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Online gambling sites want to improve services and add features for customers. One key area is faster, easier, and more secure payment methods. Thus, many online casinos now offer cryptocurrency payment options. But what exactly are cryptocurrencies? And what benefits do they provide to online casinos and players?
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What Are Cryptocurrencies?
To understand cryptocurrencies, we first need to explore the blockchain technology underlying them.
The blockchain is a digital record-keeping system designed to prevent data modification. Unlike traditional records stored in one location, blockchain records all changes, secures them cryptographically, and copies and distributes the data across peer-to-peer networks. This prevents tampering with records, as multiple copies exist and data is compared between them for accuracy. This "distributed ledger" system makes blockchain well-suited for tracking transactions.
The Role of Cryptocurrencies
Cryptocurrencies are digital currencies utilizing blockchain technology. The cryptographic techniques and distributed records of blockchain enable better control of currency issuance and ownership tracking.
You can buy cryptocurrencies on exchanges or "mine" them. Cryptocurrency "mining" refers to validating blockchain transactions in exchange for cryptocurrency rewards. Basically, miners help maintain the network and receive cryptocurrency payments.
There are many cryptocurrencies miners can receive, like:
- Bitcoin (BTC)
- Ether (ETH)
- Ripple (XRP)
- Tether (USDT)
- Litecoin (LTC)
Benefits for Online Casinos
We’ve touched on some cryptocurrency benefits. Here’s a full list of why online casinos are interested:
- Increased security – Payments cannot be reversed, reducing risk versus credit cards. Blockchain has inherent fraud prevention too.
- Faster payments – Cryptocurrency transfers are almost instant owing to automated peer-to-peer verification.
- Easier international payments – Cryptocurrencies are global systems without international checks or fees.
- No bank fees – Cryptocurrencies cut out financial middlemen and their associated costs.
- Greater anonymity – Wallets aren't directly linked to individuals, enabling discretion.
- No bank account needed – All funds are stored in a virtual wallet.
- Some casinos don't require player accounts – Players can use cryptocurrency with no signup.
The Complicated History
You might expect casinos to quickly adopt this payment innovation. But cryptocurrency adoption has faced barriers like lack of platform support, regulations, and price volatility.
In the early days, governments and casinos were still assessing cryptocurrencies. Some decided to take a chance, with the first Bitcoin gambling site launching in 2011.
Unfortunately, some of these early cryptocurrency casinos operated in legal grey areas without applicable regulations. Meanwhile, countries like China banned cryptocurrencies outright, creating legal issues. Thankfully, others like the UK offered licenses if casinos followed regulations.
Price volatility has also given casinos pause. While fiat currencies are relatively stable, cryptocurrencies can shift wildly in value week-to-week. This unpredictability makes operations difficult.
The Uncertain Future
Some say cryptocurrencies will define online gambling's future; others believe they have no place. For most, the future remains uncertain. Governments have taken varied stances, with some banning cryptocurrencies while others take steps toward legalization.
In the end, cryptocurrency’s future role in online gambling comes down to a roll of the dice.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.