Technical innovations have brought revolutionary changes in every company and our society. Users can access various things with just a few taps on their smartphone. Financial technology has advanced over the past decade, and cryptocurrency plays a huge role in that. The blockchain-powered payment method is considered to be the world’s future currency. It all started with Bitcoin in 2009. The whitepaper from Bitcoin founder Satoshi Nakamoto (alias) clearly mentions that its creation will give users financial freedom. Now there are hundreds of cryptocurrencies like Ripple, Ethereum, Polkadot and many more.
This decentralized cryptocurrency ecosystem is beneficial to many sectors and online gambling is one of them. Many large game studios, gambling sites and betting platforms offer cryptocurrency as a payment method. Players simply connect their wallets and bet instantly. Also, several platforms have promotional offers to users who use cryptocurrency. That being said, there are many benefits of integrating cryptocurrency into the online gambling world. Here we have described which online gambling platforms can benefit from the cryptocurrency ecosystem and some drawbacks.
How is crypto beneficial for online gambling platforms?
This is the most amazing thing about cryptocurrency. Player privacy is intact when using cryptocurrency as a payment method. For example, if you want to bet on a sporting event and don’t want to see the transaction on your bank statement, crypto is the best option. It leaves no trace of the transaction anywhere. Transactions between the wallet address are carried out here, so no user identity is required.
If you have performed some transactions online, you may be familiar with the transaction process. Some methods are quick but require high fees, while others take more time. On the other hand, cryptocurrencies are the best options for quick transactions. Since the transactions are carried out between two wallets and no middleman is involved, the transaction is quick.
It’s also a decentralized payment method, so you can decide for yourself when you want to transfer money. You are not dependent on bank servers or their operating hours. If you love sports betting, you can learn more about online sports betting and bet with quick transactions.
As I said, there are no middlemen in a crypto transaction. It’s a decentralized system. This means that there are no higher processing fees or transaction fees. However, it’s not completely free. The mining fee is charged per transaction and can vary depending on the transaction network used. Even so, the fee is much lower than other payment methods.
You don’t have to worry about hacking or fraud when using popular tokens like Ripple, Bitcoin or Ethereum. You can collect all tokens in your digital wallet, which only you can open. Passwords and seed phrases protect such wallets. The gambling platforms will ask you for your username and wallet address in order to make payments. So online gambling with crypto is safer.
Another amazing thing about cryptocurrencies is that you can also transfer funds offline. All you need to do is provide and provide a Bitcoin address to make the payment. As soon as the internet connection is restored, the blockchain is synchronized. This makes crypto very accessible.
More betting options
Online betting and online casinos are banned in several countries. In such regions, cryptocurrencies can be the best method for transactions as they protect the data and make the transaction anonymous. This allows players to play casino games or bet on sports games without revealing their identity.
Money security and flexibility
All of the crypto tokens you have can be stored in digital wallets. As I said, they are protected with passwords and seed phrases. You also have the authority to carry out the transaction at any time. So you can connect it to online gambling platforms at any time. Thus, cryptocurrency offers customers more flexibility and money security.
Disadvantages of cryptocurrency
Now that you know all the benefits of using cryptocurrency with online gambling platforms. However, this does not mean that there are no negative sides.
Errors cannot be corrected.
The transaction does not require validation if you transfer the funds to another wallet. However, if you transfer funds to the wrong wallet or enter the wallet address incorrectly, your money will be lost on the internet and you will not be able to get it back. So you have to be very careful or all of your money may be lost. The errors in the transaction cannot be corrected. There are no customer care services like banks here. So it is very important to put in the details carefully.
No government surveillance
This factor is beneficial to many players while some consider it a disadvantage. Some people suggest that a little legal eye is required in cryptocurrency. Customers’ identities via email anonymously but security should be verified by the government agency so they can be of help in case of fraud or fraud.