How Cryptocurrency is Changing the Online Gambling Industry

By: Jav Zeb Iqbal.
Last Updated: May 16, 2022.

Cryptocurrency is more popular than ever. As of 2022, more than 82 million people use at least one cryptocurrency regularly. The online gaming sector has taken note of this increased appetite.

Historically, gamblers were restricted to making deposits with bank transfers, debit and credit cards, or e-wallets.

Nowadays, you’ll find no shortage of online operators accepting deposits in the form of virtual currency.

Wagering with cryptocurrency has many unique benefits. It’s decentralized and free of regulation, while the best-performing cryptocurrencies can boost your winnings just by gaining value.

Interested in exploring a new way to wager? Read on for everything you need to know about betting with crypto assets and how to find the best online casinos Asia has to offer.

Note: Please be noted we do not encourage or support online gambling etc, and we don’t own such portals/websites, please follow your local laws and invest at your own risk. 

Online Gambling and Cryptocurrency

Although cryptocurrency has been around for many years, it’s only recently started to become utilized by the online gaming sector.

Nowadays, you’ll find many operators appearing to offer a crypto-first approach. These crypto casinos are sought after by players looking for decentralized platforms free of crippling regulation.

Meanwhile, they offer the ability to make deposits and withdrawals anonymously.

Crypto casinos are particularly popular in Asia, where local jurisdictions
place strict regulations on online gambling. In many Asian territories,
online casinos are prohibited outright. 

Because cryptocurrencies don’t fall under local regulation, players can circumnavigate country-specific laws, making online gaming a possibility.

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Major Benefits of Cryptocurrency Gambling Platforms

It’s not just anonymous transactions that make cryptocurrency casinos such an attractive prospect.

Blockchain technology is incredibly secure, making cryptocurrency the obvious choice for users looking for maximum protection when carrying out payments and withdrawals.

Provided players are regularly withdrawing funds to a digital wallet, accumulated crypto winnings are also a more robust alternative to the conventional currency.

While it’s true some cryptocurrencies have experienced a nosedive in recent years, most virtual currencies tend to accrue value.

Whether your cryptocurrency remains in your play account or has been transferred to a digital wallet, you can count on it being safe from external authorities.

The blockchain is decentralized, meaning your assets can’t be accessed or sanctioned by banks and governmental agencies.

If you’re looking for instantaneous transactions, cryptocurrency is the way to go. Before now, the only payment methods that offered near-instant transactions were e-wallets.

However, the blockchain means any cryptocurrency can be transferred
from your digital wallet to a play account in moments. The same is
true for withdrawals.

If you’ve had enough waiting days, if not weeks, for winnings to transfer from your casino account to your e-wallet, now’s the time to make the switch to betting with crypto.

Finally, depositing and withdrawing with crypto assets rarely incurs a fee. Because you’re not dealing with banks and third-party financial institutions, there are no processing or administration costs to worry about.

The Currency of the Future

If you’re not already using cryptocurrency to play online, now’s the time to change your wagering habits. When it comes to moving money around online, nothing beats the blockchain in terms of security.

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Furthermore, it’s incredibly cost-effective, with no hidden fees and operating costs putting a dent in your winnings.

Although cryptocurrency casinos are still in the minority, you can expect this to change in the years ahead. The growing demand for crypto casino platforms in Asia is just a taste of things to come.

Even elsewhere in the world where regulation is less restrictive, the benefits of cryptocurrency will likely see it supplant conventional payment methods as the standard.

Note: Please be noted we do not encourage or support online gambling etc, and we don’t own such portals/websites, please follow your local laws and invest at your own risk. 

 

Author’s Bio

Jav Zeb is a young and spirited British author with expertise in tutorial writing and product reviewing. She has completed AAT from the London School of Business and Finance, Birmingham. Interests: Drawing, Painting, Blog Writing, Interior Decor, and Reading. Living in: Erdington, Birmingham, West Midlands, UK. You may reach her at [email protected].

 

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Last Updated By on May 1st, 2022 in Tutorials

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