Cryptocurrency and Online Casinos: A Match Made in Heaven – CoinCodex

ad-midbar
ad-midbar
ad-midbar
ad-midbar

4 hours ago | Maya Leonard

Cryptocurrency and Online Casinos: A Match Made in Heaven

Since the last massive bull run in 2017 people tend to look at cryptocurrencies more as an investment and store of value, rather than a payment method, which it was meant to become. Even though it is already possible to buy almost anything using cryptocurrencies, only a very small percentage of everyday transactions takes place on the blockchain, meaning that widespread adoption is likely still years away.

Nevertheless, virtual currencies have proven to be an excellent payment method for certain goods and services with the online gambling industry being one of the most successful ones in utilizing all that crypto has to offer.

Cryptocurrency Casinos are Showcasing the Advantages of Virtual Currency

Transparency, privacy, immutability and efficiency are just some properties of cryptocurrencies, that perfectly suit the needs of online casinos while providing an improved experience to their customers at the same time. The privacy, or better said anonymity, is probably the most important aspect for this industry as online gambling is severely limited or even outright banned in many areas of the world.

Online casinos that accept cryptocurrencies allow users from countries that have banned online gambling to bypass local legal restrictions. Some casinos are exclusive to crypto, but the top Bitcoin casinos usually accept other payment options too. Almost all of them accept Bitcoin, but you will also find some who operate with Ethereum, Ripple, Litecoin, Bitcoin Cash and others. Using cryptocurrency can also reduce operating costs due to lower transaction fees, but the high price volatility sometimes negates this advantage.

An Online Casino Operating Fully on the Blockchain

Some online casinos didn’t stop at just accepting cryptocurrencies as a form of payment but have moved all their operations to the blockchain, thus being referred to as Blockchain Casinos. These casinos rely on the blockchain technology to provide full transparency and ensure that all their games are provably fair games.

Using blockchain also eliminates the possibility of the house altering the game results in its favor. Because of all these properties, cryptocurrencies and online casinos and blockchain technology seem to be a perfect match. While the future possibilities are almost endless, the technology is already producing tangible improvements for both customers and businesses in the online gambling industry, which puts cryptocurrency casinos to the forefront of real-world adoption.

News Source

ad-bottom
ad-bottom
ad-bottom
ad-bottom

NO COMMENTS