Year after year, the online gambling industry continues to thrive. Convenience plays a major role in the industry’s popularity, as players want to assess games seamlessly from anywhere. That also includes being able to fund their gaming accounts with ease.
For most online gambling platforms, traditional payment methods like cards and bank transfers continue to dominate. However, many others are adopting cryptocurrencies. A good example is Reelcrypto Casino, where players can make transactions using a range of cryptocurrencies.
The adoption of cryptocurrencies in online gambling is slowly changing the landscape due to its many advantages. However, some drawbacks still hinder more gambling sites from welcoming digital coins.
Why Cryptocurrency Are Gaining More Traction in the Online Gambling Space
In many ways, cryptocurrencies capitalize on the downsides of fiat payment options. This mainly has to do with speed, restrictions, and security. You also can’t leave out transaction fees.
● Speed
Consider bank transfers, for example. If you visit an online casino and select the option to withdraw, it’ll take multiple business days to receive credit. Meanwhile, most crypto transactions are nearly instant, while others take a few hours.
● Restrictions
Countries use different currencies, meaning fiat payment methods are hardly universal. So, a gambling site may feature payment options that some players can’t use due to their residence. Notably, this can apply to bank cards, transfers, and eWallets.
On the other hand, cryptocurrencies know no borders. The value of Bitcoin, for example, is the same thing worldwide. As a result, online gamblers from any country can use these digital coins conveniently.
● Security
Regarding security, the discussion revolves around anonymity. You must enter sensitive details when making payments on a gambling site with your bank card. So, should the platform suffer any breach, you’re at a huge risk of data theft.
Conversely, crypto transactions on gambling sites only demand your wallet address. The address is essentially a string of characters that reveals nothing about your crypto wallet. In addition, cryptocurrencies run on the blockchain, which is almost “unhackable.”
● Fees
Traditional financial institutions always collect fees for online payments. The gambling site may also have native charges, like when converting currencies. Ultimately, you end up spending two to five % of the transaction amount, or even higher, as fees.
Cryptocurrencies work with lower fees or, sometimes, none at all. You’ll mostly find payment services and exchanges on gambling sites. However, these third-party providers still charge low fees, usually 0.5 to 1%.
Challenges of Crypto in Online Gambling
The benefits are noteworthy, but cryptocurrencies have yet to become regular in online gambling. Among the main challenges behind this are the mixed regulations around the world.
Also, there’s the issue of complexity. Cryptocurrency dealings are relatively more technical than fiat, meaning newbies may find it difficult to use. Of course, volatility is also a concern.
More challenges exist, but the above are the most significant. If the cryptocurrency industry can decimate the drawbacks, digital coins will be widely adopted in online gambling. Nevertheless, gambling sites that welcome crypto will continue offering more seamless payments, reshaping how players transact.
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Source: https://www.livebitcoinnews.com/how-cryptocurrencies-are-reshaping-online-gambling/