In today’s fast pacing world, technology is changing at an enormous rate and there is not even a single industry which has not been affected due to it. With the introduction of various cryptocurrencies, the online gambling industry has undergone a significant change. Online gamblers have been demanding from various online gambling industries to allow them to transact using cryptocurrencies. In this post, we have discussed in detail the impact of the cryptocurrency revolution on the online gambling industry.
Demands of Online Gamblers
As many different cryptocurrencies such as Ethereum, Litecoin, Bitcoin Cash and Ripple have come into effect, online gamblers are demanding the use of such cryptocurrencies while carrying out the transactions for various online casino games. Since the last decade, only 10% of the global online gambling sites are welcoming cryptocurrency mode transactions. Gclub is a new name which is planning to introduce the cryptocurrency based payment system in the near future.
Benefits of Cryptocurrencies for Online Gamblers
There are certain benefits of using cryptocurrencies for online gamblers. One of the advantages is that it offers anonymity benefits to them as their identity only exists on a blockchain registry. Another benefit of using cryptocurrency is that it offers a fast way of a transaction to online gamblers. And, the next most important advantage is that online gamblers need not pay transaction fees while making payments through their accounts.
Possibility of Developing Own Coin
It is a high possibility that many gambling giants would offer their own cryptocurrencies systems in the future for making payments. Over the last few years, many key players in the gambling industry have shifted to cryptocurrency transactions but the progressing speed is not that impressive. Due to the increasing pressure from online gamblers, many online gambling players are likely to introduce their own proprietary coin in the near future.
After the introduction of industry-specific coins, online gamblers would have to fund an exchange account. Using this account, they would be required to purchase a publicly traded coin such as Bitcoin or the online gambling industry coin that is available on public exchanges. In case, the customers choose the Bitcoin method, they will be given access to buy the online gambling coin from a closed exchange or a casino.