Cryptocurrencies have grown to become a major talking point in financial and tech circles. The number of different cryptocurrencies on the market has grown considerably over the last ten years and now there are even trendy, half-joking cryptos like Dogecoin available for the intrepid crypto investor.
Increasingly, more and more online gaming and gambling platforms have begun to innovate and expand the currencies that they offer for transactions, including cryptocurrencies. However, some critics have questioned whether or not cryptos should be used on online gaming platforms and whether institutions should slow the integration of cryptos into our daily lives.
The rise of online gambling
Over the course of the last ten years, online gambling has exploded in popularity and market researchers believe that the exponential growth of online casinos and mobile gambling apps will continue to expand in the future. Many online casinos have quickly adapted to the new interest in cryptos shown by the market and they offer crypto deposit and withdrawal options for gamblers.
There are now numerous online casinos offering a variety of bonuses, game selections, and seasonal promotions. BonusSeeker.com collects the information every prospective gambler wants to know from online casinos – what kind of bonuses the casinos offer, their games, and registration offers – and presents the information on a state-by-state basis. BonusSeeker.com also helpfully highlights the best casinos and offers like the Funzpoints Casino’s bonus, for prospective gamblers.
Enhanced privacy offered by going crypto
One of the top benefits gamers and gamblers find in using crypto is the anonymity it affords. Crypto wallets and sums are not linked to a particular person’s identity, name, email address, or physical address. For some players who are trying to circumvent regional regulations which limit gaming or gambling, using crypto is a convenient way to remain anonymous. However, the privacy afforded by using cryptos is also ideal for individuals who prize their own security and view their privacy as a valuable, important aspect of their lives.
Cryptocurrencies and increased security
Along with anonymity, using cryptos can also enhance the security of players. Due to the blockchain, open ledger structure of most cryptocurrencies, they are virtually impossible to hack into or counterfeit. This makes them much more secure and safe from hackers trying to steal your card details or bank account information.
This is an especially attractive feature for people who are wary of the security of their financial data, and for people who have had their accounts hacked into in the past and are interested in preventing such attacks again. Using cryptos on an online gambling platform can also help to increase the trust between the gambler and the platform as the platform may be less wary of crypto users, and gamblers are able to play knowing that, even if their account is hacked, the hackers will not be able to manipulate or take any money.
Instantaneous transactions
Another key benefit of using crypto for online gaming and gambling is that users can enjoy instantaneous transactions. Typically, if you are interested in putting your money towards an online game, slot, or card game, you want to be able to start that activity as soon as possible, and not wait for bank transfers to clear, or to sit through processing delays.
By using crypto, you are removing a lot of the third-party involvement in a transaction and thereby speeding up the process. This is great for players who are looking for instant gratification, and it is also better for the developers and platform hosts. If a transaction goes through instantly, the purchaser will not be able to cancel the purchase and abandon it midway through processing.
The potential downsides to using cryptocurrencies
There are some critics who are concerned about the growing use of cryptos online, including on online gaming and gambling platforms. Experts have voiced concern about the fact that the anonymity and security afforded to crypto users means that there may not be effective regulatory oversight of the industry.
It also means that some players who live in regions or countries where gambling is restricted, will be able to circumvent the restrictions using crypto. Critics are also concerned about the possibility of the anonymity of cryptos being used for illegal activities, which cannot be traced.
Looking to the future
There are certainly a number of valid concerns that regulators and experts have about the widespread use of cryptocurrencies on online platforms. However, as these platforms continue to grow, innovate, and mature, it is likely that increased oversight and security will be able to mitigate some of these concerns.