It is estimated that there are currently over 3000 cryptocurrencies in the world, with each one of them having its own purpose. Although having such an rich variety and constantly growing popularity, none of them, even Bitcoin, have become an actual currency, despite numerous claims. Nevertheless, thousands of businesses & individuals have shown interest in this type of assets, largely due to its success in the online gambling industry.
Starting its online gambling journey back in August 2011, cryptoes became a completely independent vector of the global online gambling industry. So, how come online bettors & casino gamblers fell in love with these virtual assets? The answer to that question lies in many of the cryptocurrency’s very features that came in right on time to give the hungry-to-innovation market a new, completely revolutionary way of doing business.
Online casinos & sportsbooks were less regulated back in a day. Thus, security concerns were quite common among online gamblers. Many were worried about their funds simply being stolen and whatsoever. Luckily, cryptocurrency brought a solution to this and many other issues, ensuring a much safer, secure and transparent online gambling environment.
The implementation of cryptocurrencies flipped the switch for many who was hesitant to join. The use of cryptocurrencies offered online gamblers an extra protection layer they have never seen before. From keeping your identity, vital financial and personal information hidden to offering faster and more secure payments, online punters became more confident in gambling online.
Depositing funds at your online sportsbook using traditional fiat currencies does have its own pros & cons, though. Fiat money is more liquid and is widely accepted by online betting sites without any additional conversion or whatsoever. On the other hand, using fiat currencies leaves you exposed to online attacks from hackers and other cybercriminals. Using Bitcoin or any other cryptocurrency not only keeps you safe from such attacks but also makes your transactions practically instant. This became one of the main advantages of cryptocurrency in our fast-pacing world. Both players & sportsbooks/casinos found it very handy since the waiting time is reduced and funds appear on the account right after they have been sent.
Despite the gambling industry being one of the most regulated ones nowadays, the use of blockchain technology only makes it more secure and user-friendly. While the fake sportsbook websites are quite a rare phenomenon, you might still accidentally come across one wondering on the web.