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Crypto and Gambling – A Growing Industry

The gambling industry has been one that has seen the emergence of cryptocurrency as a viable method of payment and currency to use. Some of the best casinos sites to play online will include Bitcoin or Ethereum casinos already, with many more set to follow suit

Gambling is an industry where security and trust are of utmost importance – a vision shared with many cryptocurrencies. It has always been this way, long before gambling became available online. This need for secure transactions, often with the parties requiring confidentiality in their affairs, has played out well for Cryptocurrency. Its intrinsic confidentiality, provided for utilising its own system of tokens and wallets, gives users the anonymity they often wish. This demand has driven the gambling industry to quickly and efficiently develop ways to integrate cryptocurrency into its products and business models.

Choosing a strong casino, or gaming house that will give great service and be fully trustworthy with your money is important. Make sure you are happy with the registration requirements for the casino or gaming house you choose. They generally have a two-stage verification process. Firstly, a registration stage with the casino or gaming house itself where you will often be required to provide your full name, email address, phone number, home address and choose username. The second stage of registration usually involves a deposit of funds into the gameplay account. Some casinos and gambling sites will require documentation to prove a member’s identity; this is usually done through the site’s own encrypted system. Safe trustworthy casinos and gambling sites will save this information in their secure systems, so you will only need to provide it once.

Deciding How To Pay 

Trustworthy legitimate gambling sites are used to accepting various payment methods; these generally include recognised payment methods like bank and building society debit or credit cards, bank transfers and cryptocurrency and  e-wallets. Strong casinos will not keep players waiting long for their winnings, e-wallets and cryptocurrency have helped with the ability to transfer funds quickly and efficiently between gambling sites and players.

Another sign of a great casino is the availability of live customer support – often available 24 hours a day. Having someone there to assist you with any issues you may have goes a long way to building trust between a gambling site and its members. Things can go wrong, be they small or more serious, knowing helpful live customer support is always available takes away much of the barriers to trust that casinos and gambling venues want to eliminate.

Sticking to the rules is not always painless, with a casino bet you won’t win every time. But knowing your chosen casino is trustworthy and using secure random number generation software for games based on luck, lets you know you are playing a fair game.

Great casino and gambling sites will have online reviews that generally reflect this. Make sure sites you are considering are certified members of the relevant regulatory agencies, like the UK Gambling Commission. This will ensure rules like pay out percentages are adhered to.

Gambler’s choice means a lot and generally, you will find casinos with larger player numbers have better reputations than those with fewer. Larger casinos are in general more likely to offer the greatest range of cryptocurrency choices. With Bitcoin undoubtedly being the most widely accepted. But others such as Ethereum and Dogecoin are also represented. This support is only likely to increase, with more and more gamblers enjoying Cryptocurrencies and what the advantages to their use give them in return.

The Effect On Our World

It’s not all roses for the providers of cryptocurrency, as recently highlighted the cryptocurrency industry has some serious changes ahead of it as it grows and gains market share. This is something the online gambling industry must be wary of, they have a great reputation for having reduced gambling emissions by taking physical venues online, reducing not only their emissions but the indirect emissions from transport for players to attend such venues. The traditional poker tournaments now are available online with all the advantages that online have brought to so many industries. Cryptocurrencies are developing all the time, newer Cryptocurrencies are becoming available with much better carbon footprints than previously. Coins such as SolarCoin, which is a cryptocurrency that claim to works like any other, but within its business, incentivise real-world environmentally sound solar energy projects.

Bitcoin has recently reduced its emissions too. With China’s cryptocurrency crackdown earlier this year, half of the Bitcoin miners in the world stopped mining, drastically reducing Bitcoin’s carbon footprint. As replacement equipment is generally more efficient than the stuff it replaces, future Bitcoin emissions from mining can be predicted to be lower in the future.

Currently, Bitcoin uses roughly 70 terawatt-hours of electricity per year or in easier to understand terms 0.33% of the world’s electricity production is used by Bitcoin. And that is half what it used less than a year ago, a staggering amount which rivals some smaller countries’ electricity usage. So it is clear from this that there is vast room for improvement. As we move into the future with online gambling and cryptocurrency, improvements are likely to happen as all industries reduce their carbon footprints and environmental impact.

What Does This Mean For The Future?

There is no denying that the casino industry is growing – in fact many betting companies saw record numbers of transactions throughout 2020 and 2021. This alongside the fact that the links of Bitcoin are still hitting the headlines for an ever-increasing record value just goes to show that the two industries should probably continue to work together. As Cryptocurrency becomes more mainstream it is likely that more people will turn to using digital currency for completing online transactions and as such, more casinos are likely to adapt their payment options to be inclusive of this way of paying – much like the way they embraced PayPal once they became a popular way to spend money online.