Gaming How Cryptocurrencies Have Revolutionized Online Casino Industry
5 days ago 1 minute read
Once every few years, the iGaming industry adopts a revolutionary technology that basically turns existing models upside-down. While the 2000s were full of innovations, an unlikely candidate emerged as the key turning point—cryptocurrency.
The words “blockchain” and “crypto” certainly get thrown around a lot, but we are looking to see what is under the hood. This technology’s impact on online casinos comes down to three key reasons.
Even though people visit casino sites in order to play games, it seems that the bulk of every player’s time is wasted on non-game activities. This involves struggling with payment methods, waiting for withdrawals, or anything else pertaining to money.
If you are playing at a Bitcoin Casino, all of these changes. First and foremost, cryptos involve much shorter waiting times. From the moment you request a withdrawal to the money hitting your account, you usually wait no more than three hours.
Compare that to banks needing several business days to verify a simple transaction and the advantage becomes even more obvious.
Did you know that cryptocurrency transactions are impossible to hack? By impossible, we don’t mean “very difficult.” It is theoretically impossible, according to computing laws. Records of all transactions are stored in ledgers, which form interconnected blocks.