The last couple of years were revolutionizing for the gambling scene. One of the biggest developments was the implementation of cryptocurrencies. Digital coins play a major role in financial operations on websites. But what is very important to admit – USA crypto casino industry is paving the way for a new era of online gambling that is decentralized, transparent, and accessible to anyone globally. It is very important to dive into details of this topic and fully understand what makes digital coins so valuable for the industry.
Main Attractive Aspects of Crypto Gambling
Right from the start it is important to highlight that in the current state, cryptocurrencies operate in accordance with the government regulations, but outside financial institutions. People do not necessarily need to register an account on some exchanger, if they want to make a deposit. It can be done even with a hardware wallet. But it is important to admit that it all depends on a specific website, as in some cases, anonymous transactions may be forbidden.
Traditional online casinos are heavily regulated and often prevent users in certain areas from accessing their platforms. Crypto casinos exist on the blockchain, meaning they can offer services to anyone with an internet connection while remaining provably fair. Transactions on the blockchain are immutable and transparent, allowing players to verify game outcomes were not tampered with. There are a lot of different benefits people are getting from the usage of digital coins:
- Micro betting. Crypto casinos enable micro-betting with extremely low minimums that were never before possible. Some dice games with digital coins have bets as low as 0.00000001 BTC. This opens up online gambling to parts of the world where people do not have access to traditional financial services or large amounts of capital. Anyone can get started on a crypto casino with just a small fraction of popular digital coins like BTC, ETH, LTC or USDT.
- Privacy. Anonymity is another key feature of crypto casinos. Users do not have to provide personal information or verify their identities like they would for a standard online casino. Bets are placed using a public address on the blockchain, then being tied to an individual. This brings back some of the privacy and seclusion that attracted people to underground gambling decades ago. Of course, anonymity also attracts some negative elements, so players need to exercise caution when choosing reputable platforms.
- Security. The decentralized nature of crypto casinos allows them to offer better odds and larger payout percentages to players. Traditional online casinos have substantial overhead costs like licensing, regulation, banking fees, and fraud prevention. Crypto casinos avoid these costs and can focus on providing the best experience for their users. They have the flexibility to change odds on games dynamically while still ensuring payouts are honored thanks to smart contracts on the blockchain.
- New technological enhancements. Smart contracts enable a host of other new betting mechanisms as well. Real-time skill-based betting allows players to wager on their performance in games like Fortnite and League of Legends. Social betting lets users place bets within their social circles, rather than against the house. Platforms like EOSBet even support decentralized casinos where the games run on smart contracts rather than centralized servers.
There are some downsides and risks to crypto casinos that need to be considered as well. The industry is still very young and lacks regulation. Some platforms have already had issues with security breaches and exit scams. Users need to do their due diligence when choosing a casino and practice safe account management to avoid losing funds. The high volatility of cryptocurrency also means the value of winnings and holdings can fluctuate rapidly.
How Future Proved This Technology Is?
Looking ahead, crypto casinos will continue to grow in popularity and begin disrupting the massive global gambling industry. According to some estimates, over 22% of all transactions on the BTC network are currently gambling related. As cryptocurrency becomes more mainstream, that percentage will likely grow. Such institutions can leverage blockchain technology to provide benefits and betting options that legacy platforms simply cannot match.
While responsible gambling advocates warn about the risks of any form of gambling, especially anonymized accounts and high accessibility, crypto casinos seem poised to open up betting to whole new demographics and locations. Companies will race to innovate on blockchain-based betting mechanisms for both traditional casino games as well as wagers on video games, events and more. Regulation will lag behind these advancements. Ultimately gambling platforms that support digital assets are destined to fundamentally transform online gambling in the coming years by empowering the individual and bringing the experience back to its roots.
Besides, cryptocurrencies do not have regional or platform restrictions. Even people who travel from one country to another will have no issues with the usage of digital currencies for gambling. In fact, it is possible to make operations faster than in the case of most banking or e-wallets solutions.
