How is Cryptocurrency Changing Online Gambling in 2021?

Have you ever wondered how technology is changing the way we live every day? The same is true of online casinos. Progress is leaving no one aside.

How cryptocurrencies influenced online gambling?

Blockchain technologies nowadays are just part of our everyday life. Banking, information systems for supporting the life cycle of products, smart manufacturing, artificial intelligence - all these areas of information technology have successfully integrated and continue to increase their potential in using blockchain.

It is only natural that the high-tech gaming industry is no exception to the rule. Cryptocurrency gambling became really widespread lately. Bitcoin is the primary and most used of currently existing cryptocurrencies. The main reasons for the popularity of this cryptocurrency in the gaming industry are the following.

The owner can maintain his confidentiality and anonymity. By registering in an cryptocurrency casino and becoming a participant in a gambling game, you keep your complete privacy and significantly reduce the risk of identification as a participant in the payment system. Many casinos even make concessions and do not require identity verification from customers using bitcoins. We have to state an obvious fact: today, the protocol of cryptocurrency gambling(in particular, Bitcoin) has the highest anonymity level, guarantees security, and minimizes the risk of user vulnerability.

The absence of a single-center for transferring payments (issuing funds) is the primary and indisputable reason for the lack of control over the payment system participants. This provides a unique opportunity to become a user of an online gambling with cryptocurrency gambling account even where it is illegitimate, for example, in the UAE or the USA.

The protocol of cryptocurrency gambling allows you to abstract yourself from your state and regional affiliation. This is the way that will enable you to interact with any users and payment systems, regardless of the territorial location and political situation in the country. Simultaneously, if an international bank transfer can be delayed, then a cryptocurrency transaction is reliable and impartial.

Instant winnings processing and high transaction speed. Transfer to Bitcoin can be received as quickly as possible, bypassing additional checks, commissions, and other delays. Summing up, it should be noted: today, cryptocurrency in gambling plays a primary role.

The safety of cryptocurrencies transactions

The use of blockchain and cryptocurrency technologies in online gambling can reduce some of the adverse effects. Many online casinos, for example, are betting on blockchain implementation. For instance, cryptocurrency transfers, for the most part, take place outside the field of vision of the vigilant security services of financial and credit institutions, which means they have less risk of causing suspicion and subsequent blocking.

The betting system and paying out winnings on the blockchain can make the entire process of moving money in a cryptocurrency casino transparent and deprive users of doubts about the guaranteed transfer of funds due or about leaving funds for their intended purpose.

For cryptocurrencies, the borders between states and the parties' geographical position to the transaction, in principle, do not matter - in contrast to traditional payment instruments. This means that entirely transparent and unambiguous tariffs and commissions can be used in online casinos, which will not change and will not surprise users when making a payment.

The use of smart contracts in monetary transactions can enrich a gambling establishment's functionality and make it even more transparent, provided that any user can check all the conditions and algorithms.

The latter can potentially eliminate one of the main obstacles of the online gambling industry - users' distrust of programs running somewhere out there on servers entirely controlled by their owners and allowing them to tip the bowl in their favor with one click. A significant number of online casinos work this way, and players do not have any tools to check it.

The use of all the advantages of decentralized and cryptographic technologies can contribute to the emergence of such a gaming service, in which mistrust will be excluded entirely. Fortunately, to implement this idea, almost nothing is needed to invent: cryptocurrencies, blockchains, smart contract platforms, and DAOs exist, have broad functionality, and are open to everyone.

What is decentralization, and how did it influence the online casino world?

The term "decentralization" became known ten years ago when bitcoin was created. Today, decentralization is not only the basis for cryptocurrencies - it is used by various platforms in many industries, for example, in the casino industry.

At the heart of the principle of circulation and exchange of cryptocurrency is the complete decentralization of blockchain networks so that no one can prohibit their use. More precisely, such a restriction can be introduced. Still, it will remain exclusively in paper form because no one knows how to practically implement it.

In general, it is much easier to open an online casino with Bitcoin than to register a real one. There is only one argument in favor of this - you can get a crypto wallet for free, limiting yourself to minimal time costs.

Third, the psychological factor plays a role. In the case of accepted monetary units (US dollar, euro, etc.), we are talking about amounts with several zeros. Still, when the user operates with a cryptocurrency, a value of 0.1 (or even less) makes one feel less tense and relaxed. Thus, feel your capital is not so real. And this pushes to significant losses, which affects the profitability of the casino.

And hacking a crypto wallet is an unrealistic process that even the most qualified hacker will not be able to do. So let's compare how playing in a casino with standard currencies differs from spending time in an online casino with a cryptocurrency.

Let's start with the fact that using fiat money has several disadvantages:

• confirmation of your identity is required (address, citizenship, availability of plastic bank cards);

• restrictions on the use of some currencies (for example, many do not support Chinese yuan);

• there may be problems with the withdrawal of funds.

Such aspects are entirely excluded in the case of online casinos with cryptocurrency gambling. Maintaining your anonymity, the efficiency of transactions, the ability to operate with various types of cryptocurrencies, the absence of restrictions and fines from the state are unconditional advantages that affect the increase in the number of online casino users.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes