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The impact of crypto currency on the gaming industry

The impact of crypto currency on the gaming industry

Crypto currencies have been around for over 10 years now. Therefore, the image of infancy has definitely disappeared. With a stable and continuous growth, digital currencies slowly find their way into more and more industries and sectors, like the gaming industry. What is the influence of crypto currency at online casinos, and can you gamble with it online?

Not only crypto currency has evolved, also payment methods in the gaming industry have evolved over the past 10 years. Some gambling sites are therefore going hand in hand with this form of payment and even have a bitcoin bonus. Other gambling sites are still watching from the sidelines. We have collected for you casinos that accept payments with cryptocurrency, see the list here https://bollywood-casino.com/game/baccarat/.

Because of the rapid growth of both, it is interesting to look at the benefits and influence of crypto on the gaming industry.

Crypto currency: Fast payments

A major frustration of online casino players is slow payouts. Have you managed to get your hands on a nice profit, then sometimes you have to wait for days before this amount is in your account. This is because a third party comes between the player and gambling site. With digital currency, you don't have to worry about waiting a long time. Due to the decentralized nature, transactions are confirmed immediately. An amount is therefore almost immediately in the recipient's wallet.

Accept global payments with Crypto Currency

Country borders disappear with crypto. There is no difference between national and international payments. Because of this you don't have problems with exchange rates and currency differences. It doesn't matter where an online casino is located, as long as you as a player have a wallet address to send and receive the digital currency, casino deposits and withdrawals are processed easily and at lightning speed.

Safe payments

Safe and secure payments are fundamental. This applies to players, game developers and online casinos alike. Hackers are always ready to expose vulnerable parties. Because of blockchain, player transactions are safe. This technology is much more secure against cyber attacks than other payment methods.

Anonymous payments

With increasing digitalization, your anonymity is decreasing year by year. Every company seems to be collecting data these days, and data leaks are the order of the day. Digital currencies are therefore increasing in popularity because of the anonymous nature of the payments. It is no longer necessary to give your name, address and other personal information to make a transaction.

With crypto, anonymous online gambling is theoretically possible. Yet in practice you often see that online casinos still collect personal data. An important reason for this is KYC (Know Your Customer) requirements.

Affordability

Not only borrowing money costs money, but also having money costs money. We are in a time where negative interest rates on your savings account are a reality. Also, bank fees, transaction fees and exchange fees are increasing. A cost-effective payment method is therefore becoming increasingly important. This has also resulted in the fact that paying with digital currency is now one of the most cost-effective payment methods. Due to the international nature of gambling, this is a desirable development in the industry.

Is there a future for crypto in the gaming industry?

Crypto currencies have many advantages, based on which you would say that a future in the gaming industry is guaranteed. Unfortunately, where there are advantages, there are often disadvantages. This also applies to the influence of crypto currencies.

The exchange rates are very volatile compared to other currencies, and not all governments are happy with the arrival of digital currencies. Countries like Venezuela, Ukraine and Portugal embrace digital currencies, but there are also countries that ban cryptocurrency.

The anonymous nature runs counter to the KYC policies of many casinos, yet more and more online casinos seem to be seeing the benefits of this payment method. The speed, security and low costs are hard to match. Crypto therefore ensures that payment providers are on edge and have to keep innovating.

Whether a future exists in which digital currencies are fully accepted, only time will tell. But that crypto will bring innovation to the payment landscape of online casinos, that's for sure.

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