For almost three decades, online casinos and sports books have wrestled with finding easy and efficient ways for players to make deposits and withdrawals. Depending on the player’s jurisdiction, many banking options might be unavailable or even illegal. It causes issues for players who want to gamble online. Thanks to the advent of blockchain technology and cryptocurrencies, a new day is dawning for the online gaming industry.
In 2009, Bitcoin was introduced to a world that was looking for alternatives to traditional banking options. In the last two years, the cryptocurrency market has exploded. Aside from Bitcoin, there are at least 1,600 other digital coins being used in the marketplace. In some cases, investment in these coins has been very lucrative. Bitcoin itself has gone from $900 a coin in early 2017 up to a current level of $7,000 a coin, reaching as high as $19,000 in late 2017.
It’s been a bit trying as people seek to educate themselves about this new method of performing financial transactions. This writing wants to avoid getting into the technical aspects of cryptocurrency. However, people should know this option is generated from a decentralized platform. There’s no middle man like a bank. All transactions are recorded directly between two parties, person and/or business, and recorded on a private registry that is controlled only be participating members. Once recorded, the transaction becomes noting but a transaction number that contains no personal details and cannot be altered.
This type of financial transaction option is fast becoming a boon for the online gambling industry. It provides a level of security not offered by any of the traditional banking options. It also comes with a number of great benefits for the online player. Those benefits include:
- Easy Transactions – There’s no need for bank/credit card company intervention. This eliminates a lot of time normally used to set up accounts and await approvals.
- Reduced Fees – Credit card and banking fees for online transactions are notoriously high. No so with cryptocurrency transactions. Depending on the specific coin being used, the fees can be a little as ½% of the transaction amount with a consumer-friendly cap.
- Identity Protection – Blockchain technology assures that all transactions are anonymous. For gamblers, this is an incredible attribute. They no loner have to be concerned about the government and other outside parties tracking their personal activity. While a lot of governments are attempting to legislate the use of cryptocurrencies, there will always be a high level of anonymity for users.
- Creating Innovation – Whenever new technologies create opportunities; online gaming software developers get an opportunity to develop new gaming platforms and games. The real beneficiaries are the players who eventually get access to an entirely new genre of online gambling options.
The use of Cryptocurrencies is still in its infancy. With that said, all arrows point to the sky as the limit. For the online gambling industry, which is experiencing explosive growth of its own, there’s no telling what the future holds. We only know the future is very bright and exciting.