Cryptocurrencies and blockchain technologies are developing at an incredible rate. The widespread learning curve dished out to explain how Crypto works to the public led to the use of this innovative currency in different sectors of the economy. Whether it is making a commercial transaction or settling debts or a bill, the use of Crypto is here to stay, and projections indicate that it will continue to flourish at an alarming pace in the coming years.
Licenses like the United Kingdom Gambling Commission (UKGC) and the MGA (Malta Gaming Authority) do not endorse having their licensed casinos offer crypto payments to gamblers. Hence, if you want to fund your player account and play games not on Gamstop, you need to seek Curacao endorsed gambling and sports wagering sites.
Using Cryptocurrencies to Fund Your Gambling
As expected, the usage of cryptocurrencies has been extended to the gambling industry. The global gambling industry will probably exceed $565 billion by the end of 2022, which per capita equals approximately $68 for every person in the world. Crypto and the gambling industry have already established a solid and cemented relationship. Almost 50% of transactions between gambling platforms and their customers are done with bitcoins.
Although online gaming and gambling are practised legally in many countries across the globe, some countries still consider the new and innovative industry illegal. Hence, people are prohibited from using gambling platforms online. Crypto like Ether and Bitcoin makes it possible for such people to access the international gambling market without “big brother” watching them and within the safety of anonymity.
How Asia Has Grown to Use Crypto and Why
In Asian countries, any commercial transaction involving a $5 deposit online can raise the alarm bells of banks and financial regulators. This makes it almost impossible to use the services of iGaming and gambling.
Working with Crypto in some Asian countries is shunned, which is not necessarily limited to gambling. China and South Korea have introduced draconian regulations aimed at discouraging and hindering the use of Crypto. Even big companies and wealthy people have been targeted. There were instances when governmental authorities seized the digital assets of wealthy citizens suspected of illegal trading and tax evasion through Crypto. However, history and experience teach us that where there are too many restrictions and people are deprived of their requirements, the use of shrouded Crypto will likely increase. This is already evident where it involves the gambling world.
Why do Gamblers Prefer Using Cryptocurrencies?
Most players are very reluctant to have in-game transactions featured in their bank statements, with the UKGC banning any form of gambling done via personal credit cards. There may be private or commercial reasons for people who are adamant that they preserve their anonymity whilst enjoying online gambling. Crypto offers them both the possibility to entertain themselves and feel secure that their anonymity is secured. It also makes it easier for customers to deposit and withdraw funds without the knowledge of family members or business partners.
Crypto and blockchain enable players to see that games are safe and fair. Given that crypto transactions are registered within the blockchain technology framework, the level of trust in operators is significantly increased, meaning there is less space for foul play and more peace of mind for the players.
How Did Cryptocurrencies Rise to Prominence in Gambling?
The diversification of Crypto used to bet was one of the main factors influencing the rise of Crypto in 2022. At the same time, the introduction of stringent regulations by the traditional casinos has also assisted in the development of Crypto within the gambling sector. The harsh rules imposed by casinos led operators to venture into the crypto gambling niche. This niche will continue to grow and get stronger as operators realise the benefits of providing their clients with the possibility of using Crypto to conduct their gambling business.
An in-depth analysis indicates various reasons why Crypto has expanded so much in the gambling arena. The benefits derive from using Crypto are extensive and include:
- There is no need to do an additional calculation.
- Restrictions imposed by traditional financial institutions on the transfer of funds are eliminated and let players deposit and withdraw funds without limit.
- One can increase the security of their settlements, and more importantly, the funds are kept only by the owner.
- Winnings are instantly transferred to the player, whilst transactions done using Crypto will improve security.
- The most important is that crypto transactions are 100% encrypted on all operations.
Security When Using Cryptocurrencies
In addition to the above, using a random number generator (RNG) excludes any outside interference, which means that players can feel safe that the games are fair and virus free. The introduction of focused and well thought/designed firewalls and security layers in gambling software has made it possible to prevent violations by blocking any potential viruses and hackers’ attacks. Combined, all these elements provide a profitable and safe environment for the gambling industry.
The above factors are all of great benefit to gamblers and operators alike. However, digital money provides other advantages that will surely help further enhance the relationship between gambling and cryptocurrencies and ensure further growth shortly.
Do Cryptocurrency Transactions Have Any Fees Attached?
In contrast to the regular banking transactions, using Crypto does not involve transaction fees since the circulation of digital funds takes place in a decentralized network. No financial institutions like banks have benefited from fees, commissions, or payments.
The speed of conducting a digital transaction is exceptional, and it is much faster than the usual deal done through a bank. It usually takes a few minutes to initiate and conclude a funds transfer, leading to a more considerable turnover for operators.
Using Crypto provides peace of mind to operators and players since digital currency transactions cannot be cancelled or rejected. All transaction history is stored in the system, and anyone cannot attempt to change the narrative. This leaves no room for fraudulent activities and increases confidence in the use of Crypto.
Your Private Information Whilst Gambling Will Always be Safe And Protected
Players don’t have to provide any personal details to fund one’s account or withdraw money derived from winnings. The gamblers’ identity remains unknown even if the players hail from countries where gambling is not allowed.
It is obvious why the steep graph upward has occurred in the use of Crypto in 2022. It is equally reasonable to presume that the trend of crypto gambling will become more popular and solid in the coming years and beyond 2022.