Is Crypto a Viable Payment Option for igaming?
With crypoto currency becoming more popular, can it make it as a legitimate payment solution for igaming operators?
Online gambling has gained extensive momentum over the past few years, with ease of accessibility and the influx of excellent gambling platforms being the reasoning for this.
The traditional way to gamble online has been with regular currencies like the Pound, Dollar and Euro, which can be easily be used using a card or online banking payment.
However, we find ourselves in a time of flux, witnessing the development of hundreds of digital currencies. As a result, cryptocurrency betting is a trend on the rise.
Initially, consumers and business owners were sceptical about whether cryptocurrencies were legitimate and reliable. But with time and technological advancements, cryptocurrencies have made their way into every industry possible, including online gambling.
Online gambling is an industry where players are constantly in the pursuit of a safe and secure way of processing payments to and form their accounts. With cryptocurrencies having superior technology, ease of use, and top-class security, people have started to adopt cryptocurrencies as their primary payment method when gambling online. While there are several types of cryptocurrencies, there are some that offer the best possible features.
In this article, we discuss whether cryptocurrencies can be adopted as a legitimate deposit method in the evolving world of online gambling.
What are Cryptocurrencies?
Let's start by defining cryptocurrencies.
A cryptocurrency is a digital form of virtual money or asset that is secured by cryptography. Cryptocurrencies use decentralised technology based on blockchain, which lets users make secure payments and store money without the need to use their name or go through a bank - this ensures the user remains anonymous.
Basically, it is a virtual currency that can be used anywhere on the internet. Since its inception in 2009 by the anonymous group of programmers under the name Satoshi Nakamoto, various other cryptocurrencies have emerged. Currently, it is estimated that there are over 1300 cryptocurrencies in circulation.
Why online gambling with cryptocurrencies is on the rise
The arena for gambling and betting with cryptocurrencies has been trending lately, being one of the hottest topics in the industry. With the majority of online gambling sites accepting cryptocurrencies, more and more players are adopting this method of payment over the regular currencies. While many people still hesitate to use cryptocurrencies, they are truly safe and legitimate. With top-notch safety features and ease of use, you can access your crypto wallet from anywhere in the world with just an internet connection and mobile or laptop. Here are a few advantages and benefits of using cryptocurrencies in online gambling-
While regular payment methods often require the user to submit their identities and documents, cryptocurrencies are decentralised in nature and untraceable, which keeps the user anonymous and allows them to keep their identities safe. This leads to fewer chances of fraud, personal safety, and a smooth and easy way of making transactions online.
Low transaction costs
Traditional online gambling sites are run and regulated by central authorities, and you have to pay transactional charges on each payment which adds up to significant costs. However, Cryptocurrency payments charge zero transactional fees. With no intermediate body between you and your money, no extra percentage will be lost in your transactions. And as the saying goes, money saved is money earned!
Ease of use
You can easily transfer or receive cryptocurrencies from across the globe within minutes, as compared to days of waiting with regular currencies. With no approvals and authorizations required, you are the boss and everything is based around you.
How to bet with cryptocurrencies
If a user wants to bet and play with cryptocurrencies, then there are a few steps that have to be followed. Firstly, you have to find a bookmaker that accepts your cryptocurrency and set up an account with them. Then, you have to open up an e-wallet to keep your currency in and to transfer your funds to your bookmaker. A wallet is a place where you can store your currencies and spend them when you wish. Basically, it is a software designed to store and spend your cryptos. There is a wide range of wallets available online, with some having apps that can be downloaded on smartphones, which increase ease of use and convenience. Some wallets also allow the user to store more than one type of crypto. With a wallet and your preferred cryptocurrency, you are now ready to go gambling online and make payments securely and easily.
The most popular cryptocurrencies
While there a plethora of cryptos available on the market, there are a few that top the. Most online gambling sites do accept cryptocurrencies, but they only accept those which are the most popular, reliable and secure. Here are the to cryptos which are being integrated into payment systems online.
Whenever people discuss cryptocurrencies, Bitcoin comes to mind. This crypto was introduced in August of 2008 when the Bitcoin.org domain name was officially registered. Soon after, the world was introduced to this superior crypto technology that took the world by storm. Bitcoin is accepted by each and every online gambling site that has cryptos as a deposit method, and almost 50 percent of cryptocurrency transactions now involve Bitcoin.
Ethereum was introduced to the crypto world later by a cryptocurrency researcher named Vitalik Buterin. Initially, it was developed as a blockchain distribution platform meant to be used as an operating software. But with improvements and adaptations from Bitcoin, it was modified and developed into a superior cryptocurrency. Ethereum is one of the major cryptos being used in online gambling and has great potential.
Being the top ten cryptocurrencies by market capitalisation, Litecoin is definitely on the rise. Launched in October 2011, this open-source software was launched using the Bitcoin design as a template. Released by Google employee Charlie Lee, this crypto has since been on the rise and is accepted on almost all major online gambling platforms.
Dash is an open-source cryptocurrency that was forked from the Bitcoin protocol. It is also a decentralised autonomous organisation that is maintained by a set of users called ‘masternodes’. This currency allows transactions that can be untraceable. .
Operators accepting cryptocurrencies
With such amazing features and untapped potential, cryptocurrencies are expected to be a legitimate deposit method in the coming future on ALL online gambling sites. While this a relatively new concept, there are several gambling sites that currently accept cryptos as a payment method. Popular gambling platforms like MyBookie accept a number of cryptocurrencies which include Bitcoin, Bitcoin Cash, and Litecoin. Other popular gambling sites like ‘Bovada’, ‘Betway’, ‘22Bet’, and ‘BetOnline’ all accept cryptos as payment methods.
What do you think, will cryptocurrency soon be the prefered payment method for igaming?
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