Introduction
Cryptocurrency used to be the coin of entrepreneurs and rich people, but now tons of people have joined in the economic revolution. The rich boy club has now been recognized as the official currency in high rating countries across the world.
As the economy is changing to fit this new coin into the world, the gambling industry is changing too. It’s time to see how such technological advancement has affected our casino games.
Why Crypto Is Connected To Gambling
You might be scratching your head, wondering how cryptocurrency is even connected to gambling. But, seeing as the gambling industry moved online years before crypto became popular, this new online space seems like the perfect place for online money to interact.
If you didn’t know, cryptocurrency is a form of recognized currency (like the dollar, euro, or sterling), but it only exists online. There is no physical version of this currency. That being said, you can store your coins in online wallets. The most popular cryptocurrency is Bitcoin.
If you are confused about the difference between online money and cryptocurrency, don’t worry as many people are.
Think of crypto as an investment. One Bitcoin today could be worth $1000, but tomorrow it could be worth $1010. It is a bubbling market that goes up and down on a daily basis. This change is the main difference between the two online currencies.
Online gambling needs online money to survive. Although digital currencies can do the job, the volatile market of cryptocurrencies means people are more likely to spend big when their crypto is worth more. This brings in a bigger audience.
The Benefits Of Crypto In Gambling
Crypto and gambling websites have been banding together to create a more user-friendly experience. But, what does that mean for your games?
Extra Deals And Incentives
You may have noticed that gambling services are offering more rounds for less money, or incentives – such as an extra bonus could you win.
This is for two reasons, the first is because they are trying to draw you in. The second is for a more lucrative reason.
Normally a bank will charge when a company wants to transfer money, this charge is put on the business, not the gambler. The charge is to help create an encryption, to protect your money and information as the two companies connect.
With cryptocurrency, each unit is already encrypted end to end. This means a whole step in the spending process has been removed. This creates a less expensive transaction, meaning the company can offer you more.
No Third-Party Credit Cards
When you use cryptocurrency, you have your own protected wallet which holds your money. When you use online money, you have to tell a third party (normally a bank) to send the money across to the gambling company.
Some banks will charge you, others will have a spending limit to stop you from spending too much.
But with your crypto wallet, you are in control of your spending habits, and you won’t charge yourself for having a game or two. The process becomes easier and cheaper for the people wanting to play.
The Problem Of Crypto In Gambling
Just as there is good in new technology, there is bad too. Let’s jump into why you should be on your feet when you use cryptocurrency in gambling.
A Lack Of Regulation
Not all cryptocurrencies are regulated. This means that your wallet might have $2000 in it one day, and the next day, you see it’s worth has dropped to $200. Without regulations, the price market can drop and change without you even noticing.
Secondly, not all online gambling websites are regulated. This means the website could refuse to pay you, could have a rigged game, or could fluctuate your winnings, just like crypto.
That doesn’t mean all online gambling websites can’t be trusted. Check to see if the site is regulated before playing, and you will be safe.
The Future Of Crypto Gambling
Crypto and gambling websites have already started making changes to allow each other to work together seamlessly. As this change continues, and more companies join forces, an influx of players will start joining the gambling scene.
Traditional gambling is seeing an end on the horizon, and online gambling is growing in popularity every day.
Cryptocurrency is being accepted in more and more traditional places, and with more companies including them in their spaces, this new type of payment will continue to grow too.
This special relationship between online gambling and cryptocurrency is the birth of a new online world.
The Obstacles Of Crypto
Until several laws change in the US, crypto cannot grow to its full potential. Regulation is needed to stop the massive rise and fall that this sector is facing. But, because countries such as the United Kingdom have made the change, we can expect the same from the US soon.
Summary
If you are capable of monitoring your own spending, then using cryptocurrencies is the best option for your online playing. It will be cheaper, more convenient, and will help both sectors grow.
