Cryptocurrencies have slowly permeated into our lives and their presence can be felt like never before. Over the past several years, the adoption of cryptocurrencies as an alternate method of payment has gained prominence. Further, the introduction of blockchain technology has added an extra level of protection and transparency to each transaction.
Consequently, cryptocurrencies such as Bitcoin, Dash, Dogecoin, Ethereum, and Litecoin have become increasingly popular among internet-savvy shoppers and vendors around the globe. With leading global giants such as Amazon, Wal-Mart, eBay, Expedia, Microsoft, Apple and even Starbucks endorsing them, it was only a matter of time before cryptocurrencies emerged as an alternative mode of payment.
Cryptocurrencies and gambling – unmatched synergies are driving rapid acceptance
One of the industries that has been able to connect deeply to cryptocurrencies and blockchain technology is gambling. Using cryptocurrencies for gambling has emerged as a widely popular solution, leading to numerous casinos offering crypto deposits, including Jackpot City and Royal Vegas.
The use of cryptocurrencies as the main payment system or as an alternative to fiat currency in gambling is finding increasing acceptance. For instance, Malta, a country known as a pioneer in the gambling industry, had long planned to legalize the use of cryptocurrencies such as Bitcoin at online casinos.
Officials of Malta Gaming Authority believe that blockchain technologies and cryptocurrencies are among the emerging innovations and the opportunities they present need to be carefully assessed. Such support comes with good reason. Cryptocurrencies offer many advantages to both the casinos and the player, including better security, faster withdrawal processes, and decreased operating costs that can be passed on to the customer. With cryptocurrencies, a gambler can gamble anonymously and do away with the need to hand over documents or create an online account.
Furthermore, smaller fees and almost-instant deposit times have made cryptocurrencies ideal for gambling, depending on the platform. This has removed entry barriers and provided access to new players who can do away with regulations that apply to the fiat-only markets. Thus, it’s only natural that the casinos would eventually offer crypto deposits.
Bitcoin the most popular cryptocurrency
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The Bitcoin is considered the gold standard in the crypto world and is currently the most popular cryptocurrency in the market, given it potentially-28 million users and an ever-growing community. Its popularity is only increasing, despite market scares in early 2018. Bitcoin was the first cryptocurrency to gain terrain at online gambling platforms and soon more casinos started adding it as a payment method available on their sites. A new trend has been the proliferation of Bitcoin casinos, specialized casinos that operate only on this cryptocurrency.
However, other cryptocurrencies are also gaining prominence. Ethereum has emerged as the silver standard and is gaining steam. Lower transaction fees, faster processing of cashouts, and a high-speed network are some of the reasons for Ethereum’s increasing popularity. Other cryptocurrencies that are catching up fast are Litecoin, Ripple, Monero, Dogecoin, ERC20, Edgeless, and HEROcoin.
Bitcoin may have pioneered the cryptocurrency trend in the gambling market. However, other coins and blockchain projects are offering competition and expanding the market. We are still early in this revolution and cryptocurrencies will possibly change the face of gambling and increase access to this market.
The post The gambling industry leapfrogs to the next level with “crypto casinos” appeared first on AMBCrypto.
Source: AMBcrypto
Original Post: The gambling industry leapfrogs to the next level with “crypto casinos”
