How Cryptocurrency came to dominate online gambling sites: how bitcoin paved the path for online casino growth as players sought new features.
Over the last ten years, cryptocurrency has started to be utilized by online casinos. Online gamers soon found that being able to deposit and withdraw in Bitcoin, Ethereum and Ripple brought several advantages over conventional fiat currencies such as dollars, euros, and sterling.
This became prevalent as players were blocked or banned from making deposits or withdrawing from a casino ‘for their own safety’ by their banks, forcing them to utilize other payment platforms such as Skrill. Despite being grown adults, they didn’t spot the non-existent dangers of depositing or withdrawing from a licensed casino. Lucky their fiat currency banks blocked them from using these sites. Well, lucky for sites like BetRivers.net.
It isn’t just online casinos that have paved the way for cryptocurrency to be used as bitcoin sports betting is highly popular too.
So what other impacts have bitcoin had on online betting?
Safer Transactions
Cryptocurrencies run on blockchains and this proves to be a safe way to deposit and withdraw. Many players utilize hardware wallets to store cryptocurrency, and providing this doesn’t get stolen, then stealing from a crypto gambler is incredibly difficult. Crypto hacks tend to be on exchanges and nefarious types typically use the same nefarious methods to trick people out of their cash.
The fact is the blockchain is fast and safe, perfect if you want to play online gaming.
Lower Transaction Fees
It is very difficult to avoid transaction fees for online betting sites such as BetRivers.net. Banks and payment platforms tend to make charges for transacting with entities overseas. Although there are transaction fees to pay when using crypto they tend to be lower. Fees and online play soon add up so the more cost effective transaction costs are, the better.
Anonymity
The wallet transfer needed to make and withdraw cryptocurrency from an online casino requires no bank to be involved. Although the transaction will be visible on the blockchain server it will not have any other information other than the wallet addresses involved.
There is no such thing as anonymity online but there can be no argument that cryptocurrency provides a greater level of privacy than conventional payment systems. In an age where governments across the world want to control every aspect of your life, cryptocurrency may offer one of the only ways to make a payment without a large central body scrutinizing every move you make.
No Borders
The blockchain operates across borders and so if you live in a country where online gaming is illegal, you can still make a payment and play. And more importantly, make a withdrawal. Arguably, as a sovereign person, you should be able to make your own choice whether to make a bet or not, and it should not be down to a central political body to say that you can’t. As such, you can bypass restrictive and oppressive laws by using crypto.
Last Word About Crypto Play
It would be remiss not to mention that the value of crypto rises and falls dramatically, and this can impact your returns on a real-world basis. That said if you upload deposits when the market is bearish and withdraw and hold until the market is bullish, then you can use this to your advantage.
Good luck.
