Whether you have already embraced it or are a bit scared of it, cryptocurrency is staking a claim in many industries and areas of society. It was even recently uncovered that some Canadians are paying property taxes with their crypto stash. Crypto may be able to enter different industries and activities but when there is money involved the transition to crypto can be much more seamless.
Hence why the gambling industry is also being changed by crypto for the better. So it does seem that it won’t be long before more sites such as mFortune Online Casino start accepting crypto, or at the very least, seriously consider its implementation. So, how has crypto started to rescue the gambling industry and where is it heading? Keep reading to find out.
Current Concerns with Orthodox Gambling Sites
Online casinos have flourished in the current age and are ever-increasingly popular. However, nothing is perfect and these casinos also have some universal drawbacks. These issues are focused on data security, payment headaches, and fees. Most gamblers will have the first-hand experience with these limitations on regular online casinos:
· Data security – sites must contend with worldwide hackers trying to gain access to players’ sensitive information, including bank details. Defending against these threats is a continued and costly effort for online casinos.
· Payments – most online casinos can take days to get winnings from their players’ casino wallet to their bank account. When money matters, this can cause real issues for serious gamblers and lucky winners. Moreover, these slow payments can be costly in some situations.
How Crypto and Blockchain Can Help
Crypto has already proven itself to enhance gambling experiences. There is no surprise then that online casinos have been created exclusively for crypto use, i.e. Bitcoin casinos and Ethereum casinos.
The reason that many traditional online and land-based casinos have yet to embrace crypto is because of a lack of regulation. However, the signs suggest they should as soon as it is possible for them to do so – if they want to counter the major flaws with online gambling to date. Crypto and blockchain technology can improve the two aforementioned issues above:
Solving Security Issues
When gamblers use online casinos, they often have to fill in one or two pages with personal information. From addresses to driving license numbers and of course financial details. Gambling with crypto does not require such extensive details. By not providing an extensive list of information, the blockchain enables gamblers more security and a significantly decreased chance of having their data stolen by hackers.
Making Payments Quicker and Cheaper
Unlike transactions from casino wallets to bank accounts that may take many working days to process and hit the account, crypto transfers are much quicker if not instantaneous. This is of huge convenience to gamblers who need to move money around quickly or enjoy their winnings the same day.
Simultaneously, crypto transactions are on the whole much cheaper to execute. Although some online casinos may offer free withdrawals to specific types of accounts, crypto can be much cheaper in a plethora of situations.
Crypto and the blockchain have already proved itself as a force for good in the gaming industry. Once regulations have been finalized and agreed upon it is realistic to expect a crypto gambling boom.