How Cryptocurrencies Changed the Betting Industry and Made Anonymous Betting Possible
PlayPlayNews fun_master 18 Dec , 2020 0
There are dozens of crypto casino sites online. If you want to get some action using your Bitcoin or Ether, there’s someone out there willing to take your deposit.
With Bitcoin seeing record all-time highs, breaking through the 2017 level, crypto is on everyone’s mind again. In just three years, Bitcoin saw its price fall from a $20,000 high to just over $3,000, only to experience the biggest rebound in financial history in late 2020.
However, things are different this time around. With institutional interest growing in Bitcoin and cryptos in general, it seems we’re heading into a new monetary system in the digital age. With the Great Reset well underway, financial markets are struggling.
Speak to some “experts,” and they’ll tell you the dollar is doomed, and we all need to start getting involved with crypto.
With crypto set to change the way we see money, the recent ramp in Bitcoin shows us that there’s plenty of interest in crypto. It’s becoming more of a medium of exchange, with retail adoption growing thanks to the inclusion of crypto purchases on the PayPal platform.
So, how has crypto changed the world? It’s already an alternative payment system, and it circumvents many of the bottlenecks in the traditional fiat system.
Leading merchants already accept crypto, and it continues to grow a retail presence, with BTC ATMs opening across the world.
So, how has cryptocurrency changed online gaming? This post examines the impact of crypto on the industry.
When Did the Gaming Industry Start Accepting Crypto?
Bitcoin was an obscure technology developed in 2009 by “Satoshi Nakamoto,” a pseudonym used by its inventor. Today, no-one knows the true identity of the father of Bitcoin, with industry titans like John McAfee claiming they know the identity of the mysterious Nakamoto.
However, Bitcoin when mostly unnoticed until 2012 and the start of the first Bitcoin bubble that ended with the hack of Mt. Gox. Around 2015, online casinos started accepting Bitcoin for deposits and withdrawals. Many online vendors started adding it as a payment method to their cashier section.
However, more crypto-only casinos started appearing, and some started specializing in the types of crypto accepted for deposits and withdrawals. Today, you can find casinos accepting BTC, ETH, XRP, and numerous other coins for deposits and withdrawals.
Some casinos choose to specialize in one specific coin, and you can find casinos that deal solely in BTC, ETH, XRP, and others.
How Did Crypto Change the Betting Industry?
Crypto changed the online betting community. Instead of using dollars or euros to fund accounts, customers could use the new generation of money to fund their gameplay.
Some of the ways crypto revolutionized the gaming sector involve the following.
#1 Fast Deposits and Withdrawals
Traditional credit card deposits are the fastest way of funding your account online. The Visa and MasterCard system process around 1,700 transactions per minute, making them the world’s quickest payment network.
However, there are snags involved with using your card as a payment method. Apart from the obvious privacy problems, you must deal with the IURS and your bank freezing withdrawals or handing over your KYC information to casinos.
Cryptocurrencies don’t have any regulatory authorities monitoring or controlling transactions. Everything occurs on the blockchain with a transparent ledger. You can find no account casinos in USA accepting Bitcoin for deposits without sending them your KYC information.
#2 Smart Contracts
Ethereum is a new-generation cryptocurrency designed by Vitalik Buterin. ETH differs from Bitcoin in its “smart contract” functionality. Every ETH coin acts as a smart contract, where the developer can encode the contract’s purpose, eliminating the need for third parties in the transaction.
For instance, if you win at a traditional casino, you need to go to the cashier and cash out your winnings. However, with ETH, the developer writes the function into the contract. Therefore, when you win, the coins go directly into your wallet without a third party processing the transaction.
With cryptocurrency casinos, there’s no need ever to register your KYC information with the casino. You can remain entirely anonymous during your transactions. However, you’ll have to leave your information with the casino when opening an account.
There’s no need to use your credit card with a crypto casino, so you’re not putting that information at risk. Since Bitcoin and most crypto is unhackable, there’s less chance of criminals getting hold of your transaction data.
#4 Security and Privacy
Crypto offers you more security online. If you use the right wallet for your storage needs, you have a low risk of losing your money to fraudsters or hackers.
#5 Tax Avoidance
No central bank regulates the cryptocurrency market. Therefore, there is no central taxation on any crypto coins. Therefore, if you never convert your crypto into fiat, you don’t have to worry about the government ever finding your crypto holdings.