New Age Gambling: The Future with Cryptocurrency
The online global gambling market is set to grow at a compounded annual growth rate of 8.77% in the run to 2024. Technology, including the proliferation of faster internet, smartphones, and artificial intelligence, will play a crucial part in this growth.
Cashless modes of payment in gaming, according to researchers, will also largely contribute to the growth. Just how will cryptocurrency play a role in all that?
Favorable regulation or not, the world is intent on matching to a new gambling future. Increasingly, cryptocurrencies are becoming the choicest way of gaming for many players.
Virtual currencies carry many benefits in the gambling world, from security to making gaming accessible in otherwise strict gambling regions of the world.
Anonymity is the most significant selling point of cryptocurrencies in online gaming. Apart from providing the address of your crypto wallet, there is no other information that you need to disclose.
Given the jumbled maze that online gaming is, with its staggering security risks, this anonymity could be what it takes for users to stay safe. Within the robust encryption of the Blockchain frameworks, there is utterly no chance that your payment information will leak.
When gaming with cryptocurrencies, withdrawals are also much faster than when using standard currencies. Transaction fees are also minimal, enabling gamers to enjoy betting regardless of the regulations in their countries.
By facilitating safe, faster and anonymous transactions along with unrestricted access to a global base of casinos, cryptocurrencies can bring back the appeal and excitement of online gambling.
Its many benefits notwithstanding, many challenges will need to be overcome by gaming operators that wish to leverage the cryptocurrency technology. One of these challenges includes the legality of cryptocurrencies in different legal jurisdictions across the globe.
So while cryptocurrencies facilitate safe betting from countries that have not legalized gambling, their validity remains uncertain in many countries.
Gamers and gambling operators would similarly have to be extra vigilant on the volatility of these currencies. Note again that since the introduction in 2009, Bitcoin, the pioneer cryptocurrency, has been associated with the fraud.
In the secrecy of the Ethereum-based money, there are risks of fraudulent activities from money laundering to hacking and Ransomware.
If gamers want cryptocurrencies, then casinos should accept them. Business as always often comes down to providing what customers want. Currently, online gaming guides like casinobetting.live show a languid response to the cryptocurrency technology by gaming sites.
If, in the future, more gamers demand cryptocurrencies as a payment method, online casino operators shall have to comply.
Some online casino platforms have already adopted cryptocurrencies, such as Bitcoin. These first adopters have a few words of wisdom for other gaming operators.
Success with using the cryptocurrency on an online casino platform depends on the operator establishing a good relationship with customers and the crypto provider. Casino platforms that provide a hybrid mix of fiat currencies and cryptocurrencies achieve the most seamless experience for gamers.
On the other hand, some online betting sites are moving their entire structure on the Blockchain, taking decentralization a notch higher.
At first, the US was on the lead with the adoption of cryptocurrencies in the gaming world. The influence of Bitcoin in gambling has since spread to the rest of the world. At the moment, 10 % of gambling sites accept cryptocurrency for various games
Even though a majority of casinos will still use fiat currency in the future, the benefits of cryptocurrencies could see increased adoption of the payment technology. Right now, the gambling industry must first find ways of addressing security and legal challenges to fuel growth.
Governments can play their role by creating not only gambling but also crypto-friendly regulations.
Gambling with all its negative connotations remains a key revenue driver in many governments across the world. It, therefore, follows that by creating a friendly environment for the gambling and crypto industries, the taxman can benefit more.
With the accountability enabled on the Blockchain, it is easier to track down transactions, hold operators to account, and make gaming trustworthy and transparent for participants.
For most businesses, the adoption of Blockchain technology is not a matter of if but when. At the moment, however, the gaming industry must move at a pace that keeps with market conditions and changing regulations and user behaviors.
For players that seek to experience the conveniences of cryptocurrencies in betting, due diligence must be done to find the right gaming providers. Players must keenly consider the challenges as earlier described.
Your search for betting operators should involve investigating their license status, security protections, user reviews, and whether they support multiple cryptocurrencies. No doubt, you will also have to go for a provider that offers the best and biggest bonuses and favorable deposit and withdrawal fees.
Cryptocurrency in gaming is a double-edged sword. It could be what gets the online gaming industry to the projected worth of $90 billion by 2024, or what makes gambling shadier and denies countries billions of revenue annually.
