Cryptocurrency, an alternate digital currency offers users the opportunity to trade goods and services internationally with no international transaction fees. Cryptocurrency is the backbone of online gambling, which has flourished due to its anonymity; when compared to fiat money such as regular currency (dollars, euros, pounds), cryptocurrencies can easily be transferred without a trace. Gamblers love anonymity and the last thing they want on their monthly bank statement is a transaction with an online casino. With the rise of Bitcoin (BTC) and other altcoins, online casinos are thriving, and gambling is easier than ever before. Cryptocurrency can be exchanged for BTC or altcoins with ease, giving users almost instant access to their casino funds. Cryptocurrency plays into the anonymity of online gambling; when one buys BTC from an exchange platform such as Coinbase, they can then utilize the coins to gamble at one of many online casinos. This phenomenon has given rise to a new form of betting called “crypto-gambling”, where gamblers can use BTC in place of traditional casino chips. Some online casinos offer incentives such as reduced house edge percentages for using cryptocurrency.
Gambling Dapps are booming in popularity. Dapps are applications built on the blockchain, a distributed ledger which is stored on a network of computers and spread across the world, and therefore has no central point of failure. “Dapps”, or “decentralized applications”, are designed to run without a central party, such as an online casino website. Blockchain technology is what makes the existence of online gambling possible; it puts trust in the hands of people, rather than corporations that have a vested interest in keeping customer funds safe. Dapps offer transparency, security and anonymity that online casinos simply cannot offer (unless they utilized blockchain technology too). Gambling dapps & decentralized casinos are decentralized platforms that run on the blockchain, allowing users to anonymously place bets. This eliminates the need for a middleman such as an online casino or sportsbook which would handle the funds. One popular decentralized casino is FunFair, which touts itself as the “future of online gambling” and has gained popularity due to being a blockchain-based platform.
Cryptocurrency is at its highest point in history, and gambling with cryptocurrency is being embraced by more people than ever before; its popularity can only be expected to increase. Upcoming technologies such as blockchain will revolutionize the way we gamble and transact money, while also ensuring the security of funds that have previously been at risk.
Decentralized apps like these will help make cryptocurrency and gambling go hand-in-hand.
Gamblers want to have fun, as well as win some extra cash. When you look at the gambling industry over the past few years, you will see a huge shift from land-based casinos to online casinos. The future of the online world is going to be decentralized, and this is what excites many people in the gambling industry.
Decentralized apps will help focus on cryptocurrency integration. There are a few different ways that cryptocurrency implementation could happen. One of these ways is through online casinos. Online casinos are already well established and accepted by the public, so it would be very easy to integrate cryptocurrency into them. Cryptocurrency allows for anonymity when gambling. In a land-based casino, you have to provide ID when cashing out your winnings.
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