There have been many changes in the world of gambling in even the last decade. With online gambling now becoming more popular than ever before, and more sites being launched all the time, there’s another competitor to the scene.
Sites that use crypto as a method of payment are becoming more and more popular with some betting sites now choosing to accept the currencies according to Irishbettingsites.ie. What is it that makes crypto so popular in gambling, and is it going to change the face of online gambling?
What Is Cryptocurrency?
To first understand how crypto will change gambling, it’s important to understand just how cryptocurrency works. Essentially, cryptocurrency is any virtual currency online that isn’t issued by a centralized organization. Instead, decentralized organization is key to the idea of cryptocurrency, using cryptography to make secure transactions.
The idea is that banks aren’t made the distributors of this currency, instead being registered on public ledgers called blockchains. Every time you make a transaction using cryptocurrency, the transaction is recorded on the blockchain, making it one of the most secure ways to make payments right now.
There are multiple different cryptocurrencies available online right now. The very first one that was created is called Bitcoin, and this became available in 2009. Now though, there are many different cryptocurrencies that you may have heard of, including Tether, Dogecoin, Litecoin, and many more.
Why Are People Using Cryptocurrency?
Now you understand what cryptocurrency is, it’s important to understand why so many people have now decided to invest in it. What is it that makes them the best way to make transactions online?
The reason many have decided to put their lot in with cryptocurrency is because of the security it offers. As all transactions are recorded on the blockchain publicly, there are never going to be issues with money changing hands without you knowing about it.
That enables you to make payments online more securely, knowing that nothing else can happen with your currency without you knowing about it. In an age where online security for your bank account is so important, you can see why people are making the swap.
Cryptocurrency And Online Gambling
With this in mind, you can start to see why using cryptocurrency is becoming so popular in online casinos and sportsbooks. You will have seen many new sites pop up that only accept cryptocurrency, or existing sites beginning to accept cryptocurrency alongside more traditional currencies as well.
It has become so popular with online gamblers because the cost of cryptocurrency is a lot lower than using FIAT currencies. That means that gamblers will not be hit with fees when they make transactions, as they would be with other currencies.
Because cryptocurrencies are more secure as well, that means that they can make payments on their favorite sites without worrying about security as well.
On top of this, when making transactions with cryptocurrency, the payments are typically instant. That means no waiting around to get hold of your winnings, as you would have to do otherwise.
As for operators themselves, they are also finding a lot of benefits in offering cryptocurrency payments to their members. Because of the lower operating costs, it allows them to keep costs down when handling transactions. Plus, cryptocurrency is becoming more regulated and that is actually a bonus for them, as it means that members will be more likely to trust it.
Right now, cryptocurrency has very much put its foot in the door when it comes to online gambling. As it offers so many benefits to both gamblers and operators, we are very likely to see more and more cryptocurrency gambling available online in the future.
