One of the biggest new and emerging technologies today is cryptocurrency. It is disrupting many industries and changing the face of the digital world in ways we couldn’t have imagined even a decade ago.
One of the sectors which has most readily adopted the new technology is the betting and casino industries—but it is really the future of gambling? There are many reasons we think it is, and many interesting points to consider when looking at the future of gambling through the crypto lens.
Today, we’re going to look at a few of the main reasons we think that online crypto casinos are going to be the future of gambling.
We are all, today, more concerned than ever about our privacy in the online world. It seems more common than ever that businesses are hacked and personal information leaked. Around 1,200 major data breaches occur in a single year, and anywhere from 30-40% of businesses report cyber attacks in a year.
With traditional casinos, you need to offer up a great deal of private information in order to access services. From your personal details for verification, to your financial details to make payments.
Crypto casinos do away with all of that. To make use of cryptocurrencies, all you need is a wallet—which doesn’t require any sensitive personal information to set up.
Unless traditional casinos can find a way to achieve this same level of privacy without compromising their services, then it seems that we are bound to head towards a future in crypto casinos.
Speed and efficiency
Everything is getting faster and faster in the online world, too. But nothing is speeding up as exponentially as cryptocurrency use. Though you might be surprised to hear it, traditional banking and deposit methods are actually, on average, far slower than crypto currency and blockchain transactions.
The average blockchain transaction using cryptocurrency is completed in 1-2 minutes. Sometimes, deposits and withdrawals on ordinary online casinos can take days and even weeks.
There is no middle man when it comes to crypto casinos. There is no need to deal with a bank to move your funds around—it can all be done with your own wallet. This, naturally, makes everything a lot faster.
It also reduces the transaction fees, too.
Again, if traditional online casinos cannot find a way to achieve similar speeds, then they are bound to get left behind.
Transparency and fairness
But perhaps one of the biggest advantages to crypto casinos is going to be the fairness and transparency they bring for the customers. Since casinos are businesses, we all appreciate and accept that they need to have an edge over the players.
Generally, that edge is around 5-10%. This is pretty huge, when you really think about it. It isn’t so much that you have no chance of winning anything, but it’s also large enough to mean you stand a good chance of losing a lot first.
Crypto casinos have to be transparent, because of their presence on the blockchain. Everything they do, more or less, is publicly viewable on the blockchain. As a result, crypto casinos have an edge of around 0.3-0.5%. The difference is huge, and has massive implications for players.
So, crypto casinos have a lot of clear advantages. More importantly, though, it’s difficult to see how traditional casinos can match these bonuses without adopting cryptocurrency themselves. As more and more of us become aware of these advantages, it seems plain to see that casinos will have to change with the times or get left behind.