The impact of cryptocurrencies on the gambling industry

Cryptocurrencies have certainly made their way into the mass consciousness of many people in recent years. Cryptocurrency today is not only synonymous with uncertainty and volatility, but above all with the most real profit. Casinos and money used for payments are going completely digital as the world moves very fast. With the advent of blockchain, the technology and business of online casinos has changed dramatically.

Both in Poland and in many other countries, cryptocurrency payments are becoming more and more common. Not without reason, cryptocurrency in 2022 is synonymous with fast, convenient and, most importantly, secure payments. Few people know, but cryptocurrencies have emerged in the casino world relatively recently. After all, it is now estimated that even half of Polish online casinos already support deposits in this technology. What are their main benefits and what impact cryptocurrencies will have on the gambling industry in the coming years - you'll find out in this article.

Where has the popularity of online casinos and cryptocurrencies come from?

Online casinos are definitely not the newest industry, as the first casinos started more than 20 years ago. However, more recently, it has been using blockchain technology, which other industries have long embraced. Admittedly, online casinos benefit greatly by offering bitcoins and other digital currencies. Online gambling with cryptocurrency deposits has many significant advantages. In our opinion, using cryptocurrency for gambling has the following advantages:

Strict regime.

With the growth of the online gambling industry, many online gamers have become concerned that fraudsters could steal their financial data or funds. The built-in security features of blockchain technology make it an excellent choice for deposit protection. Every transaction with this digital currency is recorded in a transaction register, which is publicly available and has multiple copies.

As our expert Klara Czerwinska points out, the fact that the register is decentralised means that every transaction of this currency has to be validated by many users. This helps to reduce fraud and practically reduces the risk that money could be lost somewhere under unexplained circumstances.

Ease of use

Players from countries with gambling restrictions, where online casinos are illegal, can benefit from the convenience of cryptocurrency casinos. Thanks to them, players can safely and profitably play various types of gambling games at online casinos. Most traditional online casinos have regional restrictions and do not allow players from certain countries to join. Poland is often blocked due to the restrictive Gambling Act. Meanwhile, cryptocurrency casinos don't care at all and allow players from all over the world to win big. This is because anyone with a cryptocurrency wallet can instantly access their funds from anywhere in the world.

Anonymity

You can remain anonymous if you use cryptocurrencies to play online casino games. You may already know that crypto wallets often do not require you to enter any personal information in order to use them. The lack of personal information associated with a bitcoin wallet gives players a sense of security and anonymity. This is extremely important in all countries where gambling in foreign casinos is illegal, including Poland. The popularity of online casinos and cryptocurrencies is also partly due to this. Unlike transactions with Visa or Mastarcard or via BLIK, a bitcoin payment is not tied to any bank account. You cannot easily prove that you transferred money to a casino and therefore be accused of illegal betting.

What other advantages do cryptocurrency casinos have?

Of course, cryptocurrency casinos have other advantages as well. Their list is very broad and includes, among others:

• Extra rewards and bonuses - often cryptocurrency in 2022 will give you an extra, lucrative bonus at some casinos,
• Decentralisation - keeping money in one bank can collapse, cryptocurrency is now well protected and the blockchain has millions of copies.
• Speed - speed of transaction is also important, which is immediate here.

Disadvantages of using cryptocurrencies in casinos

We've already talked about the advantages of using cryptocurrency in casinos. Now let's look at the disadvantages of using it. Firstly, they are very volatile. Demand and supply affect the value of BTC and other digital currencies. It can go up one day and fall the next. You can lose money if the value falls. As a result, when playing at cryptocurrency casinos, you should be aware that you can lose on the loss of value of the cryptocurrency.

In addition, the gambling industry is not yet fully ready and not all casinos accept cryptocurrencies. Since they are not yet widespread as a medium of exchange, not all casinos will accept them as a form of payment. However, there is no shortage of online gambling sites that accept credit card payments or transfers. In turn, cryptocurrency casinos are gaining popularity among players and may soon become the norm in the industry. At the moment, however, there are significant limitations to choosing such a casino.