Cryptocurrencies and gambling have both seen rapid growth in recent years. Gambling is now experiencing transformation caused by the development of blockchain technology.
Cryptocurrencies are now a valid payment method available on esteemed online casinos and betting sites. However, several operators have yet to implement this payment option and place it at their players’ disposal. With this being said, cryptocurrencies could entirely take over as the main payment method we use in the gambling industry.
One of the benefits of cryptocurrencies lies in the fact that players can gamble anonymously, and they don’t have to get their personal data verified. Also, gambling sites that use blockchain technology as a payment method don’t have to charge additional fees that are usually associated with traditional payment means; players can access their money with more ease, and the money transfer runs more smoothly. Let’s see some additional features of cryptocurrencies.
One of the best aspects of cryptocurrencies is transparency. Better transparency means that every transaction made via blockchain technology is completely open to the public. This is a way of betting sites showing they are honest, and they are forced to do so because anyone can confirm that a transaction had actually taken place.
The main issue people have with gambling industries is that no one actually knows how fair these platforms are, we only assume there is a house advantage. That’s where blockchain technology kicks in; everything powered by smart contracts can be recorded and you can actually verify what is going on behind the scenes. Still, we have only scratched the surface of cryptocurrencies.
Besides providing a more secure and practical payment option, blockchain technology allows anybody to fund the casinos and take a share of the profits. Platforms like Ethereum allow token holders to receive funds from generated profits. Also, some cryptocurrencies like Wagerr have their own decentralized sports betting platforms, which means they create the appropriate consensus for determining winners and losers.
Some companies like Overstock have allowed their customers to buy everything from laptops and TV sets to pillows and furniture with bitcoins. In fact, they allow their customers to use all the major cryptocurrencies like Ethereum, Litecoin, Dash, and Monero. Using cryptocurrencies to make purchases is easy; simply select the preferred currency to complete your purchase. The payment system will convert the currency into preferred cryptocurrency and complete the transaction.
Companies like eGifter allow their customers to purchase gift cards with cryptocurrencies. You can’t directly spend cryptocurrencies at every offline store or website, but you can convert them into gift cards and then make the purchase. You can use these gift cards at all sorts of places including Home Depot, Amazon, Sephora, and more.
Some of the world’s largest online travel booking agencies, like Expedia, have teamed up with Coinbase and implemented cryptocurrencies as a new payment option. Unfortunately, bitcoin payment is accepted for hotel bookings only at the moment, however, it will most likely include payments for other traveling activities soon. This way, it will provide more flexibility and give travelers more choices in the way they execute transactions with the travel agencies.