Nowadays it often seems like cryptocurrencies are everywhere. The adoption of digital currencies like Bitcoin and Ethereum has grown across the board, and the gambling industry has wholeheartedly embraced this trend too.
Because of how popular crypto gambling has become, many have started to think of it as the future of online betting. But does it deserve that billing, or is it just a flashy trend destined to burn out after some time?
Benefits of Crypto Gambling
Want to know why cryptocurrencies have taken to online betting like a fish to water? It all boils down to the fact that its benefits are so alluring that it is difficult for any online betting platform to resist:
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Faster transactions
One of the gripes players have about online gambling is that it often takes time to make deposits, and even longer to approve payouts. Cryptocurrencies solve that by providing near-instantaneous transactions and removing the time-consuming wait periods of banks and traditional payment options.
For example, if you look at Vavada’s payment options you’ll note it supports bank cards via Visa or Mastercard – however it states that deposits using this method can take up to a few hours, while withdrawals take several days. On the other hand its cryptocurrency options have no such delays, and the transactions will be processed almost immediately so you can start playing quickly.
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Lower fees
In addition to being faster, cryptocurrency transactions are cheaper too. That may sound too good to be true but it really is, and by avoiding the high fees of traditional payment options you’ll get to keep more of whatever pots you win.
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Improved security and privacy
The blockchain technology of cryptocurrency offers better security due to the fact that it is decentralized and all transactions are encrypted. It also ensures that you’ll have greater privacy as you won’t need to share your personal and bank details for payments – just your crypto wallet address.
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Global accessibility
Many countries around the world have various restrictions when it comes to gambling online – making it difficult for players to make deposits or withdrawals. The use of cryptocurrencies will let you sidestep that issue for the most part.
Sometimes there may be other restrictions and blocks, however casinos like Vavada often have solutions to them. In its case it has mirror sites that can be used, or a mobile app that is designed to bypass attempts to block it.
All these advantages give casinos and online betting platforms that use cryptocurrencies a significant edge over those that don’t. It will allow them to attract more players, making it practically catnip to them.
Challenges of Crypto Gambling
Although crypto gambling has a lot going for it, there are a few challenges standing in its way that will undoubtedly affect whether or not it is truly the future of online betting. The most notable issues that it will have to overcome are:
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Uncertain future regulations
Crypto casinos and betting platforms currently operate in a sort of ‘gray area’ where they are unrestricted by regulations. However, cryptocurrencies are already starting to face regulatory pressure in many countries – and it is likely that crypto gambling will follow suit.
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Difficulty getting started
Lots of people are still unfamiliar with cryptocurrencies and find it difficult to get started. Although it is easier now than ever before, it will still take time for you to familiarize yourself with the process of setting up a wallet, buying coins, signing up to exchanges, and making transfers.
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Constant volatility
As you’re probably aware, cryptocurrencies are nothing if not volatile and their price can shift dramatically from one day to the next. Imagine if the market crashes and the thousands of dollars’ worth of bitcoin in your crypto casino balance were worth half what it used to be.
It is possible to mitigate this risk by staying current on price fluctuations and not keeping a large balance to begin with – but even these measures aren’t foolproof.
Right now crypto gambling is growing well despite these challenges – but whether or not it continues to do so will depend on how things progress.
“So is it the Future?”
To put it simply, as things stand crypto gambling certainly seems on track to play a massive role in the future of online betting. It isn’t exactly a done deal, but unless the challenges we talked about seriously trip it up – it should get there as more and more platforms begin to support and utilize cryptocurrencies.
On top of that, the use of blockchain technology by casinos and online gambling platforms doesn’t stop with cryptocurrencies alone. Some platforms are integrating it into the games they offer to provide greater transparency, prevent manipulation, and increase trust. In short, crypto gambling can be just the first step of the future that blockchain tech will shape.
