• Business
    • Marketing
    • Biz Tech
  • Cloud
  • Social Media
  • Software
  • Gaming
  • More
    • Alternatives
      • Movie Streaming Sites
        • 1MoviesHD
        • Hurawatch
        • Ifvod
        • Bflix
        • Couchtuner
        • FlixHQ
        • Movieorca
        • Turkish123
      • Anime Streaming Sites
        • Animesuge
        • Animekisa
        • Animedao
        • Anilinkz
        • Wcofun
      • Manga Sites
        • Asurascans
        • Comick.fun
        • Webtoon XYZ
      • Sports Streaming Sites
        • Streameast
        • Myp2p
        • VIPRow
        • NFLBite
      • Photos & Graphics
      • Game Utilities
      • Online Tools
      • Misc
  • Cybersecurity
  • Crypto

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

How To Activate Foxsports.com? [2023 Guide]

Sep 27, 2023

How To Activate Weathergroup.com In 2023?

Sep 27, 2023

Main Reasons for Attending Blockchain Conferences

Sep 27, 2023
Facebook X (Twitter) Instagram
  • Home
  • About Us
  • Privacy Policy
  • Advertise
  • Write For Us
  • Contact Us
Facebook X (Twitter)
Digital Edge
  • Business
    • Marketing
    • Biz Tech
  • Cloud
  • Social Media
  • Software
  • Gaming
  • More
    • Alternatives
      • Movie Streaming Sites
        • 1MoviesHD
        • Hurawatch
        • Ifvod
        • Bflix
        • Couchtuner
        • FlixHQ
        • Movieorca
        • Turkish123
      • Anime Streaming Sites
        • Animesuge
        • Animekisa
        • Animedao
        • Anilinkz
        • Wcofun
      • Manga Sites
        • Asurascans
        • Comick.fun
        • Webtoon XYZ
      • Sports Streaming Sites
        • Streameast
        • Myp2p
        • VIPRow
        • NFLBite
      • Photos & Graphics
      • Game Utilities
      • Online Tools
      • Misc
  • Cybersecurity
  • Crypto
Digital Edge
Home»Computer & Technology»Why The Use Of Cryptocurrencies Is On The Rise In The Gambling Sector
Computer & Technology

Why The Use Of Cryptocurrencies Is On The Rise In The Gambling Sector

Michael JenningsBy Michael JenningsJun 7, 2017Updated:Nov 12, 2021No Comments5 Mins Read

Since the industrial revolution, new technologies have periodically come to have an enormous impact on industry, commerce and the way we live our lives. Most recently, the dawn of the internet in the 90s has reformed the global economy beyond recognition, and created a new paradigm for communications across borders. Now, it seems as though a new technology could be set to have a similar impact, starting initially with the global finance and payment structures that have remained largely unchanged for decades. This shift in structure can affect many different areas of business and commerce from online shopping to online casinos similar to these.

cryptocurrency gambling

Blockchains are something of a buzz technology at the moment, hyped beyond belief in academic, commercial and tech circles. Some have characterised blockchains as the ‘next internet’, a technology that goes beyond facilitating the exchange of information into facilitating exchanges of value. On top of this new, emerging technology, a brand new asset class has been created – known as cryptocurrencies.

Whether you’re familiar with the ins and outs of cryptocurrencies, like bitcoin and ether, or you’ve never heard of them, they are growing at an unbelievable rate, and will reach mainstream public consciousness in the years to come. Essentially, cryptocurrencies are an alternative form of money, securely and anonymously exchanges and held on blockchain protocols. They are independent of governments and banks, and without getting too technical, many analysts expect these currencies to become close rivals to traditional fiat currencies like the dollar and the pound.

Increasingly, many prominent gambling operators are opening their arms to cryptocurrencies like bitcoin, offering their players a chance to deposit and win in this currency. But why is this proving so popular, and is it likely that the market will continue to enjoy this steady uplift in interest in cryptocurrencies long term.

Contents hide
1 Cryptocurrencies are Anonymous
2 Cryptocurrencies are Secure
3 Cryptocurrencies are Appreciating

Cryptocurrencies are Anonymous

When you deal with a casino through traditional currencies, all your moves are completely traceable through the financial system. Say you’re making a deposit of £100 from your debit card. Your bank statement will show the transaction having been made, while your personal information will be linked to that deposit, and any subsequent withdrawals you have made, throughout your gambling journey. Essentially, only cash in notes and coins allows you a degree of anonymity or protection over your privacy – otherwise, all of your transactions are recorded in the financial system, and accessible by your bank, sometimes other banks, and even government agencies in some cases.

Cryptocurrencies eliminate this possibility entirely. It’s an anonymous source of transaction, and while there is a permanent record of each transaction being made stored on the blockchain, there is no clear way of tracing this back to a given individual. The anonymity of blockchain transactions (i.e. cryptocurrencies) means they are true currency like notes and coins, rather than running through a regular bank account and the traditional financial and payments system. This is beneficial to those who don’t want their gambling business known, or who appreciate the privacy that comes with transaction outside of the regular financial infrastructure.

Cryptocurrencies are Secure

Cryptocurrencies are secured against the risks of banking collapse and adverse government decisions, in a way that even the money in your bank account isn’t. Banks in particular have enjoyed a monopoly on money for centuries, giving them an unprecedented and in some cases unmerited degree of power over the individual. Governments too have been known to dip their hands into bank accounts directly or indirectly, and the traditional financial system, predicated on national laws, allows for this to be a simple exercise in the majority of countries around the world.

Given the importance of money and investments to most people, this is simply an unacceptable level of risk. Yet it has been the best mechanism available for payments, and indeed one of the only ways of doing business with online merchants like casinos…until now.

Cryptocurrencies are completely outside of these parameters, and both governments and banks are impotent to deal with the technology, the currency and its transaction for fair value internationally. Like the internet overrides national boundaries, so too cryptocurrencies reach over the clutches of governments and the banking sector. In this sense, many gamblers feel increasingly more secure running their transactions through cryptocurrencies, especially high rollers.

Cryptocurrencies are Appreciating

While both of these are amongst the main reasons and increasing number of gamblers are turning to bitcoins and other cryptocurrencies for their gambling, there is another clear advantage that sets this form of deposit and withdrawal apart. Because cryptocurrencies are still maturing markets, with huge upside potential, the value of cryptocurrencies tomorrow is expected to be higher that their value today. In fact, some reports have suggested that bitcoin could be worth up to $500,000 per coin by 2030 – a factor that would represent a huge increase in the value of bitcoin investments held today.

When gamblers play in cryptocurrencies, they have the opportunity to win money, and then make a double gain on the appreciation of their holdings, whether that’s in bitcoin or some other currency. The same is true for the casino operators, who themselves stand to gain from any increase in the underlying value of bitcoin and cryptocurrencies. This makes it altogether more appealing to play through cryptocurrencies than through traditional fiat currencies, and remains a clear reason for the growing popularity of this type of gambling.

Michael Jennings

Micheal wrote his first article for Digitaledge.org in 2015 and now calls himself a “tech cupid.” Proud owner of a weird collection of cocktail ingredients and rings, along with a fascination for AI and algorithms. He loves to write about devices that make our life easier and occasionally about movies. “Would love to witness the Zombie Apocalypse before I die.”- Michael

Related Posts

866-712-7753: Unmasking the Mysterious Charge & Protecting Your Account In 2023

Aug 2, 2023

The Digital Shield: Proxy or VPN, Which One to Choose?

Jul 20, 2023

Downloading Stories On Instagram Via Weinstag.Com

Jun 10, 2023
Top Posts

27 1MoviesHD Alternatives – Top Free Options That Work in 2023

Aug 7, 2023

17 TheWatchSeries Alternatives in 2023[100% Working]

Aug 6, 2023

12 Zooqle Alternative Torrent Sites That Work In 2023

Aug 6, 2023

Is TVMuse Working? 100% Working TVMuse Alternatives And Mirror Sites In 2023

Aug 4, 2023

SockShare – Is it Working? 22 Best Alternatives in 2023

Aug 4, 2023

23 Rainierland Alternatives in 2023 [ Sites For Free Movies]

Aug 3, 2023

15 Cucirca Alternatives For Online Movies in 2023

Aug 3, 2023
About Us

Digital Edge is the freshest voice in the field of technology and digital media. Our editorial staff is really passionate in their efforts to curate the latest technological breakthroughs in new and emerging technologies from all over the world to help businesses, IT professionals and consumers to stay abreast with all the latest developments.

We pride ourselves in providing quality content from reputed authors and bloggers as well as from passionate observers like you! If you have a unique voice that you would like to unleash on the rest of the world, then please let us know! Our editors go over everything with a fine tooth comb as a result of which any proverbial cracks are paper-thin from which no inaccuracies ever seep through! However, if there is anything you do not agree with or if you want to comment on the swell job that we are doing, feel free to reach out to us as well. We love hearing from you!

Most Popular

Hisense TV Won’t Turn On – The Ultimate Troubleshooting Guide for Tech Noobs

Apr 19, 2023

Vizio TV Not Turning On – The Ultimate Guide to Resolving the Issue

Apr 20, 2023

How to Monitor Your SERP Competitor Rankings: Details you need

Apr 24, 2023
Our Picks

How To Activate Foxsports.com? [2023 Guide]

Sep 27, 2023

How To Activate Weathergroup.com In 2023?

Sep 27, 2023

Main Reasons for Attending Blockchain Conferences

Sep 27, 2023
Facebook X (Twitter)
  • Home
  • About Us
  • Privacy Policy
  • Advertise
  • Write For Us
  • Contact Us

Type above and press Enter to search. Press Esc to cancel.