Guest Post

How Crypto Will Affect the Future of the Gambling Industry

Written by: Coinpedia

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Coinpedia

Crypto Journalist and Editor of guest articles in CoinPedia. I am also handling Outreach & Partnerships Manager. Contact me: [email protected]

    May 1, 2022

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    Crypto is King

    All online industries evolve at a rapid rate. If you think about it. We’ve only had widespread access to the internet for less than the average human being’s lifetime: the internet was officially born in 1983 and it changed the landscape of many businesses forever. When the very first online gambling websites went live in the mid-90s, few people could imagine how rapidly those few websites would grow into the multi-billion dollar industry that online gambling is today.

    Online bingo, blackjack, slots, craps, and a host of other casino games are available to gamblers at any time of the day or night, in most places in the world and to anyone over the legal gambling age with an internet connection. 

    Traditionally, gamblers have paid for their bets using the currency of the country they reside in. These days, however, there’s a new kid on the block and he’s coming for the online gambling industry’s payments: it’s cryptocurrency.

    Blockchain and crypto are changing the nature of financial transactions carried out online and influencing the world of online gambling in ways that we never could have predicted.

    Crypto is still in its infancy, so all the ways that it could influence the online gambling industry haven’t fully materialized yet, but let’s take a look at the ways that crypto is currently influencing, and might continue to revolutionize, the online gambling industry.

    Withdrawal Speed

    We all know that when you’re dealing with financial transactions online, you have to be extremely careful. As it stands, transactions made with regular currency take some time to be finalized. Withdrawals of innings in particular could move a lot faster if they didn’t have to jump through all the hoops that they currently do. While those hoops keep regular currency safe, blockchain and crypto don’t have the same issues.

    If you’re tired of waiting for one to five business days to withdraw your winnings, maybe casinos that allow crypto and blockchain payments are the way forward for you. Crypto payments are sent immediately which means that winners have access to their funds right away. We know the feeling of getting a big win and having to wait days to access your funds is awful: if you gamble in a casino that uses crypto, those days are gone!

    Anonymous Transactions

    One of the biggest appealing aspects of cryptocurrency is that all cryptocurrency transactions keep the transactors completely anonymous. What a person of legal age does with their own, hard-earned funds is up to them! Cryptocurrency offers them, or you, complete privacy in all their transactions with online casinos and any other institutions that accept crypto transactions.

    Any financial transaction using the regular currency is monitored by a number of financial institutions both on your end and the end of the casino/ business/ person who makes the deposit. Crypto wallets and blockchain technology protect your identity and your privacy when you gamble online.

    Transaction Costs

    Any time you deal with financial transactions of any nature, you want to handle them in the most cost-effective way possible, right? Having access to ALL your winnings to use them on that TV you’ve been eyeing or maybe new bikes for the family is way better than losing money to transaction fees. Cryptocurrencies don’t have any hidden costs attached to using them.

    All the financial institutions that check in on financial transactions made with regular currencies need to take their piece of the pie. Because crypto is unregulated, there’s no one taking a bite out of your winnings.  Sounds like crypto’s influence on the online gambling industry is aces so far!

    Security

    Personally, we prefer to use the safest possible method of handling financial transactions. There are so many unscrupulous individuals out there who spend their days waiting to pounce on unsuspecting internet users whose cyber security just isn’t up to snuff.

    The security aspect of cryptocurrency makes transactions extremely safe. Blockchain technology stores the information from a given transaction in small pods, so even if a hacker were to intercept the transaction, they would never have access to all the information needed to do any real damage.

    Sending and receiving money using crypto is, despite its unregulated status, very safe. Crypto is still in its infancy: the quality of the currency system can only improve and we can no doubt look forward to a future of far safer crypto transactions than we have today: how exciting!

    Wrap Up

    Despite the best efforts of many naysayers, crypto is clearly having an incredibly positive influence on the gambling industry. Since crypto still has a lot of growing to do, there’s no doubt in our minds that crypto and the online casino industry will continue to grow together in more positive ways.

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    Coinpedia

    Crypto Journalist and Editor of guest articles in CoinPedia. I am also handling Outreach & Partnerships Manager. Contact me: [email protected]

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