Online gambling has been on the rise for several years now, allowing millions of people worldwide to play casino games from the comfort of their own homes. However, with the emergence of cryptocurrency, the online gambling industry has taken a new turn toward the future.
Crypto casinos are quickly gaining popularity and paving the way for online gambling to move forward. You can find a horde of new casinos, many of them accepting cryptocurrencies for payments and payouts, or operating exclusively through cryptocurrencies. In this article, we will explore how crypto gambling shows great promise, what are the reasons behind this, and how it is changing the online gambling industry.
The Things that Set Crypto Gambling Apart
This is where we enter the conversation concerning the main thing that sets the potential of a certain industry—the value it provides to the user. The booming online gambling industry is no different in this aspect. And as we’ll discuss soon, crypto casinos offer higher value in some ways in comparison to their fiat counterparts.
Let’s look at the key things that set a crypto casino apart from a regular online casino operating in fiat currencies. These are the things that only crypto casinos have in store, the advantages that provide the user with extra value.
Anonymous and Secure Transactions
Crypto transactions in general are anonymous. So there is no reason to worry about personal information being compromised. This makes crypto casinos more attractive to many. Online casinos working with fiat currency would need sensitive personal information like address and bank details when creating an account or when transacting.
Crypto transactions, on the other hand, are easy to initiate without the need to verify personal details, so they only require a valid email address and a valid crypto wallet to get started.
Faster and Cheaper Transactions
Transactions in fiat currency casinos can take a long time. Even though online banking promises faster transactions, it still takes time to be processed and verified. But crypto transactions are instantaneous. The transactions are also cheaper, as there are no fees involved in deposits or withdrawals.
Also, since there are no third parties involved (e.g., governments, or banks), you can deposit and withdraw without any restrictions, regardless of your location or the amount of money involved.
More Accessible
There are many challenges that gambling operators face in their constant battle to expand and reach more people. The main challenge is the currency. If a casino brand wants to expand its operations in another country through another currency, they need to create and maintain a separate platform. A crypto casino is above this challenge as customers transact through their crypto wallets, regardless of what currency they carry in their pockets.
Also, in places where gambling is illegal, the only choice punters have is crypto gambling, which allows them to gamble without breaking the law and does so with complete anonymity.
Provably Fair Games: the Gamechanger
Provably Fair Games is a relatively new concept that looks to be revolutionizing the world of online gambling. It refers to casino games that are designed to be transparent and fair to players. This is achieved through the use of crypto algorithms that ensure the outcome of each game is random and cannot be manipulated by the casino.
The provably fair algorithm typically works by using a combination of a client seed, a server seed, and a random number generator (RNG). The client seed refers to the player’s choice, and the server seed is the algorithm of the casino game. The RNG then generates a random number to be combined with the two seeds to determine the outcome of the game. Once the game is over, the casino provides the player with a unique hash function that can be used to verify the randomness of the outcome of the game.
The concept of provably fair games was introduced in the early days of Bitcoin, and since then, many fiat casinos have tried to implement this algorithm as a way to ensure their trust and credibility in the eyes of the public. But the fact that the data of games played at crypto casinos as well as the transactions are stored in blockchain means the fiat casinos cannot possibly reach the same level of reliability.
The Final Takeaway
There can be no doubt about the revolution that crypto casinos have brought to the gambling industry. The anonymity, security, speed, and accessibility they offer have set new standards for online casinos to meet. And the provably fair games introduced a new chapter to the history of this industry, redefining credibility and trust. With their advantages over traditional online casinos, crypto casinos will only grow in the future as more and more players begin to recognize the benefits offered to them.