Cryptocurrency and online slots why this is an impressive coincidence

Have you ever thought of how the global pandemic affected casino operations? We all know that most businesses have gone laying low and have been off the grid. However, because of the pioneers in the global market such as, several strategies and solutions were established in order to sustain smooth operations, just like in the gambling industry.

Online casino businesses always look forward to moving, even during slow times. Their services are more competitive compared to other types of businesses because of the large scale of customers who continuously look for new modes of entertainment. Although gambling mostly involves money, this is one of the sectors that must be secured, accurate and efficient. This is where cryptocurrency comes at hand.

Cryptocurrency and online slots

Cryptocurrency is a virtual asset. Meaning one can transact online through blockchain technology. But before going further, what is blockchain? What does it have to do with cryptocurrency in gambling activities? Blockchain is a technology that records data through a digitized system. This way, data stored are not easily customized and hijacked. It is safer when blockchain is incorporated into all casino websites, which somehow other websites adopted for them to be licensed and regulated. Usually, those websites that are serving the customers with the easiest and fastest negotiations are controlled by Malta Financial Services Authority or MFSA. With blockchain, a gambler is assured that the money deposited into the account is not being utilized for any unacceptable interests.

The Pandemic Has Not Denied the Essence of Cryptocurrency

2020 was the dip for all casino operations. And this point has just shown the volatility of the crypto market. While most transactions and deals are done online, cryptocurrency gives casino operators and bookmakers the chance to develop their services. Even if the existence of cryptocurrency is being questioned now, maybe in the later part of the pandemic, a lot of players will look forward to a vast influence of cryptocurrency even beyond iGaming.

There Is a Surge in Security

Through the application of cryptocurrency on initiating payouts, players are assured that they are not cheated. And in relation to security, a user’s ledger is not that easy to corrupt, and scammers online are defeated. Also, blockchain does not allow such malice when it comes to card banks. So, when making a purchase in any online game via a cryptocurrency platform like Bitcoin, trust issues are eliminated. It is safe, and your money is secured. This is why an increase in the participation of players in the gambling industry is recorded because they are provided with a safer option in terms of payments.

An Increase in Fees Is Not Viable

In our daily lives, whenever we buy something online now, we prefer to use cards accredited online, bank transfers, Paypal, and other payment methods that require exchange or conversion fees. But, with crypto, lesser costs are involved. This only means that there are no extra charges when paying or transferring money online. It saves your money as well as your time. Cryptocurrency does not act as a network. It works for decentralized money in which there is no need to find a broker or a middle-man.

Cryptocurrency Makes Transactions Faster

As mentioned earlier, it is a peer-to-peer money transfer. Also, when transacting internationally, there is no stress at all. Usually, when paying for something across different countries, there are so many toll fees—additional charges because of the currency used by two or more different parties. Cryptocurrency does not only concern players but also software developers that are capable of creating games occasionally and are willing to sell their services. So, with blockchain, developers can still be paid by processing nano-payments.

Your Identity Is Hidden

It is good to engage with cryptocurrency because aside from the security and safety of money, your identity is also safeguarded. Yes, you must provide personal information when you choose cryptocurrency, but your details are not exposed. They remain confidential. There are online bitcoin games that patronize this instruction. Actually, the choice of sharing your details is up to you.

You Can Play Whenever and Wherever You Are

Given that online casino games can be downloaded on mobile phones or can be accessed easily through your phone’s browser, you can play for real money anytime, just like in The Twisted Circus Slot, wherein the website that offers this game also offers a crypto payment method. More so, enter a price pool and make your wagering amount through crypto channels. You can do your gambling activity in every way you want because of the convenience of cryptocurrencies that prevent you from paying other exchange fees for international games. Check these crypto payment channels online:

BitcoinThis is widely used by most gambling sites that are attached as a recommended payment method for online casino games.
LitecoinThis has inherited the roots of Bitcoin, which also functions as another payment option for sports betting websites and casinos.
EthereumUsing this while playing casino games, bonuses and other awards are acquired depending on the loyalty level of the user.
MoneroIn terms of data privacy, Monero is also one of the recommended payment options offered by recognized online gambling websites.

Disadvantages of Cryptocurrency on the Gambling Industry

It may seem that convenience is seen with cryptocurrency, there are still those downsides that can affect the decision of a player when investing and, at the same time, gambling. 

  • Cryptocurrency is highly volatile compared to regular currencies.
  • It is easily affected by price fluctuation.
  • Priority of transactions is not absolute.
  • Since it does not allow government bodies to mingle, cryptocurrency can be subjected to financial risks.

Cryptocurrency is considered as part of high technology in terms of payment transactions. Because of the benefits it holds, many would look forward to its development on a larger scale aside from being involved with the gambling industry. Therefore, blockchain technology has been influencing many investors and stockholders that will gradually enhance financial status across all borders.

Leave a comment

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Previous Post Next Post