If you are sure that you have been up to date with all things tech, you might want to think again. It is not just AI and VR. There are two areas that are causing quite a stir right now, namely online gambling and cryptocurrencies. In recent years, these sectors have seen a dramatic rise as consumers continue to embrace this merged phenomenon. Of course, online gaming has had an advantage. Internet casinos date back a couple of decades, but only recently has the industry come to life.
The pandemic contributed significantly to the increase in revenue from online gambling sites. Cryptocurrency has also had a hot streak, with different currencies recording increasing popularity and, consequently, value. Bitcoin, for example, reached its highest price in March 2021. Technology has always been a major driver in the gaming industry Therefore, it is not surprising that blockchain technology, which is the foundation of digital currencies, has had a great influence on this particular sector.
Blockchain makes its way to casinos
Blockchain in online gambling has been a hot topic of discussion recently, due to the growing number of crypto casinos. You could even say that the future of cryptocurrency gaming is here. However, digital currencies are not the most stable, which has led to speculation as to whether they have real staying power in the casino industry. Understanding the role of cryptocurrencies in internet gaming is critical to knowing where this combo is headed.
Online casinos that accept digital currencies are not much different from those that support regular, fiat currencies. The main distinction is in how players deposit and withdraw their funds. For this reason, it has not been a challenge for gaming operators to adopt cryptocurrencies as payment methods. Acceptance of cryptocurrency as a viable banking option is the reason the adaptation has taken so long. Cryptocurrency is still relatively new, with only a handful of sites supporting this payment alternative. Bitcoin is a widely supported currency but in recent years, other currencies also started to be more and more noticeable.
Advantages of crypto casinos
It is no secret that traditional casinos use well-known means to gain an advantage over the player. On the other hand, the cryptocurrency casino system eliminates the potential of committing fraud, especially thanks to their fair systems. They allow players to verify that random number generators are correct and always in place.
Also, when a player decides to deposit money in cryptocurrency, the fees deducted are prorated to the amount of their deposit and are known to be low. It is simply the transaction authorisation fee on the blockchain. For withdrawals, most of the time players do not have to pay any fees since the casino will take care of it.
Cryptocurrency casino transactions also guarantee player privacy. Indeed, transactions are carried out completely anonymous. You will not have to fill in any endless forms and share sensitive information. Your transactions are quick, stress-free, and easy. In addition, your cash also does not present the risk of being frozen or being seized by anyone.
The gaming industry is one of the sectors that has proven what cryptocurrencies can do. Digital currencies are largely traded as pseudo-anonymous, transparent, and decentralised. No wonder why, then, we can see a growing number of cryptocurrency casinos available for players all over the world. One would be surprised to hear gambling fans can find them also in Poland. Online casinos available in Poland more and more willingly up their game by offering players cryptocurrency payments. We have a feeling that what is seen as an emerging phenomenon today will soon be a necessity offered by operators to stay safe in the market. Let’s watch this space as things will definitely get heated up in years to come!