How cryptocurrency has made betting easy and simple

Trust is at the top of most people’s minds when it comes to betting and gambling.

Trust in the fairness, trust in the operator, trust that you won’t get ripped off. This trust barrier has been a long-standing problem for the industry and is one of the key benefits that crypto and Blockchain technology has brought to crypto betting.

The online gambling market is worth several billions of dollars. However, the introduction of Bitcoin and other cryptocurrencies has made it a more acceptable way of having fun while playing games online. The reason isn’t far-fetched; people want the best experience and safety for their money.

In this article, we’ll take a deeper look at how cryptocurrencies work with crypto betting sites and their beneficial effect on online gambling.

How does cryptocurrency work with casinos

The introduction of cryptocurrencies started with Bitcoin in 2009. After the introduction, the utilization of cryptocurrencies in the financial sector started gaining popularity, with the gambling industry taking the forefront in recent years.

Crypto payment was introduced to online casinos in 2012; since then, the trend has grown so vast. Today, thousands of crypto betting sites allow people to make payments and wager with their crypto assets.

It’s easy to see why notable online casinos like Coinplay site want to stick to a transparent and anonymous system that provides gamblers a seamless and hitch-free experience. Coinplay is a new crypto betting site that offers a wide range of casino and sports betting opportunities, attractive bonuses, and an excellent user interface.

Apart from Coinplay online betting site, many other online casinos are hopping into the trend, increasing the coverage and reaching for a better and more fun gaming experience.

Why are crypto betting sites better?

Enhancing user experience and making things easier; that has been the main objectives of technology since its inception. With cryptocurrencies, gambling online on crypto betting sites has never been easier, simpler, faster, and better.

Freedom of owning and handling assets without the interference of an intermediary is a notable benefit of cryptocurrencies in online crypto betting sites. Meanwhile, online crypto sports betting and crypto betting esport sites have also benefited hugely from the light-speed transaction processing time.

Online crypto sports betting and regular crypto casinos have benefited a lot from Blockchain technology. This is because of the important features of using cryptocurrencies as payment methods. A few of the notable advantages of using Blockchain technology to stake in crypto betting sites include:

High Security

The risk of exposure to theft and fraud has been a long-lasting concern for online casino users. However, Blockchain technology comes with a built-in highly secured feature, making it an excellent choice for transaction processing in crypto betting sites.

The high encryption solely comes from the consensus mechanism of different Blockchain networks. This feature enables tons of validators to verify the authenticity of transactions in nodes.

Anonymity

Another great concern for punters is exposing their financial and personal information. With Blockchain technology, there is no need to reveal any financial details that might be exposed to hackers.

Meanwhile, once a crypto transaction has been processed, it only appears on a public distributed ledger called Blockchain. Therefore, you don’t have to worry about any scrutiny from the government or banks.

Cost-Effective

Cryptocurrencies and Blockchain technology have paved the way for the cheapest and most cost-effective way of dealing in a casino. Using traditional means always incur additional fees for transaction processing in bank transfer or debit card.

However, with cryptocurrencies, all you have to pay is the gas fees, which is just a token reward for validators. Usually, fees for Proof of Work networks like Bitcoin and Ethereum can be up to $2, while Proof of Stake networks can range from less than a dollar to $0.

Decentralization

The presence of middlemen or facilitators in traditional payment methods made it more complicated. The government or the central bank are intermediaries that control the flow of money and payments.

However, the decentralization feature of Blockchain technology cuts out every intermediary. This makes it significantly quicker to execute transactions. Meanwhile, your assets will not be controlled by any governmental body. Decentralization also means a lesser fee since the burden of processing your payment is not on anyone.

Transparent and Fair

Blockchain is a public distributed ledger where online casinos have nothing to hide. The integration of Blockchain technology has given rise to provably fair gaming in many online crypto betting sites. This has significantly promoted transparency, reducing the tricks and gimmicks of conventional online casinos.

Wagering, payment, and gaming information cannot be hidden with Blockchain. Therefore, it prevents players from falling victim to fraudulent activities from casinos.

Speed

Winning a game at an online casino has to be the only goal of every punter. However, waiting for hours to days and weeks has to be the most frustrating part of processing transactions with traditional payment methods.

Using Bitcoin and other notable cryptocurrencies gives punters a good edge with transaction processing speed. All transactions executed on the Blockchain are processed instantly without any delay.

It is not Geo-Location Restricted

Geo-location restrictions are one of the important caveats of traditional casinos. Fortunately, the introduction of Bitcoin and cryptocurrencies has made it easier for people to stake their assets with total freedom. Therefore, as long as you have a smart device and an internet connection, there are no restrictions to using cryptocurrency casinos.

Future of crypto betting and crypto casinos

Blockchain technology has added an immeasurable blessing to online crypto betting sites. Although some of its features can attract controversies, it has been integral to many global organizations and sectors. In fact, it is speculated that Blockchain technology will eventually revolutionize the financial system globally.

With Blockchain technology, crypto casino players can enjoy more transparency, anonymity, and security. Additionally, fast transactions and accessibility are reasons behind the hype around cryptocurrencies in casinos.

However, the legal and regulatory concerns with cryptocurrencies can be another hurdle that can arise with implementing Blockchain technology in casinos. Meanwhile, it will still never be able to stop the widespread traction and need for change.