Digitization has affected almost every area of our lives. Blockchain technology and cryptocurrencies like Bitcoin are affecting the online gaming world as well. The traditional payment methods are facing stiff competition since the gambling industry embraced cryptocurrency.
Bitcoin is making digital payments easier and more accessible, which is one key reason behind the ever-increasing popularity of online gaming websites in recent times. Let us find out how cryptocurrencies are changing the gambling scene in Europe.
Reliable and Fast Transactions
Online gamers have over the years used their cards to purchase or buy credits. Some casinos have also received direct bank transfers. There are, of course, advantages of these traditional payment methods. For example, the gamers were able to convert money into casino credit easily. But the casinos themselves have always worried about security because they have to deal with a lot of cash.
Blockchain-backed technology is good news for both the casino houses and the gamers. It is extremely secure. The players are able to share their personal information without risk and stay anonymous. They can track financial records because the ledger system is decentralized.
The technology is fast too. There are no middlemen in the transactions, which allows the players to make their deposits and withdrawals instantly.
Automated Transfers, Lower Fees
Automation is another advantage of blockchain technology. The system is decentralized and relies on advanced processes for payments. It doesn’t need a lot of power but is still fully automated and self-governed. This means, there is nobody who is going to check or verify the request. The withdrawal and deposit fees are also both lower.
Many European and online casino UK gambling platforms where they want the entry fees to be low are professing blockchain because of this. For instance, you will find casino websites where you can play with just 1 Euro. Bitcoin and other cryptocurrencies are allowing the websites to offer such incentives to attract even more gamers.
More Gaming Freedom
You will still find strict gambling rules in some countries. The players cannot transact freely in places that do not allow gambling. But gamers have had much more freedom now since the arrival of bitcoin. The cryptocurrency network allows the transactions to be made privately, which means the source will remain hidden.
This is allowing the gamers to place more bets even in the countries that do not allow gambling. In other words, cryptocurrency is allowing players to gamble and hide their identities.
Have Lowered the Transaction Costs
The best casinos all allow different types of payment methods. Most gamers will, however, often overlook issues like the transaction fees, whereas they will ideally want to keep the transaction fee low and make as much money they can by winning the games. Given a choice, no gamer will want to spend more money towards the transaction fee. Many look for alternatives to maximize their returns.
When you use bitcoin, the transaction fees will be extremely low because there is no third party involves.
Blockchain technology and cryptocurrencies like bitcoin have not just made the gambling market safer, it has also become more user-friendly. You can place a wager under a pseudo name. Payments are processed at a lower cost and faster. These are huge improvements that are changing Europe’s gambling industry.
Internet casinos first arrived in the early 1990s. It has become a massive industry now. Cryptocurrencies first arrived in 2009. They are now transforming many industries.