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Elements of cryptocurrency that benefit online gambling

Joshua DanielJoshua Daniel6 mo ago

Elements of cryptocurrency that benefit online gambling - MEGPlay

The online gambling industry started as a means to provide convenience beyond what brick-and-mortar casinos could offer. It continues to grow with each new piece of technology that can make them more accessible. One of its latest developments is the integration of cryptocurrencies as a mode of payment and gamblers are benefiting greatly from it.

How exactly are gamblers benefiting from using cryptocurrencies for gambling instead of fiat? The answer lies in what the digital asset offers in ways that it was designed to replace traditional banking.

Factors that made blockchain technology a useful payment option

Cryptocurrency is a type of digital asset that runs on distributed ledger technology (DLT) called the blockchain. It allows data to transfer from one user to another until it reaches the designated recipient using the path with the lowest traffic. All of that makes crypto casino games deposits benefit from these properties for gamblers:

Reliability of the network

A blockchain network runs using an algorithm and it will continue operating as long as there is a validator connected to the internet. These validators can come from all over the world. Some are big groups of people pooling their nodes into a big server or individuals maintaining a small mining rig at home.

Even if half or a majority of these people become unavailable, the remaining validators can pick up the slack for the absentees. Transactions will be slower but will otherwise continue, unlike banks that can cancel a request because of a failure in their system.

Borderless transactions

One of the biggest appeals that made cryptocurrencies so popular is their borderless nature. Users don’t have to go through the hassle of converting their money from one currency to another when transacting with people from another country. This helps overseas workers send remittances and online businesses can conduct their business with international customers.

Thus, online casinos can accept customers from various countries without the need to set up support for a wider variety of currencies. Likewise, gamblers are not obligated to convert their funds to the United States dollar (USD) or Euro (EUR) to play at the world’s best casinos.

All they need is Bitcoin (BTC), Ethereum (ETH), or Tether (USDT) which are accepted everywhere. There are other cryptocurrencies you can use for online gambling but these are the most popular ones. Other notable assets are Dogecoin (DOGE) and Ripple (XRP).

Cheap and scalable mode of payment

Gamblers try to limit their use of remittance or bank transfer services for fiat because the fees can add up on a weekly basis. That is not an issue with cryptocurrencies because transfer fees only charge a fraction of any asset. It also doesn’t scale with the size of the transaction, giving gamblers a cheaper means to deposit their bankroll and withdraw winnings.

Cryptocurrency’s value as an asset

Besides the usefulness of the blockchain, gamblers can also benefit greatly from the assets. That’s because it’s a rapidly growing economy with the potential to reach trillions of US dollars in circulation. Therefore, gamblers have the opportunity to earn income based on its two properties.

The growing market of cryptocurrency

It is believed that the Bitcoin market is still in its infancy and it has the opportunity to grow exponentially in the next five years. For example, one of the top investment opportunities is the Bitcoin exchange-fund transfer (ETF). It seeks to offer a means for investors to capitalise on Bitcoin growth without being fully committed to the asset.

Ethereum is also growing its user base by supporting all kinds of blockchain-based projects. Thus, its native token, ETH, is becoming a lot more popular among traders and investors alike. As a gambler, this means the crypto you win from crypto games casinos always has a market. This keeps your assets liquid for whenever you need to convert them.

Volatility for short-term profit

The most exciting aspect of crypto is that many of them have volatile values. That means their price can rise or fall as quickly as a week. As an investor, you’ll always be hoping for rising market trends called ‘bullish markets’ because it means your asset can be sold at a high price.

However, a downward trend, called ‘bearish market’, isn’t a bad omen, either. This is the perfect opportunity to buy crypto at a cheap rate which you can use to deposit as your crypto games casino bankroll. There are also less buyers during this time so you can buy crypto without competing for a bid.

Crypto and casino games are a match made in heaven

Gambling offers a fast and fun way to earn digital assets. It’s the perfect way to capitalise on your hodled crypto when the market isn’t favourable for trading. Crypto also benefits greatly from the casino industry because the market has become popular among gamblers. With both industries benefiting from one another, they can improve each other for everyone involved. 

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