You may have heard a lot over the last few years about the future of finances being in cryptocurrency. Whether or not you agree with this, it’s hard to deny its applications in some areas. Crypto is a robust and versatile tool that has many uses, and one industry that has readily adopted the new technology is the betting industry.
For many, crypto represents the absolute future of betting—and in a few key ways, it’s easy to see why. Today, we’re going to look at some of the main areas that have the most potential for the application and growth of crypto.
Let’s have a look.
One thing that many struggle with when it comes to gambling in general is issues of fairness. Of course, an operator is running a business and must turn a profit. But how can I figure I have a chance when the odds are always stacked against me?
With crypto and blockchain technology, there is far more transparency to the gambling. This means that the games and odds become demonstrably fairer when put under this level of scrutiny and sites like Coincasinos offer insight in the RTP values for customers.
Casinos and online betting operators are just as interested in fairness as the punter. When the public record shows the full story, fairness will be the only option for operators.
This has huge implications for online betting.
- Transaction speed
Crypto is also hailed as the new, faster and more efficient way to run the betting transactions. Naturally, online betting can involve a lot of little transactions. When these are run through traditional channels, they can easily become backed up and slowed down by traffic.
Crypto can bring near instant deposit times, and equally short withdrawal times.
Equally, the fees on those transactions are almost always lower than fees on transactions through other means. Bitcoin alone carries out anywhere from 400,000-500,000 transactions per day with far lower transaction fees than ordinary means.
The speed of online betting increasing will mean that online betting becomes faster, easier, and more accessible. Crypto betting sites also means that you don’t necessarily need a credit card or debit card to be able to play.
Cyber security is often one of the online bettor’s main concerns, and understandably so. On average, there are around 1,200 data breaches each year. Your sensitive information is always at risk in the online world, even as security becomes tighter and tighter.
Bitcoin and other similar cryptocurrencies are pseudonymous, meaning that you never need to use any of your own actual personal information. You can sign up with an anonymous wallet and play all the games without ever using your real information.
Of course, not all cryptocurrencies or crypto betting sites work this way. it’s not something everyone is necessarily looking for—but it’s certainly a great feature if added protection is what you’re looking for.
- Minimal KYC
Following on from that, the anonymity of cryptocurrencies often means that there’s limited need for KYC from the operator. This stands for Know Your Customer, and is about being able to properly verify someone before they are allowed to use the site.
With anonymity built into crypto, there’s less need for this. This means not only do you not need to share reams and reams of personal and financial information to sign up, but that the onboarding and signup process in general is much reduced.
This means no messing around scanning in ID to verify you, or attaching a mobile phone number or email address to your account. You can simply set up 2FA via a smartphone app, and sign in with a password and username.
If nothing else, then, crypto is going to make the process of betting online faster, smoother, and reduce the barrier to entry.
In the modern world of digital information, it’s easy to be concerned about sensitive information slipping through the cracks. Leaks and hacks are more prevalent than ever, and even as online industries move to make their security more robust, so too do online hackers make their methods even more sophisticated. Crypto is the first step in doing away with this, and especially when it comes to online betting.