the regulations associated with crypto in gambling, and their prospects.
What are the benefits of using cryptocurrencies in online casinos?
With time, the arena of cryptocurrency usage in online casinos has expanded hugely (from 26% in the First Quarter of 2021 to 36% in the First Quarter of 2022). Hence, platforms like – Betpanda Casino IO UK and others have engaged in utilizing cryptocurrencies in their slot games.
Let us now discuss, the range of advantages, which has propelled this rise –
Benefit 1 – Ease of payment
To start with, cryptocurrency transactions eliminate the requirement of a third-party setup. Hence, it eases the payment process, by negating the delays in terms of intermediaries and processing periods. Thus, it is a one-stop solution with a singular payment field.
Benefit 2 – Higher control over the total funds
Unlike the traditional currency format, online casinos that are based on cryptocurrency have lower fees, thereby contributing to a cost-effective gaming situation. Also, the direct peer-to-peer transaction levels are higher comparatively which allows the players to gain further control over their gaming funds.
Benefit 3 – Fair gaming opportunities
Online gaming in general offers a fair environment to the players. Crypto-backed online games offer a provable gaming situation, wherein players can even independently verify the game’s analytics to check whether it is rigged or not. Thus, with Bitcoin, the chances of rigging are reduced drastically.
Benefit 4 – Decentralized outing
Given that cryptocurrency is a decentralized monetary unit, therefore players without borders can engage in this gaming format. With no currency conversion fees or capacity to deal in numerous currencies, the gaming environment promoted is inclusive in nature and offers seamless participation.
Benefit 5 – Improved security enhancing the usage
From the secure wallet option to a two-factor authentication process, online casinos that are backed by cryptocurrency formats, have a very tight security measure. The privacy coverage is comparatively higher and that enables the players to continue playing without any stress related to the exposure of their personal details.
Benefit 6 – Enhanced transparency on the whole
Another of the key benefits that you can get from crypto-backed online casinos is – improved transparency on the whole. For the unaware, blockchain technology, which is the backbone of crypto, tracks every transaction on a public ledger. Therefore, the chances of manipulation (game-related or financial) are reduced significantly.
Benefit 7 – Helps avoid taxes and offers a streamlined payment system
Lastly, the payment via cryptocurrency mode is irreversible in nature. Hence, it saves both the casino and you from any untoward financial loss and even fraudulence.
Additionally, given that, at the time of writing this post, many companies do not recognize cryptocurrency as legal tender – hence, you can avoid paying taxes on your winnings!
These are some of the key benefits that are offered by online casino platforms that utilize crypto in place of the usual traditional payment modes.
Which types of cryptocurrency are used in online casinos?
For the uninformed – there are a host of cryptocurrencies that are more acceptable in online casinos vis-a-vis others. To name a few, you can choose from – the dominant Bitcoin (that supposedly still holds a 76.5% majority usage).
This is followed by – Ethereum (at 8.4% usage), Litecoin (at 5.1% usage), Dogecoin (at 3% usage), and Bitcoin Cash (at 2% usage).
Depending on the type of cryptocurrency that the online casino deals in, you can make the choice.
What regulations are associated with cryptos?
In this section, we will detail the regulations that are associated with the usage of cryptocurrencies when talking about their usage in online casino games –
- Not every country allows using cryptocurrency for online gaming. Even if you are playing online, you might need to use a VPN (to blanket your original country if crypto is banned there). Hence, know and note the regulations well.
- Every online casino has its own set of regulations, which limit the chances of its illegal usage. Hence, read those rules very well, especially concerning their cryptocurrency dealings and only then register for the same.
- In recent times, many crypto-backed online casinos have been asking for age and ID proof to confirm the player’s identity. Therefore, be prepared with the requisite docs before enrolling on any of these websites.
These are primarily the key regulations that most of these websites follow. Apart from that, it is very usual that as a responsible adult, you do not indulge in any nefarious activities.
What are its prospects in the upcoming times?
Assuming you have been reading this post till here, you are aware of the advantages of using crypto while gambling and the regulations associated with it. Now let us give you an insight into its prospects in the upcoming times.
With the consistent and continuous advancement in blockchain technology and increasing set of regulations, the comfort factor related to crypto-backed casinos is increasing.
Added to that, the concept of decentralized casinos is increasingly becoming popular, and blockchain is assuredly revolutionizing this industry. Thus, on the whole, standing today, the future of crypto-casinos looks nothing short of promising.
Topping it all, cryptocurrency is moving towards a range of inventions, quite the likes of Decentralised Finance (DeFi), which significantly alters the concept of payment in online gambling by introducing ‘smart contracts.’
As a matter of fact, decentralized oracles can provide secure data to smart contracts that ensure that the outcome of the bets is fair.
Conclusive thoughts
The online casino industry has always been an extremely competitive one. Integration of cryptocurrency into this domain is significantly restructuring the industry. Just a passing thought, make it a point to – cross-check details about the concerned casino before you go ahead in the game.
As of now, we know that in terms of an expansive user base and growth in transaction volume, the casino gaming industry is all set to roar!
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