Cryptocurrencies are the world’s latest craze, with more and more individuals and businesses relying on them to conduct payments. People are even buying homes with cryptocurrencies, which attests to the fact that they have become a widely accepted form of currency.
As mentioned, many businesses utilize cryptocurrencies and blockchain technologies, including the online casino industry. Indeed, there are many benefits of using cryptocurrencies and blockchain technologies in online casinos. Over the past few years, we saw the launch of several blockchain-based casinos by operators who have already realized the advantages of these technologies. Still, other, existing casinos, have begun to accept cryptocurrencies along with fiat money, which undoubtedly shows that there is a future for this form of money in the online gaming business.
The legitimacy of Cryptocurrency Casinos
According to CasinoGamesPro, not every cryptocurrency casino on the web should be trusted. Unfortunately, there are numerous potentially fraudulent cryptocurrency casinos out there, and that is why any cryptocurrency gaming enthusiast should only play at legitimate gaming sites.
One might think that there are no legitimate gaming sites which implement cryptocurrencies, but the situation is not such. As a matter of fact, no other than the Government of Malta has begun a process of legalizing the use of cryptocurrencies at online casinos. According to Maltese authorities, blockchain technology and cryptocurrencies have a great potential which should not be undermined. Further, the government has introduced plans to stimulate the development of blockchain and cryptocurrencies and has stated that its intention is to become the world’s leading user of digital currencies and blockchain technology.
Blockchain Technology Can Revolutionise the Online Casino Industry
The blockchain is arguably the best solution for the online gambling industry, and there are several reasons why. Consider the hundreds of thousands of transactions being carried out between operators and players on a daily basis. As you probably know, it is common for a transaction to take days on end before being completed. With blockchain technology, however, transactions are completed in much a faster and hassle-free manner, which is beneficial to both operators and gamblers.
Another major benefit of blockchain has to do with anonymity. You might not know this, but it is common for banks to look into your transaction record to assess whether you are eligible for a loan, etc. If your transaction record holds numerous transactions between gaming sites, you are likely to be rejected. On the other hand, blockchain eliminates third parties, allowing transactions to be made directly between the operator and the player, so it will be impossible for banks to track down your gaming activities. Last, but not least, cryptocurrency transactions come with significantly lower fees than fiat money transactions.
Incidentally, low fees are also beneficial to operators, who may be paying as much as 5% of their revenues in fees.
Last, but not least, online gambling is oriented globally, which is another major reason to implement cryptocurrencies and blockchain technology. With digital money, there is no need to convert currencies. In order to convert currencies, by the way, banks impose yet other fees, thus leaving both operators and players exposed to possible variations in exchange rates.
Why Choose Cryptocurrency Casinos?
Cryptocurrency casinos are arguably the safest ones, and this is due to the very nature of the blockchain technology. For those who do not know, blockchain not only protects and secures information via encryption but it also eliminates the necessity of involving a financial institution, too.
It should also be noted that players who use cryptocurrencies at online casinos can enjoy numerous benefits. For example, transaction times are substantially shorter with cryptocurrencies than any other payment method. On top of that, using alternative forms of payment, players are not required to provide their ID number, bank details, address, etc. In fact, all you need is your name, a username, and the details of your e-Wallet. Last, but not least, the use of cryptocurrencies is associated with very low fees, or no fees at all.