Should You Use Crypto Currency For Online Gambling?
Online gambling has taken the world over by storm. Online casinos are actually giving brick and mortar casinos a run for their money. The reasons for the growth of online casinos are many, but we will name a few.
Anyone can bet on online casinos at any time of the day. Thanks to smart phones, they can do it from their home, they can do it from their office, they can even do it while sitting in a park and watching ducks swim in the lake nearby. The ease with which this can be done is one of the main reasons for the success of online casinos.
Another reason for the success of online casinos is anonymity. The anonymity of betting online is a real advantage for many. Not everyone likes to walk into a casino every other day to bet. Plus, if you are a winner you become the cynosure of all eyes and not everyone likes it. With online gambling the person can win from the confines of their home and no one would know who won.
This anonymity has fuelled a lot of women to take part in the online gambling. In fact, it is believed that more and more women are opting to gamble online. They feel a lot safer from prying eyes when they gamble using their smart phones.
Crypto currency has grown by leaps and bounds in the last few years. Though there has been volatility the currency is growing like never before and more and more crypto exchanges are coming up. Some exchanges that eToro are not just crypto currency exchanges. They are also an exchange where you can dabble in shares and stocks too with nominal fees, something you can confirm in any eToro review online.
Many famous brands have started using crypto currency; in fact, Facebook is coming up with its own currency. It is but natural for the online gambling industry to use crypto currency. With the use of crypto currency, the online gambling industry is expected to grow many times over. The advantages of crypto currency in the online gambling industry are many.
- With normal online payment a lot of your personal information is relayed out. Without the relaying of such personal information the transactions cannot be completed. Whereas with crypto currency you need not provide any personal information, it is pseudonymous, which means that you can have a different identity on the crypto currency platform and your real identity remains unknown. This is a huge advantage and when it comes to gambling people do not want their real identities to be known, so they love to use crypto currencies to gamble.
- With normal online transactions there is always an element of risk involved. People can use the information to defraud you. But the blockchain technology which crypto currencies use makes it nearly impossible for any hacker to hack your account. Each and every transaction is maintained like a ledger and is very safe. Hence the preference for crypto currency in online casinos.
- Many people always feel that the house edge is always high, and the casino always have the upper hand. Total transparency is not possible in casinos but in online casinos where block chain technology is used you can be sure that it is trustworthy.
There are still a few disadvantages of crypto currency in the online gambling industry though. Since we want to be transparent with you and leave you to take your own decisions, here are two handicaps of this system.
- Since it is anonymous, we do not know who is using the platform and whether they are using the online casino to launder money, this is one of the biggest disadvantages and people are trying to address this.
- Many countries prohibit the use of crypto currencies. For example, India does not allow Bitcoin and other such currencies, so your target market gets reduced.