How Bitcoin and Other Cryptocurrencies are Disrupting the Online Gambling Industry
Various crypto currencies, including bitcoin are being gradually embraced by people all over the world. Their growing acceptance implies that they are becoming ubiquitous and pervasive in all types of transactions. However, there is one industry where cryptocurrencies are yet to manifest their full potential – online gambling industry.
Despite the fact that there are some barriers faced by casino platforms with regard to bitcoin adoption, the developments over the past few years show a lot of promise. The online gambling sector has finally started understanding and acknowledging the benefits offered by the block chain technology. Let’s acquaint you with some of the ways in which bitcoin and other popular cryptocurrencies are disrupting the online gambling industry.
Security
While many people wonder if blockchain really does offer some advantages to the online gambling industry, it’s a commonly known fact that the biggest pro of cryptocurrencies for this industry is to do with data security. These platforms hold extensive player data on their servers, including information related to credit cards, debit cards, banking details, personal data of players and more. All such information makes them vulnerable to hacking attempts and potential internal frauds. In case of cryptocurrencies, the online casino is required to save only the public key of the customer. The hackers don’t have any way of stealing the info even if the casino operator maintains records of transactions. All that a player needs to do is ensure the security and safety of his/her cryptocurrency wallet.
Swift withdrawals
Normally, an online gambling platform takes anywhere close to 72 hours for transferring winnings to the customer’s account. This is because casino operators are required to go through conventional banking mediums for authorisation of transactions, which consumes a lot of time. Imagine winning a big time progressive jackpot slot like this UK soldier and then having to wait eternally for your winnings to come through! In case of cryptocurrencies, withdrawals are processed almost instantly and there are no bank charges involved.
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Unrestricted Play
A major impediment for online gamblers, especially the ones staying in conservative countries, is strict regulations. Cryptocurrencies can be a godsend for such players as they allow such players to gamble to their heart’s content, while staying completely anonymous. While it has always been possible for them to mask their location with the help of a VPN, they still had to go through conventional banking systems for depositing and withdrawing funds, thus making the complete exercise useless. In case of cryptocurrencies, these players get the freedom to play from wherever they want, however they want and with how much money they want, without worrying about any regulatory authorities.