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Is Cryptocurrency the Future of Online Gambling?

Apr 05, 2023
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Cryptocurrency online gambling

Ever since the launch of Bitcoin in 2009, cryptocurrencies have been on an upward trajectory. If you are familiar with technological trends, you must be familiar with cryptocurrencies and NFTs. These digital currencies have impacted various industries all across the globe. From gaming to casinos, the spread of crypto can be seen everywhere. It has become a global phenomenon in recent years and a number of industries have benefited from it. One of these industries is the gambling industry. The advent of cryptocurrency gambling has been pathbreaking for the online gambling industry. 

Online casinos and sports betting platforms have been adopting new technologies and are eager to innovate and adapt to the constantly changing landscape of the industry. Moreover, with the rise of blockchain and crypto, gambling game development companies have been adapting to the recent innovations and introducing new blockchain-enabled casino platforms that accept and deal with cryptos. 

Undoubtedly, crypto online gambling is the future of the casino and gambling industry. However, the lack of awareness about technologies like blockchain and cryptocurrency serves as a reason for the public’s hesitation to dabble in these platforms. Fret not, this blog will highlight the benefits of cryptocurrency in the gambling sector and shed light on why cryptocurrency gambling is the future. 

What is Cryptocurrency?

A cryptocurrency is a type of digital currency that is secured by cryptography. It is based on blockchain technology to ensure immutability, decentralization, and transparency. One of the most prominent features of digital currencies is that they are not regulated by any governing authority. Anyone including yourself can buy or mine crypto tokens. Bitcoin was the first and the most popular cryptocurrency to date. Some of the most popular cryptos include Ethereum, Litecoin, Dogecoin, Cardano, etc. 

With the advent of technologies like blockchain, AI, and more, these digital currencies are widely adopted by several industries. Gambling is one of those industries that has benefitted significantly from the advent of crypto. Crypto gambling development is an ongoing trend that investors are interested in. Moreover, with the integration of cryptocurrencies, gambling platforms have upskilled their features and services. 

Cryptocurrency Gambling Is the Future

It is evident from the various use cases of cryptocurrency that this technology is here to stay. The future of the gambling industry will have a major spot for technologies like blockchain and cryptocurrencies. With long-term benefits like enhanced security, decentralization, and transparency, cryptocurrency and advanced technologies will surely pave the way for the future of the online casino industry. 

However, there are still obstacles that need to be overcome such as awareness about cryptocurrencies. The general public is still hesitant to use these digital currencies because of their volatility. But according to experts, with advancements in technology, more people will be engaged in cryptocurrency gambling sites and the problems will begin to disappear. 

There are various benefits of cryptocurrency. Some of them are listed below-

  • Crypto reduces operational expenses by facilitating payments and transactions. Casinos with lower operational expenses offer better RTPs and lower house edges. 
  • Efficient and Seamless transactions with utmost security. Transactions are also processed within minutes. 
  • If you are playing on a trusted platform, your financial and personal details are secured by the blockchain. 
  • Since it is based on the blockchain, it is not regulated by any central governing authority and offers true decentralization.

Benefits of Cryptocurrency Gambling Sites

Currently, online gambling has been facing major problems in transactions and fraud. This is why cryptocurrency gambling sites have been widely adopting cryptocurrencies to streamline payments and increase the security of their platforms. 

Benefits of Cryptocurrency Gambling Sites

1. Instant Transactions

Cryptocurrency online gambling is based on the blockchain ecosystem. One of the most prominent benefits of blockchain technology is that it eliminates intermediaries and facilitates quicker transactions. A transaction based on fiat currency can take days to process. However, a crypto payment takes only a few minutes. Moreover, blockchain allows developers to process nano payments to facilitate seamless transactions with ease. 

2. On-the-go Gambling

Since cryptos aren’t regulated by any governing authority, players can use crypto payments to play at international crypto online gambling casinos without worrying about security or exchange rates. The utilisation of crypto completely removes the region boundaries and allows gamblers to play at any casino all across the globe. It allows punters to deposit and withdraw funds from anywhere in the world without any problems while maintaining their anonymity. 

3. Robust and Secure Platform

Since cryptocurrency gambling requires monetary transactions, it is important that the platform is safe and secure. This is where blockchain technology comes in. Blockchain prevents illegal trading of digital assets and also curbs hacking and phishing of keys by creating an immutable environment. Moreover, with the implementation of smart contracts, players can make safe and secure transactions. 

4. Better Bonuses and Promotions

In an attempt to increase the usage of cryptocurrencies, many online gambling bitcoin casinos offer better promotions and bonuses to users. Moreover, cryptos are more cost-effective than fiat currency methods as crypto transactions involve no hidden fees. The elimination of middlemen removes extra charges such as handling fees and exchange fees and allows peer-to-peer transactions. 

This business model is beneficial for both businesses and users, as players get more worth for their money and operators boost their revenues. 

Read Blog: How to Start an Online Gambling Business in 6 Steps

4. Maintain Your Anonymity

If you are not interested in sharing your personal information while playing or making a transaction, online gambling using bitcoin is the optimal choice for you. When playing online, sometimes, your money may be secure but your personal information is always at risk. Online bitcoin casino slots tackle this obstacle as it offers discrete purchases and complete anonymity to users who don’t want to share their personal information. Complete anonymity is obtained because the crypto address generated for every transaction changes with each purchase. 

5. Metaverse Casinos

With the advent of Metaverse, cryptocurrency gambling development will be revolutionalized. The Metaverse technology is still in its initial development phase but still there are a number of Metaverse casinos operating in 3D virtual realities worldwide. These Metaverse casinos leverage the power of blockchain and cryptos to offer an unprecedented gambling experience. Imagine being able to walk into an online casino using your digital avatar in a 3D open-world virtual reality. 

The potential of the Metaverse is limitless and it provides a great platform for cryptocurrency online gambling. 

Read Blog: Metaverse Casino Game Development

Crypto Online Gambling vs. Traditional Online Gambling: Side-by-Side Comparison

Now that you know about the benefits and potential of cryptocurrency online gambling, it is time to compare it to traditional online gambling. While both gambling types have their pros and cons, it all boils down to your preference. 

Crypto Online Gambling vs. Traditional Online Gambling
Crypto Online GamblingTraditional Online Gambling
Transactions typically take a few minutes to process.Transactions can take days to process.
Not regulated by a central governing authorityGoverned by a central governing authority.
High Security and TransparencyLimited Security and Transparency
Crypto bonuses are lucrativeFiat currency bonuses are mediocre at best
Users can maintain their anonymityYour personal information can be accessed by the operator and hackers.
No Extra Charges in transactionsUsers are charged a handling fee and service fee. 
Higher RTPs and lower house edgeSome games feature high RTPs
The choice of games is limitedWide variety of games
Cryptos are volatileFixed currency
Not many casinos support cryptoFiat currencies are accepted in every online casino worldwide. 

It is evident that both feature their particular pros and cons. However, if you want to enjoy uninterrupted and fast-paced gameplay, investing in Bitcoin gambling is the right choice for you. 

Read Blog: CSGO Crash Gambling Game Software Development

Why Choose BR Softech as an Online Gambling Development Company?

As a leading online gambling development company in the USA, BR Softech helps businesses tackle the ongoing challenges of the industry by coming up with innovative and out-of-the-box solutions for online crypto gambling USA. Our skilled team of developers is proficient in working with advanced technologies like blockchain and cryptocurrencies and can develop highly robust and secure online cryptocurrency gambling sites. With over 10 years of experience, we offer cutting-edge crypto-gambling website development. We offer- 

  • 24×7 Customer Support
  • Experienced Developers
  • Cost-effective Solutions
  • On-time Delivery
  • Integration of the Latest Technologies
  • Customised Solutions

If you want to leverage online gambling using Bitcoin, you can contact BR Softech. 

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Frequently Asked Questions 

Q.1 Which is the best crypto for online gambling?

There are a variety of cryptocurrencies that are accepted by online casinos. However, bitcoin remains one of the most popular and best crypto for online gambling.

Q.2 Can I play at a bitcoin online casino USA?

Yes, you can play at a bitcoin online casino in USA in some of the states that have legalized online gambling.

Q.3 What is the online gambling development cost?

The online gambling development cost is dependent on various factors. On average, the cost to develop an online gambling platform ranges from $30,000 to $40,000.

Nitin Garg

I am Nitin Garg Founder of BR Softech PVT LTD - an Award-winning mobile game development company. We are armed with 180+ geeks & 2753 clients worldwide, I have driven by the spirit of entrepreneurship and dream to build a billion-dollar-company.

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