While first online casinos were launched around the mid-90s, the majority of the gambling enthusiasts preferred visiting brick-and-mortar casinos and physical bookmaking shops well up to 2002. However, thereafter the gambling industry witnessed tremendous changes, starting with a boom in online casinos. That was followed by the mobile age, and in the present times, this industry is being heavily disrupted by cryptocurrencies.
Considering the constantly evolving digital age that we live in, the emergence and popularity of cryptocurrencies have been at an understandably quicker pace.
Today blockchain technology has entered into every mainstream business and is well on its way to completely change the world. The way the Internet has penetrated into almost every household globally has also enabled cryptocurrencies to emerge as amongst the most convenient payment methods at online gambling and sports betting portals. It won’t be wrong to state that online gambling is well on its way into a golden era, boosted by cryptocurrencies. Let’s learn why.
Highly convenient mode of payment
Acceptance of cryptocurrencies at online gambling platforms, such as the ones listed here at this Online Casino NZ review site, has come as a breath of fresh air for the gambling enthusiasts. They no longer need to depend upon conventional banking services which often take a lot of time and are also full of hassles. Cryptocurrencies like bitcoin provide gamblers a highly secure and quicker mode of payment, which doesn’t involve any hefty processing fees.
As there are no middlemen involved in cryptocurrencies, all transactions are done directly between the gambling platform and the gambler. It’s you who has complete control over your digital assets, and you can withdraw your currency almost instantly whenever needed.
Counted amongst the biggest benefits of cryptocurrencies in gambling, user anonymity is completely missing in the traditional payment/withdrawal mediums. For instance, whenever you hand over a cheque to someone, the person gets every single detail related to your account, including the number, address, name, etc. In the same way, making a payment through a web wallet also makes your details accessible. However, when it comes to cryptocurrencies, the receiving party gets only your wallet ID, which essentially is a string of numbers that can never be traced back to you. Hence, cryptocurrencies work very well for people staying in regions where gambling is restricted.
Cryptocurrencies are based on blockchain technology which is extremely secure, owing to the inherent attributes related to immutability. Everything happens in a completely transparent environment that cannot be manipulated. These type of currencies are essentially encrypted digital assets which can’t be hacked or copied as the transactions are simultaneously verified by all the participants. The blockchain security protocol is such that the transactions cannot be interrupted, making it impossible for someone to steal funds.
Lower operating costs
It’s not without a reason that the conventional gambling establishments now get no more than 15% of the gambling business across the world. The emergence and popularity of online casinos has been nothing short of phenomenal. One of the major reasons for this is also because the operating costs associated with the online platforms are much lower compared to the traditional physical setups.