Cryptocurrency refers to a digital currency created and distributed through blockchain technology. This technology features a decentralized system of networks scattered across a large number of computers. Due to its decentralized nature, blockchain technology makes cryptocurrency one of the safest, most secure forms of exchange in the world. This in part explains why the online gaming industry has adopted it so fully and why many gamers now prefer to finance their gambling activities through cryptocurrency. The other part can perhaps best be explained through the following benefits of digital currency:
Safety and Security
The increasing number of casino and poker sites that accept bitcoin can largely be attributed to the safety cryptocurrency affords users. Without your private key, nobody can access your crypto wallet. In fact, even you cannot access your wallet without this key. This is especially true of hardware wallets that are less vulnerable to online attacks. This makes cryptocurrency a very safe way to transact on online gaming sites. Moreover, the fact that these transactions are secured and recorded across the blockchain system means they cannot be tampered with at any one point of the blockchain. Your digital currency transactions, once verified, are final and secure.
Perhaps the most attractive aspect of digital currencies to gamers is that they do not include a middleman. Unlike banks that require you to verify your personal and financial details before processing a payment, all you need is your private key to make a crypto deposit. This usually translates into faster transaction times, with most crypto deposits and withdrawals completed in a matter of minutes. In comparison, most wire transfers require a processing period of at least 24 hours and many financial institutions in the US take two to three business days to honor a payment request.
The lack of middlemen also makes crypto transactions cheaper. In most cases, it costs little to zero to withdraw your winnings at your favorite site with crypto. This is because no third parties are necessary to confirm or complete transactions. As long as your wallet is funded, you can transact whenever you want. Cryptocurrencies are also not regulated by central authorities or governments. This means that government interventions and policies cannot affect crypto exchange and transfer rates.
As mentioned, crypto transactions are authenticated, verified, and recorded across different networks. Typically, one node of the network verifies one data pocket from the transactions. This tends to create a complete and secure record of transactions. You cannot alter or collapse the entire operation at one point in the system. Ultimately, this allows for maximum transparency in crypto exchanges.
Privacy and Anonymity
It might seem counterintuitive that a transparent system offers anonymity, but it does. Crypto exchanges do not require overly personal details from either party. For instance, your wallet will not request your mailing address and social security number to complete a deposit request to a gaming platform. As long as you have your wallet address and an identifier, you can transact incognito. This is especially important for gamblers, many of whom would prefer to keep their gambling activities private.
Is Cryptocurrency the Future of Gaming
Cryptocurrencies broke into the financial market in 2009 with the creation of Bitcoin. Since then, these digital currencies have surged in number and popularity, reaching a current collective worth of more than $1 trillion. For online casino gamers, crypto allows for faster, safer, more secure, and anonymous transactions. For these reasons, it is slowly but steadily becoming the preferred payment method for gamers across the world.