The Rise of the Use of Cryptocurrencies in Online iGaming
Cryptocurrencies are no longer new when it comes to the online world. It has been around for over a decade now and it was just recently when people gave it the attention it deserves. There have been many attempts of establishing something similar to cryptocurrencies in the earlier days of the internet, but it was Bitcoin that mainly started everything.
Bitcoin was developed in 2008 by an identity called Satoshi Nakamoto. Until today, it remains unknown whether this is a name of a person or a group of people. Bitcoin was made for online transactions and it was in 2009 when it became available to the public. A few years later, more cryptocurrencies appeared in crypto arenas like Ethereum, Ripple, and DogeCoin.
It was in 2017 when Bitcoin made a lot of noise as it was when its value peaked. At some point in that year, a Bitcoin was valued at around 20,000 US dollars. This makes people see the potential of digital currencies and even businesses started to embrace it.
Many industries, including the gambling industry, are now allowing cryptocurrency transactions. There are now many online casinos and bookies that accept this mode of payment and some even only cater to Bitcoin users. You can check many cricket betting sites reviews on thetopbookies.com.
People still mainly see Bitcoin and other cryptocurrencies as digital assets rather than an actual currency. This is understandable as many countries are still in debates regarding the validity of this currency. However, in Malta, this is already recognized as a currency and is equal to currencies like USD and AUD.
Many countries are also looking into regulating their use. For now, only a few countries have laws that are particularly for the use of cryptocurrencies like South Korea and Japan. Many of the cryptocurrency users would invest with their cryptos or would play real money casino games.
One may wonder why people are now shifting to this even if digital wallets are around and even if it’s easy and safe to pay with credit and debit cards online nowadays. There are a few advantages that this way of making online transactions have and here are some of them:
Security and Anonymity
It’s virtually impossible to hack into a Bitcoin or cryptocurrency wallet. These wallets won’t be giving away your information every time you make a transaction. You’ll only be known as a wallet address and that’s it.
Because of this, many people are enjoying the anonymity of transacting online. This is a safer option for people who’d like to gamble online. Especially to those who do not want their gambling activities to be exposed. Every time you make a payment, you just need a wallet address. There’s no need to disclose your personal and even banking information.
Another thing that you should know about cryptocurrencies is that it runs on a decentralized nature. This means that no one else is involved in making your transactions aside from you and the person you are trying to pay. This makes it a direct transaction and so it is faster than other payment methods.
When it comes to online casino betting and gaming, many punters or players are trying to avoid transacting with their bank accounts. This is because banks are generally strict when it comes to gambling activities and sometimes, it may take a few days before banks clear out gambling transactions.
Many online casinos and betting sites are also based offshore and this can also be a hassle if you will be using your bank account. Banks will also need approvals for such transactions to go through. Well, this can all be avoided if you use cryptocurrencies because you can be anywhere in the world and still be able to use this.
Generally Cheaper to Use
Since cryptos are decentralized and no one else is involved to process transactions with these, there’s no one else that needs to be paid. If you will use this outside the country, there’s no need for conversion because a Bitcoin is a Bitcoin wherever you are.
Using cryptocurrencies is a cheaper alternative for operators or sellers and buyers or players and when it comes to online casinos, the ones that are purely dedicated to crypto users typically have the best promos bonuses because they can afford it. Most of them don’t hire third-party services anymore to process crypto payments.
Overall, cryptocurrencies remain to be seen as the future of online transactions. It has been a while since Bitcoin surpassed the value of 10,000 USD, but experts are predicting that before anytime now, the value of a Bitcoin may peak once again.