Virtual Payment in Casino Gambling Market by Blockchain and Cryptocurrencies

Casino gambling is a hugely popular activity around the world. Over the past several years, the casino industry has experienced rapid growth and remarkable developments with new products, new marketing techniques, new approaches to payment, and innovation generally. As the gambling, casino and betting markets are in rapid growth in this decade, the cryptocurrency markets is also increased dramatically in terms of adoption by customers, acceptance by financial institutions and other businesses. The best advantage of cryptocurrency is it facilitate more efficient payments and appeal to younger, more tech-savvy customers.

The concept of Bitcoin and an associated decentralised payment system was first published in 2008, with the blockchain being initiated in January 2009. Gambling has often been an early adopter of new technologies, be it for communications or payments, and it has been the same for cryptocurrencies. The first crypto-casinos began launching in 2013 but it was not always a smooth process. In 2021 there are several hundred gambling websites which accept cryptocurrency as a method of payment. Bitcoin is the dominant coin that is accepted, followed by Ether and Litecoin. Interest in cryptocurrencies is growing and the buying and selling of coins is becoming more mainstream, with the associated opportunities and risks.

Gambling using cryptocurrency is also benefitting from this widening ownership of various coins. Its growth could also be viewed as a reaction to the increasingly intrusive policies being implemented by gambling regulators, which require ever more checks on customers, their spending and identity.

Digital Currencies : The First Application of Blockchain

Blockchain is an increasingly popular technological innovation that underlies cryptocurrencies such as Bitcoin and Ethereum. Blockchain is a method for tracking transactions using a public, globally distributed ledger. Transactions can include anything of value (e.g., houses, patents, intellectual property, cars, software, contracts), but is most commonly used for virtual currency (i.e., cryptocurrency). Blockchain automatically and securely (using cryptography) keeps a historical record, or ledger, of all transactions.

Digital currencies were one of the first applications of blockchain. There are many types of cryptocurrencies such as Litecoin (LTE), Zcash, (ZEC), Ripple, Dogecoin, PPcoin, Quark, and many more. One of the first and most successful of all cryptocurrencies is Bitcoin. Bitcoin, like other cryptocurrencies, is not issued by a bank, or protected by government rules; therefore, it is considered ?decentralized?. Due to the technological innovations of blockchain, payments with cryptocurrencies are popular because:

  • Transactions have low fees (some don't even have any transaction fees)
  • Payments are confirmed in a short period of time
  • Low risk of payment fraud, considering that the transactions are irreversible
  • No need of identification

Gambling with CryptoCurrency

Cryptocurrency is becoming increasingly accepted as a legitimate source of funds. Casinos are accepting cryptocurrency as payment, and there are even casinos that are built exclusively for cryptocurrency. Gambling accounts for approximately half of all transactions with Bitcoin.

Crypto-Crash games

One category of gaming that has been developed specifically for cryptocurrency gambling is crash games. Crash games are fast-paced, easy to understand and compelling to play.

How Crypto-gambling Benefits Customers

Crypto-gambling offers several perceived benefits to customers:

An outlet for coins

Gambling represents one activity that coin holders can easily spend their coins on, with the added benefit that they might win more coins.

Speed of sign-up and transactions

Cryptocurrency like Bitcoin transactions can be completed almost instantly and can incur lower costs than other payment methods.

Easier movement of funds

Cryptocurrencies offer a means of circumventing the restrictions, especially if there are difficulties in using traditional payment methods either to move funds or for gambling.

Effectiveness of Gamstop in Consumers well-being

There are millions of people in the world at moderate or higher risk of experiencing problematic gambling. Gamstop was established in 2018 to offer a scheme to enable consumers to choose to exclude themselves from all online gambling websites and applications that integrate with the scheme. Gamstop is successfully achieving a reduction in gambling-related harm with far-reaching positive impacts for consumers. Gamstop delivers effectively both from the perspective of positive consumer experiences and the important outcomes of feeling safer and more in control.

Non Gamstop Batting

Less restriction attracts lots of players across the globe to non Gamstop sites. Non GamStop bookies are able to offer services to people who have registered with GamStop because they are licensed in jurisdictions like Curacao, Malta and Gibraltar. Any restrictions on sports and sporting events are non-existent with it. Gamstop bookies that are reputable, licensed, and owned by trusted agencies are connected with non gamstop betting sites. They are virtually the best deals you can get out there.


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