The influence of cryptocurrency on the gaming industry – CryptoMode
Cryptocurrencies such as Bitcoin and Ethereum have become mainstream and in the hearts and minds of average consumers. Gone are the days when these digital currencies were only discussed in private groups and online communities and enjoyed by a small group of investors and developers. Today, it is a regular stable of cable newspapers and newsletters, and its adoption is increasing in all sectors. One industry that is riding its wave of popularity is the Online casino industry. Operators are slowly but steadily embracing the potential of cryptocurrencies, and it is changing the way players enjoy their favorite casino games.
Basics of cryptocurrencies and how they work
Bitcoin was the first digital currency adopted for online gambling. It was in May 2012 that the first casinos recognized the potential of BTC. It paved the way for other cryptocurrencies such as Ethereum and XRP Ripple. In recent years, the industry has witnessed the introduction of new digital currencies specifically designed for online gambling. With cryptocurrencies, players can fund their accounts and play real money games. All transactions are done on blockchain technology, which means details like date, time, and amount are recorded. Each block has a unique “hash” or cryptographic code using special algorithms. Each block is unique and it is linked to other blocks, hence blockchain technology. It paves the way for a transparent system where everyone is responsible.
Cryptocurrency and online casino
Cryptocurrency is now a recognized payment option for many casinos. Besides Bitcoin, players can now make payments using Ethereum, Litecoin, Bitcoin Cash, and Dogecoin. In a cryptocurrency online casino, you select your preferred digital currency, provide your crypto wallet address, and indicate the amount you want to transfer. Payments are made instantly, so you can instantly play your favorite games.
As a banking option, cryptocurrency doesn’t just complete your payments instantly. It reshapes the payment experience for casino players in several ways. Here is an overview of the different ways in which the use of digital currencies changes the experience of the casino player.
Cryptocurrency is pseudonym, promotes privacy
In traditional banking, players need to share their personal and banking information. This is not the case with cryptocurrency since it is considered a pseudonym. Crypto transactions are not exactly anonymous, but their data components such as addresses, private and public keys, and transactions are processed in strings of text and are not directly associated with the identity of the player. It offers players a private way to fund their casino accounts.
Fast payments and withdrawals
Casino players often complain about the slow payment process. These are covered by cryptocurrencies, thanks to their fast and convenient transactions. If you deposit or withdraw funds using digital currencies, you get the cash instantly! You don’t have to worry about SWIFT codes, international working days or waiting times. Since you will get your money back fast, you can play your favorite casino games instantly.
Cryptocurrencies are profitable banking options that are changing the way gambling payments are processed. These digital currencies are decentralized and they don’t have a governing body that oversees traction. Online casino players don’t have to worry about standard banking fees. For example, if you top up with your credit card, you might need to cover a cash advance fee. These fees vary between 3% and 5% and are often accompanied by a very advanced APR. This is in addition to the standard transaction fees that are often charged by casinos. But playing with cryptocurrencies does away with these traditional fees, or at least the transaction fees are significantly lower. Besides, players can easily convert these digital currencies into fiat currencies without going to a bank. And for the sake of business, the same cryptocurrency gains can be invested and traded in the market!
The rise of casino games with proven fairness
Thanks to the popularity of crypto, casinos now offer Bitcoin compatible casino games with proven fairness. Casinos offer fair playing results in popular games such as online slots, roulette, and baccarat. However, crypto games that are proven to be fair ensure that the results of the game are transparent. This is possible thanks to cryptography, the same technology that runs Bitcoin. Crypto online casino operators use a simple yet verifiable entry that is shared before and after play for transparency. This technology is used in popular casino games such as roulette, online slots, and dice games.
The use of cryptocurrency is here to stay, and its influence will only grow stronger. In online gambling, more casinos are expected to follow suit by accepting this payment option. It promises to simplify player transactions and provide a secure and more private way to make payments. However, as with other payment platforms, it is always best to read how they work, the summary of their white paper, and only use them at reputable online casinos.
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