Cryptocurrencies have experienced unprecedented growth over the last decade, with almost 18 million Bitcoin in circulation. Cryptocurrencies use the blockchain public ledger technology, which can be applied in different payment systems to facilitate transactions. Due to its versatility of application and decentralized nature, cryptocurrencies are often been labeled as “digital gold.”
Cryptocurrencies are emerging as a viable alternative to fiat or traditional currencies due to obvious advantages like no third-party required to authenticate transactions. Traditional transactions often become complex as they include third-party involvement. This not only adds to the costs involved in the process but also causes substantial delays. Delays occur due to lengthy paperwork, commission fees, and other conditions while transactions through cryptocurrencies take place directly between individuals, on a blockchain-based peer-to-peer networking structure. This adds clarity, increases accountability, and audit trails can be easily established owing to one-to-one transactions.
Transactions are not only smoother but also remain confidential as they have a certain degree of anonymity, unlike the conventional modes like cash or credit systems. Cryptocurrency transactions are unique, and the terms and conditions may be changed for different transactions. The information is exchanged on a “push” basis, whereby you can transmit exactly what you wish to send to the recipient. This feature helps in maintaining the privacy of financial history, as information is guarded, and identity cannot be easily exposed.
Contrary to popular belief, transaction fees charged in cryptocurrency transactions are quite low and mostly, they do not even apply. Cryptocurrencies cannot be used as legal tender, but they can be used for cross border or transnational transfers. They are not affected by interest or exchange rates, transaction charges, or currency fluctuations of a country. Cryptocurrencies are highly versatile as they can be created for specific purposes.
The security of crypto transactions is quite high and robust, as they cannot be reversed once authorized. Credit or debit card transactions usually have a ‘charge-back’ transaction option, which is allowed as a cushion against any fraud or mistake made by the buyer or seller. Although refunds are not possible in case of crypto transactions, they are strongly encrypted on the distributed ledger, which provides the necessary protection against tampering or fraud.
Impact of Cryptocurrencies
Bitcoin, which is to date the most popular and valued cryptocurrency, was launched a decade back in 2009. Initially, the mainstream population was very skeptical about the whole concept of cryptocurrencies. But now, cryptos have evolved as a preferred payment option across different segments of e-commerce, financial transactions, beauty, travel, aviation, casinos, food industries, and gaming, especially online gambling like Bitcoin Games, Bitcoin Casino, Bitcoin Slots etc. Cryptocurrencies have revolutionized the online gambling industry because of its advantages like anonymous transactions, autonomy, and decentralized use of money, as the government cannot keep track of such transactions. Being out of government reach, gamers can now resort to various kinds of gambling and betting, both online and in casinos.
Besides anonymity, cryptocurrencies can have a positive effect on the global economy due to some other benefits like, they are open source, and the source code is known to everyone. As they help in quick peer-to-peer transactions at low cost, they can also promote financial integration on a large scale. They can provide extra protection to transfer, exchange and other operations as all of these require consensus among all nodes in the network. Lack of intermediaries, the potential for global scalability, and high scope for growth have contributed to their growing acceptance and adaptability across various sectors.
Cryptocurrency and Gambling
Cryptocurrencies are being preferred over conventional payment methods as they offer lucrative discounts like deposit bonuses, promo codes, and almost zero processing fees. Casinos and online gambling segments have not only adopted blockchain but also cryptocurrencies to conduct operations, and they enjoy a symbiotic relationship. Just like cryptocurrencies have been adopted widely due to privacy, security, and other factors, similarly, the gambling industry has also played a key role in promoting and popularizing cryptocurrencies. Cryptocurrencies have worked very well for the gambling industry because of the perception associated with gambling; it has always been viewed as evil or destructive sport, and activities related to it have been placed under strict regulation of the government. This had imposed geographical and other restrictions on online gambling platforms. In many countries, gambling has been declared “illegal” and citizens are left with no choice but to follow the prohibitions.
With online gambling, the geographical barriers have been overcome; with cryptocurrencies, its popularity has risen tremendously. Cryptocurrencies are a preferred payment option as they eliminate the need for payment processors, banking channels, or any other third party. Crypto transactions are settled and managed over the shared crypto blockchain network; transactions do not need personal or banking information from users and deposits are made almost instantaneously.
As online gambling has no geographical limits, gamers have more options to choose from. In most cases, these platforms require minimal or no KYC, which fastens onboarding. Moreover, withdrawals are processed within 24–48 hours, and the user gets the funds in his wallet.
Owing to the intrinsic relationship between cryptocurrencies and online gambling, several online gambling platforms have been mushrooming. These online platforms usher an exciting, hassle-free and secure gambling experience with a variety of options to choose from options like Bitcoin Dice, Plinko Online, slots, dice games, Power mint Bitcoin, Lottery Jacket pyramid, etc. However, gamers need to be extremely cautious while investing their money. They need to identify an efficient and trustworthy gambling platform among the myriad of online platforms available today. Prominent platforms, like Mintdice, with a track record of trust and credibility, help users make large profits while also keeping their money safe.