It was just a couple of days ago when Elon Musk announced that he would eat a Happy Meal if McDonald’s accepted to use Dogecoin as a payment method.
Such a news headline would have been the subject of countless hilarious comments some years ago, but not in 2022.
Yes, Dogecoin is a currency, and it attracts millions of people willing to be part of its users’ community. The new cryptocurrency jumped by 9% after Tesla’s CEO said the company would accept it as a payment option for merchandise.
Along with Dogecoin, Bitcoin, Etherium, and more than 5000 other currencies, crypto has become a fact in our lives. In the upcoming years, we are invited to witness a global change where crypto is part of the world economy.
The online gambling industry is not exempted from the new changes; on the contrary, the high-end technology-based industry is a cornerstone of the new financial world. A world where the withdrawal of money through Bitcoin is a daily routine activity and deposit via cryptocurrency is an easy-to-access choice.
With all the possibilities and unlimited options that crypto has, the burning question that concerns online gamblers is how Bitcoin and blockchain might help in developing casinos.
The answer comes in different aspects, as our expert, Kevin N. Cochran, believes. Cochran notes that using Bitcoin and the technology of blockchain in the online gambling industry would have a great impact on online gamblers. The major aspects of the cryptocurrency’s impact are shortlisted as follows:
High Privacy Standards
It’s undeniable that the current payment methods are highly safe and ensure quite good standards of customer privacy, but the new technology that Bitcoin and blockchain follow is a game-changer. Using Bitcoin for deposit and withdrawal processes allows customers to keep their transactions hidden without giving anyone the ability to track their identities.
The revolutionary blockchain technology that Bitcoin is based on uses complex algorithms to keep the identities of its users anonymous and impossible to track. We believe that such high standards of security and privacy would impress our Canadian online gamblers enough to take it into their consideration.
Bitcoin represents the future and is becoming the new trend in online casinos and online sports betting websites.
Transactions Are Faster Than Ever
The next step that concerns any online gambler, after choosing the best casino and picking their favourite game, is making a deposit to begin the fun.
The current traditional online payment options offer different levels of transaction timing. Some of them could have been done on the same day, while others might have needed many days or even weeks. In 2022, the processing time is an essential aspect to consider. Using Bitcoin as a payment method will bridge the timing gap and offer instant transactions without the interference of any third party.
Fast, limitless transactions are what every online gambler is looking for. For those who seek the best, Bitcoin and other cryptocurrencies would be a great choice.
Fewer Transaction Fees
As mentioned in the previous point, blockchain technology doesn’t require any financial third-party involvement, which means a fast process with minimum fees. Such a competitive feature makes the decision to use Bitcoin a smart one. Canadian online gamblers who choose the highest payout online casino Canada would like to experiment with Bitcoin and other cryptocurrencies as a payment method.
Ensure Casinos’ Credibility
Although blockchain technology and cryptocurrency concepts are relatively new, crypto-based casinos have recently gone viral. The transparency that crypto and blockchain offer urges more users to choose them over any other option. On the other hand, crypto casinos are attracting new crypto users and offering them a transparent and safe environment to enjoy.
The mutual relationship between crypto casinos and their users is based on innovative, transparent technology, which makes crypto gamblers feel safe from being scammed.
The above-mentioned points and many others are crucial in defining the benefits of using Bitcoin and blockchain technology in the gambling industry. Recently, we have seen that many governments and authorities around the world are working hard to embrace new technology.
Canada, as an example, is one of the leading countries that are paving the way to using crypto. Canadian authorities make great efforts to provide Canadian crypto users with the best environment to use their chosen currency.
We believe that the upcoming years will reveal many more possibilities for crypto users where the deposit and withdrawal of money through Bitcoin is an easy-to-access option.