Michael-fortsch-gras87wsvcs-unsplash

7 REASONS WHY CRYPTO IS THE FUTURE OF GAMBLING

The rise in popularity of cryptocurrency is synonymous with the reliance on mobile communication, and many industries are embracing both as a way of future-proofing their operations.

One industry that has benefitted from both mobile technology and the increased use of cryptocurrencies is the betting industry. Market-leading brands including Ladbrokes, William Hill, Coral, and BetFred have all launched campaigns encouraging customers to sign up for their online betting facilities.

Online betting markets provide a greater level of convenience for the customer and allow operators to streamline their businesses. Many online betting sites also cater to crypto users to ensure they include a growing demographic.

Article continues below this advertisement

Dedicated crypto casinos and crypto-inspired games are also available to customers, with crash games in particular proving to be especially popular.

But why is crypto considered the future of gambling? Take a look below for the top seven benefits of betting with the best Bitcoin casino sites in the UK

Decentralisation

There are lots of significant factors as to why cryptocurrency has proved to be so popular. One of the biggest is that it is a decentralised currency that operates on blockchain technology.

This provides a transparent way of conducting business and minimises the risk of market manipulation.

Anonymity

Online betting allows users to bet wherever and whenever they want. This can be a great incentive, but some consumers are put off by the amount of personal information required to sign up to certain operators.

Article continues below this advertisement

The more information you put online, the greater the risk of it falling into the wrong hands. Cryptocurrency offers users an increased level of anonymity compared with more traditional payment methods.

Global Accessibility

Cryptocurrency is a truly global currency. It is not restricted by borders or conversion rates that are typical of traditional banking systems. This can be great for online gamblers who want to explore the wide selection of betting sites around the world.

This can also be particularly useful for people in locations where betting is prohibited. It can make it easier for them to access and play on offshore betting sites.

Low-Cost Transactions

Cryptocurrency transactions are typically much faster than traditional banking methods, and transaction fees are also lower. This can help people save money when depositing or withdrawing from betting sites.

The decentralised currency is also free from conversion rates that can be confusing for users and also result in money being lost if rates are unfavourable.

Fair Gaming

Betting online provides consumers with a far greater choice of betting markets and operators. However, it can be challenging to find the most reputable among these.

The blockchain technology used in cryptocurrency transactions provides a transparent way of proving how fair games are. Every transaction is recorded on a digital ledger, meaning betting sites must provide fair gaming to their customers.

Greater Security

Cryptocurrency transactions are generally regarded as being one of the most secure ways to spend money online. Only people with the unique key can access cryptocurrency and transactions are irreversible, meaning the risk of fraud or chargebacks is greatly reduced.

Minimising the amount of information you disclose online provides far greater protection against cybercriminals. Traditional banking methods require users to disclose several key pieces of data which can leave them open to fraud. Cryptocurrency bypasses the need to provide personal information to betting sites and ensures users can keep their details private.

Innovation

Cryptocurrency provides a way for blockchain-based betting platforms to develop innovative new gambling options. Unique game mechanics and token-based betting are just some of the ways that cryptocurrencies have helped to revolutionise the betting industry.

Don’t miss another story! Get the Island’s latest news delivered straight to your inbox. Sign up to our daily newsletter here.

The views/opinions expressed in these comments are solely those of the author and do not represent those of Island Echo. House rules on commenting must be followed at all times.
 

Join our daily newsletter