Exploring Cryptocurrency In Online Gambling: Trends And Opportunities

Exploring Cryptocurrency In Online Gambling: Trends And Opportunities

In this post, we look at the merits and demerits of gambling in cryptocurrency and attempt to forecast its future outlook.

Lightning Quick Transactions

There are many benefits to not having a middleman when doing any financial transaction, but in crypto gambling, the speed stands out. Traditional forms of online payments are only now starting to show some improvement in efficiency, but even then, they’re nowhere near being able to match cryptocurrency. Those who have had to make gambling withdrawals and deposits using banks can attest to the frustrations often endured. On the other hand, crypto transactions, whether in gambling or eCommerce, are practically instantaneous. It takes a much shorter time for deposits to show up in the punter’s account, meaning they never have to miss out on an opportunity to play. Also - and perhaps most crucially - winnings can be withdrawn much quicker, allowing the punter to enjoy the fruits of their success without ado.

Anonymity

We live in a digital age with all the advantages computers have brought. However, we are also in an age where it’s become increasingly possible for cybercriminals to compromise other people's privacy. For those gamblers who prefer to remain incognito, cryptocurrency is the way to go. Crypto processors rarely require any user, whether a buyer or a seller, to provide significant personal info. Don’t get it wrong. Crypto transactions are transparent and traceable, as we’ll see below. However, all that other users can see when a person transacts is their public key. Punters who gamble on crypto websites can swap unwanted exposure for some welcome pseudonymity.

Transparency & Security

Cryptocurrency relies on blockchain technology, which requires storing all transactions on a ledger or database. This ledger is open to all other users and publicly distributed to all other computers on the network. Every user can see all the transactions performed, together with additional details like from which digital wallet to which, at what time, and what amount. However, information needs to be recorded that would enable a user to be identified. Additionally, a user can only perform a transaction with their own private key to the network. This means there can never be unauthorized access to a gambler’s money, as no one else can sign transactions on their behalf.

Crypto Volatility

Gambling in cryptocurrency offers many upsides, the most important of which have been covered in this post. However, crypto-gambling also has a few downsides, the biggest of which is the volatility of cryptocurrencies. Since their introduction in 2008, one would be hard-pressed to name a cryptocurrency that has stood the test of stability. As of 2023, there are almost 23,000 different cryptocurrencies. Over the past decade, many have failed and faded out, but many more are rising at the astonishing rate of 100 per day. A few, such as Bitcoin and Ethereum, have been around for long enough but are still iffy as a wealth store, with fluctuations experienced every month. Therefore, gamblers need to be prudent when gambling in cryptocurrency, as cryptocurrency’s fickleness could render their huge wins valueless.

Crypto-Gambling: What Does The Future Hold?

Volatility is an issue, but generally speaking, the future of crypto gambling is bright and shiny. For starters, one can expect to see more and more crypto casinos cropping up in the next few years. This is in addition to increasing current casinos embracing crypto as their primary payment method. One can also expect to see online casinos and sportsbooks broaden their cryptocurrency options to accept Ethereum, Litecoin, and other stable types in addition to the household Bitcoin.