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5 Ways Cryptocurrency is Changing Online Gambling in 2020

Cryptocurrencies are changing the whole world, and they affect almost every field of our life, so it was just a question of time when they will take over us, and be used as every real currency. Online gambling is another thing that is currently changing the world too, because many people recognized the potential, and they are installing these games, playing them actively, and looking forward to being awarded great prizes. 

But, what happens when these two spheres meet? It’s a whole new approach and perspective and you can visit this website, and learn more about that. For example, online slots are very popular between the players, and the things are getting even better when they can be awarded in Bitcoins or any other crypto money they choose. This is just one of the many things how these currencies are changing the online casino scene. 

Together with that, they offer:

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  1. Anonymous and encrypted transactions

Many people have problems to provide their card details to online casinos, and they give up on the game before they even try it properly. When you choose to be paid in digital currencies, you can be sure the market is fair and transparent because they will use the blockchain rules, that guarantees safe and secure money transfer. But, this can be a very difficult problem for the people who come from countries that restrict the use of cryptocurrencies. You need to check that carefully before you take a step like that. Sometimes, it’s better to get paid in fiat money with direct transactions to your bank account, or virtual accounts, without losing your winning streak. Most of the gambling services are combining these two payment methods, so they can meet every player’s preferences and needs. 

  1. Faster transactions

One of the advantages of crypto money is that the transactions are completed almost immediately. When you are receiving your prizes in fiat money, you may need to wait up to 24 hours until the transfer is completed. So, the casinos are choosing to incorporate this technology into their services, so the winners can use their money even a few minutes after they won the game. Most of the services that already implemented the cryptocurrencies in their system are making thousands of transactions every hour, without charging fees for that. 

Img source: freepik.com
  1. Growing the consumers’ trust

The most important thing between one online casino and the customer is the unconditional trust between them. The users should research a lot until they find the right casino for them. As gambling services provide safe and fast transactions, users are more likely to grow their trust, which is very important for the casino. Blockchain technology is known for the fact they take care of the privacy, and every transaction, as we said in the previous paragraph, is anonymous and secured. That’s a great base of gaining consumers’ trust. 

  1. You can increase your prize

One you get paid with Bitcoins, or any other cryptocurrency, you can withdraw them, and keep them safe on your digital wallet. That’s the easiest way to protect your crypto savings from hacks and scams. You can use them later to trade, and wait for the rate you want. You can exchange them for other currencies, or for real money. When the digital currency hits a high enough rate, you can say that you did a profitable game because they are more worth then they were before. Also, we advise you not to trade them when the rates are too low, because every time there is a chance for a higher rate, and making a profit from the game. 

img source: tokens24.com
  1. They are decentralized

When people talk about crypto money, they don’t forget to mention this fact. But what does that mean? Cryptocurrencies are not managed by any bank or government directly. Some authorities may or may not have some influence over these currencies, but in general, they aren’t controlled by the countries, which means Bitcoins are Bitcoins everywhere in the world, and you don’t need to exchange them for other currency, so you can spend them freely. 

Online gambling wasn’t that popular a few years ago. People who are into it created a whole society on the Internet, and they are present on almost every casino platform, trying to win bigger. When some casinos decided to include the cryptocurrencies, that was a revolutionary step for the whole industry. As we know, crypto money is still a controversial thing that needs to gain the trust of the users. Most of the people don’t even believe they can have money without holding them into their hands. On the other side, they are more likely to believe in loans, credits, and cards. All of these things show us we should work on the financial culture and knowledge, and prepare for the digital economy. 

Many people ask if these currencies are legal, and the answer depends on their location. So, if you are interested in investing in Internet gambling, so you can get awarded in Bitcoins or altcoins, you must know your laws and policies, so you won’t have legal problems later.

Img source: freepik.com

Online casino owners love digital money because they offer bigger financial freedom. But, at the same time, that doesn’t mean they are free to manipulate with the prizes, because that’s bad for the image they are creating for themselves. 

The recent months created a great base for developing these two spheres and merging them into one profitable product. When it comes to the coronavirus pandemic, we all know how bad it affected the global economy, and cryptocurrencies are giving a whole new hope to the world. At the same time, people became more interested in casinos, so the integration between these two was expected. 

We can only hope that the crypto market will develop more, and the countries will start to accept it and embrace it, because it guarantees a whole new sight to the finances and economy, even though it may look scary and weird first. 

About Tom Lerma

Tom Lerma

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