Digital currency, when you think about it, seems like the natural progression of the online world. The idea that you would have the non-physical currency you could spend in the real world seems like an obvious one—it was just a case of execution.
With the explosion in interest in cryptocurrency, it’s natural to wonder exactly why this is a good thing. There are many applications for digital currencies, but one of the clearest is gambling. Widespread adoption of digital currencies in gambling is better for both operators and bettors—let’s look at exactly how.
One of the biggest advantages of the crypto network is the anonymity it grants users. When all of the financial transactions can take place securely between the operator and the gambler, without either having to offer up any private information, this naturally offers a great layer of anonymity.
In the modern world, there are more than a few reasons to wish to stay anonymous online. Data breaches routinely reach almost 1,200 every year, and though security measures become tighter and tighter, so to do hacking methods become more and more sophisticated.
No one wants their data to be at risk, and with digital currencies, it doesn’t need to be. Everything can be verified on the blockchain, without the need for any external verification.
This is a huge step in online gambling.
Following on from the issue of anonymity, digital currencies also bring an added layer of security not matched by many traditional payment methods. The blockchain ensures that there are never any duplicate transactions, and it also keeps your wallets entirely safe from hacking.
By their nature, casinos that use digital currencies tend to have a better grasp of online security than more traditional operators. They support strict security measures with software data encryption across platforms.
Digital currencies put security back into the hands of the user and some casinos like 1xbit have gone as far as only accepting crypto. You can easily verify every aspect of a transaction yourself before you make it. With a bit of care, your coins are never at risk while using them to gamble online.
While your coins themselves are also totally safe, the other thing to remember is that with no actual personal data on the site, none of that is at risk, either. By its nature, the use of digital currencies is more secure.
One big concern for both the seasoned gambler and the greenest punter is fairness. Of course, operators are running a business, and they must always make a profit. So, the odds always have to be skewed somewhat in their favor. But how can we be sure they aren’t unfairly skewed?
Games that use digital currencies are demonstrably fairer than more traditional operators. Games such as Plinko and Crash are well known as providing an overall greater advantage to the player than other operators and games.
Again, when everything is publicly viewable on the blockchain, both bettor and operator are acting at essentially the same level.
Finally, from both ends, digital currencies are simply faster than traditional payment methods. This is because everything operates on the basis of peer-to-peer trading. There are only two parties involved in any transaction, and there is no need for a middle man—in other words, a bank.
Without this extra step, withdrawals and deposits can be processed in moments. This is reliably the case at all times, too—there are of course going to be minor dips in speed, but not with the same frequency as traditional banking methods.
This is, naturally, better for everyone. The punter can get their funds loaded in quicker and withdraw their winnings quicker, and the operator can have a smoothly running site for everyone.
The list could go on. The advantages of digital currencies are numerous, and as the technology continues to develop, these uses will only grow in speed and convenience. The old world of finance is plainly here to stay for now, but it’s also clear to see how digital currencies are shifting the balance of power. No one can say for sure what’s to come in the coming years, but it’s clear that digital currencies are going to play a huge part.