Up until the last decade, most transactions on gambling websites were done by the use of credit cards, debit cards or bank transfers. Because many less reputable gambling websites are unregulated, any personal information divulged to these websites to make payments could be accessible by hackers or scammers.
Additionally, contact information may also be shared with undesirable third parties. These factors may cause people to be wary of online gambling, and rightly so.
With the creation of cryptocurrencies, however, payments can now be made in anonymity without the need to give up any personal information.
Cryptocurrencies can be easy to understand as they work on basic principles, although they use complicated methods to do so. Simply put, cryptocurrencies run on a payment system called a blockchain; a blockchain is simply a big ledger that is kept intact by a network of computers. The network keeps track of who has paid who and who owns what.
Each user on the network has a digital wallet that is identified with what is called a public key, almost like a bank account number. In the case of cryptocurrencies, one does not need any identification documents, be a registered citizen of a country or even have proof of residents to be able to have a digital wallet on any blockchain, other than is the case with opening a bank account at a bank.
Simply put, anyone can send money over the internet to anyone else directly without the need for a third party to be involved and also without knowing any personal information about each other.
Cryptocurrency payments, when done correctly, are also very secure, and the payment cannot be undone or faked, as all information about the transaction will be available on the blockchain for all parties to view since the blockchain is transparent and public.
Casino operators were quick to recognise the benefits that cryptocurrencies offer and soon started incorporating them on their websites.
Customers feel a lot more comfortable depositing money to gambling sites without the need to divulge any of their personal information or banking information. It also made things much more convenient for both parties involved, as the casinos would not need to deal with the banks or payment providers on such transactions.
Crypto transfers are typically also much faster than bank transfers, especially across borders, in comparison to wire bank transfers.
In general, cryptocurrency payments are seen as the future of online gambling. Many predict that online casinos will rely heavily on cryptocurrency payments in the future. Since the payments are much faster and cheaper for casino operators, it becomes more sustainable for them to use. The number of cryptocurrency users on the internet is also continuously on the rise, as is the number of cryptocurrencies that are accepted as a method of payment.
Cryptocurrencies also make it possible for people to gamble online that were previously unable to do so, either because they are located in areas where gambling laws prohibit them from doing so or because their banking systems won't allow them to deposit crypto to online casinos. They are now able to deposit directly to the casinos with complete anonymity.
Since the payments are much cheaper for both parties to use, new clients can now benefit from greater rewards and bonuses when signing up or using cryptocurrencies. This has led to crypto-only gambling sites as well as crypto-only games on certain casino sites.
As we move to the future, where everything becomes digital, it only makes sense to start using digital currencies inside a digital world. Paper money and banking systems are slow compared to digital systems, and the financial world is slowly changing to adapt to this ever-changing environment.
The benefits of using cryptocurrencies far outweigh those of traditional banking systems, and it is for this reason that we can only assume that the adoption of cryptocurrencies will continue to rise. It will be up to the users to educate themselves on all the pitfalls and dangers of using cryptocurrencies to make safe and secure payments to online vendors.
Cryptocurrencies are not without their flaws, but when used correctly can be a major step forward from traditional banking systems.
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