It should not come as much of a surprise that cryptocurrencies have found a home in payment forms for gambling. In fact, the unparalleled synergies between gambling and the crypto-universe are striking. The gambling industry has endorsed blockchain and digital assets with wild abandon.
They have been successful in adopting the cryptocurrencies as a widespread, highly popular payment solution for online gambling. In fact, many virtual casinos even now offer deposit availability in digital asset form. This includes the likes of Royal Vegas and Jackpot City.
Cryptocurrencies as the primary/secondary payment system are so successful for the industry, they are a serious rival to fiat currencies. Malta is one country that broke into the gambling industry online as an foresighted pioneer. They legalized cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) for use in their online casinos.
The Malta Gaming Authority concurs that cryptocurrencies and blockchain technologies are essential opportunities to be assessed for further possibilities. It makes sense as these digital assets provide benefits to both the players and the casinos. This includes quicker withdrawals, stronger security, and lower operating efficiency costs. Meanwhile, the cryptocurrencies offer the gambler the discretion of anonymous gambling and eliminate the tedious requirements of document compliance.
Cryptocurrencies also come with lower fees and nearly instantaneous deposit times, though this depends in practice on the platform. It has eliminated many traditional barriers while giving new players access. It makes sense that the casinos would finally embrace the cryptocurrency deposits.
Bitcoin Standing Its Ground As the Gold Standard for the Crypto-verse
Bitcoin remains the top dog in the digital assets’ world. It is the most popular cryptocurrency in the space. BTC enjoys the best appeal to the 28 million strong global digital assets’ following. It was the original cryptocurrencey to gain traction on the online gambling casinos and platforms. The digital asset gained enough strength that there are now Bitcoin casinos that only accept the king of cryptocurrencies. Yet, there is also a silver standard in rival Ethereum. ETH offers a faster network, quicker processing time for payments, and less expensive transacting fees. Bitcoin had better watch its back.