As the crypto market base expands into various sectors, it’s no wonder that online gambling is starting to explore cryptocurrencies. Making a shift from the traditional real or Fiat currencies to cryptocurrencies, the online gambling community is on the verge of a new revolution. As the players might show hesitance in the beginning towards making a switch, the overloading pros of crypto over Fiat will eventually change the global gambling landscape.
What is Real Money Gambling?
In the present world of online gambling, real money dominates betting and transactions. The real money includes traditional global currencies like the US dollar, EURO, pound sterling, etc. The general methods of fund transfer used by players or gamblers are bank transfers, credit or gift cards, or e-wallets like PayPal. As real money involves centralized banks in one way or another, the system has a high level of trust among users globally. Although the system faces minimal domestic issues, the inclusion of global borders in international betting leads to many limitations. These include slow transactions, high transfer or conversion costs, and additional security fees.
The Benefits of Using Crypto for Online Gambling
Surpassing the limitation of traditional real money gambling, the use of crypto for online gambling is on the rise. With the main reasons being privacy and security, the increasing use of the best crypto gambling sites within the online gambling community is finding new pros.
The popularity of crypto gambling is on the rise, and for good reasons:
- Privacy & Anonymity: Cryptocurrency transactions offer complete anonymity. Without revealing their personal information or identity to the gambling platforms, the players can place their bets.
- Security: With the use of Blockchain technology known for its high security and immutable nature, it provides a virtual tamper proof system. Hence, with blockchain, the risk of fraud decreases, and trust between the Player and the casino increases.
- Decentralization: Crypto offers a decentralized system based on different consensus mechanisms to avoid middlemen like banks. This helps offer better features than real money.
- Faster Payouts: Blockchain technology is also known for its high-speed transactions compared to centralized banking systems. Hence, with the use of crypto transactions and multiple payout options, players can get their hands on the profits almost immediately.
- Lower Fees: With the removal of middlemen like centralized banks, crypto transactions are minimal to know zero fees.
- Global Access: As a decentralized system, crypto transactions can be made from anywhere over the globe. Hence, the borderless features of crypto unite the online gambling communities worldwide, allowing users to place bets globally.
- Provably Fair Gaming: With decentralization and a trustless system, crypto will enhance the provably fair algorithms of online casinos. Further, this will boost the platform’s transparency to give a higher level of trust.
Challenges Faced by Real Money Gambling
Compared to the features of online crypto gambling, traditional real money gambling faces multiple drawbacks, starting with the obvious, the slow withdrawal transactions with high fees. Further, real money gambling is limited to regions and suffers a massive increase in transaction fees imposed by banks or governments during international bets. The lack of global connectivity and the huge cuts taken by banks and governments are pushing online gamblers to find a cheap, safe alternative like crypto.
Global Accessibility of Online Gambling Platforms
Unlike the limitation of real money, gambling with crypto offers a decentralized cross-border transaction that is not controlled by any bank or middlemen, thus making transactions lightning fast. Different methods of consensus mechanisms, such as proof of work, proof of sake, etc., verify the transactions. With such methods, the online gambling community can place beds from all over the world without having to face government restrictions or pay currency conversion fees.
Security and Fairness: Crypto vs Real Money
With the support of banks, government, or different regulatory bodies, real money transactions benefit from authoritarian oversight. However, the cases of real money, gambling, suffering fraud, or hacking are no news to the world. Cryptocurrencies, on the other hand, provide a decentralized blockchain, which comes with immutable transactions and can be verified at any point in time with the provably fair algorithms of online casinos. With the additional feature of a smart programmable blockchain of smart contracts, cryptocurrencies in the gambling community bring an additional layer of trust and security with a trust mechanism of smart contracts.
Is Crypto the Ultimate Solution?
Cryptocurrencies come with the added benefit of high security, immutable transactions, programmable blockchain called smart contracts and providing the online gambling community a borderless unification to place international bets. As the inclusion of cryptocurrencies in online gambling brings a new age of gambling with the Web 3 revolution, a shift towards crypto is likely to gain acceptance. However, it is important to note that the gambling community might have to face a learning curve to understand the transactions, web 3.0 features, smart contracts, and the potential shift in interface, etc.
Conclusion: Which Should You Choose?
Selecting between real money and crypto for online gaming remains a personal choice for now. While one might choose real money for its wide acceptance and familiarity, or one can go for the futuristic new-age features of crypto, like increased security, privacy, and speed, as an early acceptor.
