Cryptocurrency is the order of the financial world nowadays. It is gradually changing the world in the way monetary transactions are being carried out. Blockchain technology is used to handle these transactions and every crypto currency has its own blockchain. Top gambling sites like King Billy casino in Australia have accepted cryptocurrency payments as an alternative to traditional payment methods. This process has helped in the elimination of banks and other financial institutions. For instance, bitmex charges minimal and negligible fees when carrying out crypto currency transactions with them.
Many online casinos and sport betting sites have already incorporated cryptocurrency payments and blockchain technology as this is currently revolutionizing the gambling industry. Here are some reasons why new casinos today should embrace cryptocurrency and Blockchain technology;
Fast And Secure Deposits And Withdrawals
The use of traditional currencies when gambling has its merits and demerits, while they offer excellent liquidity and present issues in converting them to gambling credits. On the other hand, cybercriminals have taken advantage of loopholes found in some online gambling sites, presenting the risk of losing money when depositing or withdrawing, but with cryptocurrency you can enjoy faster and safer transactions. Cryptocurrencies such as bitcoin allows you to make instant payments and withdraw earnings as quickly as possible while remaining anonymous.
Security
Most online gambling websites have personal and banking details of its player stored, which if exposed can prove fatal to the players. Hackers have developed complex skills as there is also advancement in cyber security. So there is no complete assurance that such data is completely out of the reach of hackers, but the case in cryptocurrency is a bit different. The units of currency here are encrypted i.e. converted into special codes that are very difficult to decode. In case a player chooses to use cryptocurrency for transactions, the online casino needs to just save the public key of that player. Even if there are records of players transactions, hackers cannot steal any information. A player keeps the details of his cryptocurrency wallet confidential, so there is no way a hacker can get their ulterior motives realized.
Cheaper Operating Costs And Low Transaction Fees
In the processing of withdrawal requests by a player, a major amount of winnings is deducted to pay charges levied on them by banks for their services. Cryptocurrency transactions bring these charges to barely negligible. This benefits players since the transactional cost reduces considerably, casinos can pass the benefit to players in terms of higher payouts or additional bonuses.
Anonymity
One of the core advantages of cryptocurrency is the ability to stay incognito. Even though many are publically using their digital wallets, it is not necessary to provide your name and information only your wallet ID. This feature is often criticized to allow for illegal interactions between people. It is not really the case for crypto casinos. As these web places need to be registered and illegal wagers are not allowed to be made.
Multiplied Returns
This has a two-way swing advantage. You can both profit or lose, but chances to profit are always much higher. For example, if today you win a prize money and tomorrow the price of bitcoin or cryptocurrency your casino is offering goes up by 10%, you automatically win an additional 10% and vice versa. The good thing is your winnings can be sold once the currency regains value.
Provable Fairness
One of the significant advantages and reasons why new casinos should embrace cryptocurrency is the provably fair system involved in them. This technology is synonymous to bitcoin casinos and is used to provide factual evidence to the fairness of the games, based on the SHA-2 hash algorithm technology. Probably fair games show the detailed process within the game, using hash numbers that can be viewed before and after the gameplay to ensure fairness. This serves as a bridge of trust between the players and the casinos.
Global Access
Crypto casino grants you the access and ability to play regardless of your location or platform used on your device. While there are few countries that frown at gambling, storing funds in a blockchain and not the bank allows you access to play and gamble online even if you are in these restrictive locations or countries. The largest online casinos like KingBilly casino in Australia offer access for windows, android and the apple operating systems for phones and computers (IOS and Mac OS). This means that every smartphone and tablet will be able to play some of your favorite games.
Casinos are quickly adapting to the increase in popularity of cryptocurrencies around the world. It is one of the most promising industries to pop in the past decade, with increased security, anonymity and bonuses, many players have opted for cryptocurrencies over conventional payment methods. The rise in popularity of casinos shows no signs of stopping and which other way could new casinos take advantage of this massive change in the gambling industry other than to embrace cryptocurrency. Casinos and cryptocurrency go hand in hand in the modern marketplace.
Fast And Secure Deposits And Withdrawals
The use of traditional currencies when gambling has its merits and demerits, while they offer excellent liquidity and present issues in converting them to gambling credits. On the other hand, cybercriminals have taken advantage of loopholes found in some online gambling sites, presenting the risk of losing money when depositing or withdrawing, but with cryptocurrency you can enjoy faster and safer transactions. Cryptocurrencies such as bitcoin allows you to make instant payments and withdraw earnings as quickly as possible while remaining anonymous.
Security
Most online gambling websites have personal and banking details of its player stored, which if exposed can prove fatal to the players. Hackers have developed complex skills as there is also advancement in cyber security. So there is no complete assurance that such data is completely out of the reach of hackers, but the case in cryptocurrency is a bit different. The units of currency here are encrypted i.e. converted into special codes that are very difficult to decode. In case a player chooses to use cryptocurrency for transactions, the online casino needs to just save the public key of that player. Even if there are records of players transactions, hackers cannot steal any information. A player keeps the details of his cryptocurrency wallet confidential, so there is no way a hacker can get their ulterior motives realized.
Cheaper Operating Costs And Low Transaction Fees
In the processing of withdrawal requests by a player, a major amount of winnings is deducted to pay charges levied on them by banks for their services. Cryptocurrency transactions bring these charges to barely negligible. This benefits players since the transactional cost reduces considerably, casinos can pass the benefit to players in terms of higher payouts or additional bonuses.
Anonymity
One of the core advantages of cryptocurrency is the ability to stay incognito. Even though many are publically using their digital wallets, it is not necessary to provide your name and information only your wallet ID. This feature is often criticized to allow for illegal interactions between people. It is not really the case for crypto casinos. As these web places need to be registered and illegal wagers are not allowed to be made.
Multiplied Returns
This has a two-way swing advantage. You can both profit or lose, but chances to profit are always much higher. For example, if today you win a prize money and tomorrow the price of bitcoin or cryptocurrency your casino is offering goes up by 10%, you automatically win an additional 10% and vice versa. The good thing is your winnings can be sold once the currency regains value.
Provable Fairness
One of the significant advantages and reasons why new casinos should embrace cryptocurrency is the provably fair system involved in them. This technology is synonymous to bitcoin casinos and is used to provide factual evidence to the fairness of the games, based on the SHA-2 hash algorithm technology. Probably fair games show the detailed process within the game, using hash numbers that can be viewed before and after the gameplay to ensure fairness. This serves as a bridge of trust between the players and the casinos.
Global Access
Crypto casino grants you the access and ability to play regardless of your location or platform used on your device. While there are few countries that frown at gambling, storing funds in a blockchain and not the bank allows you access to play and gamble online even if you are in these restrictive locations or countries. The largest online casinos like KingBilly casino in Australia offer access for windows, android and the apple operating systems for phones and computers (IOS and Mac OS). This means that every smartphone and tablet will be able to play some of your favorite games.
Casinos are quickly adapting to the increase in popularity of cryptocurrencies around the world. It is one of the most promising industries to pop in the past decade, with increased security, anonymity and bonuses, many players have opted for cryptocurrencies over conventional payment methods. The rise in popularity of casinos shows no signs of stopping and which other way could new casinos take advantage of this massive change in the gambling industry other than to embrace cryptocurrency. Casinos and cryptocurrency go hand in hand in the modern marketplace.
