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Why Cryptocurrency and Online Casinos Are Like Yin and Yang

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2009 saw the introduction of bitcoin, an alternative to traditional forms of currency. Since then, over 700 different cryptocurrencies have popped up all over the world, seeking to revolutionize the way financial transactions are handled.

Meanwhile, the first online casino game was played in 1996, an alternative to traditional land-based casinos. Today, the online gambling and betting industry accounts for $50 billion, and market analysts expect it to touch $94.4 billion by 2024.

Both these industries have a few things in common: their growth was facilitated by the internet, they were introduced as alternatives to traditional institutions, and they don’t show any signs of stopping anytime soon.

Online Gambling Is Untrustworthy

Several online casinos have now started accepting cryptocurrency deposits and bets, but that wasn’t the case just a few years ago.

As a gambler, you used to bet real money on games, but you never knew whether the website you were playing on wasn’t taking you for a ride and taking all your money. Unfair practices were all too common, giving the industry a shady reputation it doesn’t really deserve.

Crypto Is Changing Online Gambling

Cryptocurrencies like bitcoin, ethereum, litecoin and so on, are based on a revolutionary technology called the ‘blockchain.’

A blockchain is an ever-growing public ledger that records transactions and stores them in the form of blocks that are secured and linked by cryptography. Every transaction is irreversible and cannot be tampered with, and the whole system is decentralized, making the whole process almost instantaneous.

Let’s take a look at how these attributes are affecting the online gambling space:

 

  • Tamper-Proof System: Crypto transactions are so secure that nobody can claim you haven’t sent money when you have. They are irreversible, and the blockchain is a public ledger which ensures cheating and unfair practices aren’t an issue.

 

 

  • Decentralization: Cryptocurrency is not controlled by a central authority or bank, which means there are no middlemen and as a result, no high transaction fees and hidden charges. Everything is above board and most often free.

 

 

  • Instantaneous Transactions: Cryptocurrency deposits and withdrawals at a big top casino are extremely quick. Real money withdrawals often take a few days or even up to a week in some cases, making the whole process cumbersome.

 

 

  • Provably Fair: A number of crypto-casinos have these words on their banners: “Provably Fair.” That means every bet you wager on any game on the website, and every corresponding result you get can be verified by you to ensure the fairness and absolutely luck-based nature of the game.

 

All these factors have given a second wind to the online gambling industry, as an increasing number of casinos are adopting cryptocurrency deposits to cater to the ever-growing crypto user base.

All that’s left is effective regulation. Regulatory authorities all over the world are working to introduce regulations for the crypto-gambling industry in order to protect customers.

When that happens, we will actually see the online gambling industry reach and probably even surpass its potential and be a great alternative for gamblers worldwide.

Cryptocurrency and online casinos complement each other much better than anyone could’ve ever predicted – they truly are like yin and yang.

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