Online Gambling has surely modified the gambling industry. With the arrival of the internet, the world has gone digital. Cryptocurrency’s association has been modified with the change from offline gambling to digital gambling. Is crypto a replacement for real money in online gambling currency? Let us find out.
The Concept of Cryptocurrency
Cryptocurrency or digital currency is nothing but money in digital form that has got huge access on the internet. There are various platforms on the internet that allow the transaction and storage of cryptocurrency. It is just like your bank account but digitally. You have a wallet where you can store your digital currencies and get interests and rewards from them. A digitalized ledger is maintained for all your activities regarding your crypto wallet.
This is a system that allows secure payments with less hassle and safety. These are coined as ‘virtual tokens’. The word “crypto” refers to different encryption algorithms and cryptographic technologies that protect these entries.
Advantages Of Using Cryptocurrencies
There are many cryptocurrencies in the market. Among them the oldest and most common is Bitcoin. Now let us see the benefits of using cryptocurrencies:-
- User Autonomy: The primary purpose of using cryptocurrencies for many users is autonomy. And cryptocurrencies like Bitcoin indeed provides that. Users have their full liberty to spend their money without the interference of any external force.
- Discretion: Any cryptocurrency purchase is discrete. Until and unless the users share their transaction history with any third party, they remain hidden. Digital currencies like Bitcoin ensure the complete privacy and safety of their users.
- Elimination of Banking Fees: Transaction of digital currency does not incur any transaction fee. This is because since there is no interference from any third party there are no middle fees put on.
- Accessibility: Since users can avail their cryptocurrency through either computers or smartphones, there is no hassle of traditional banking, ATMs, and credit cards.
The Concept Of Fiat Money
Fiat money is a government-issued currency of any country that is regulated and looked after by the central banks. This gives the central bank wider control of the country’s economy because they have control over the amount of currency printed.
The reason why fiat money has value is that the government of a country insists the citizens pay taxes and that too in their currency. Now to pay taxes the citizens have to earn enough in that same currency. This is how fiat currency gains its value.
An example of a fiat currency is U.S Dollars.
Advantages of Using Fiat Currency
As stated earlier, Fiat Currency is any currency that is printed and regulated by the central bank of any nation. Here are the free advantages of fiat currency:
- Good Currency: Fiat currency can be a good currency if it is capable of handling the nation’s economic need in its monetary unit. This includes storing value, providing an account of numeric, and facilitating exchange.
- Control Over Central Bank: Since fiat money is not a scarce resource like gold, central banks have good control over their supply that gives them the power to manage various variables of the economy like credit supply, liquidity, etc.
Online Gambling Currency: Crypto Vs Fiat Money
By now the concept of cryptocurrency and Fiat currency is hopefully cleared. Let’s see which among the two is better when it comes to online gambling currency.
The speed of transaction is one of the prime reasons for considerations when it comes to online gambling. Gambling enthusiasts and Bitcoin casinos both highly prefer cryptocurrency transactions over a fiat transaction because of their transaction speed. Almost every digital currency allows fast and hassle-free transactions, unlike the long queue that happens in the case of fiat currency.
When dealing with cryptocurrencies there is no extra cost included during the transaction process. But that is not the case with fiat money transactions. When transferring fiat money there are many fees that the users have to pay like for instance transaction fee, processing fee, and so on. So online gambling enthusiasts prefer cryptocurrency over fiat money in this parameter as well.
Anatomy, Transparency, and Security
As mentioned earlier, cryptocurrency maintains the anatomy of its users. It ensures user’s privacy and security. But with fiat money this is not the case. In the traditional banking system, the bank has all the information about the users with them. There are high chances that these data may leak out. So users prefer cryptocurrency moreover fiat money while playing online gambling.
Based on the above points it is clear that cryptocurrency has replaced fiat currency in the field of online gambling. The ease of use of cryptocurrency makes it more worthy. Most cryptocurrency comes as a solution to all the hurdles that come with conventional trading systems. Having said that time is not far when the fiat currencies will completely get replaced by crypto money as online gambling currency casinos will stop and will completely shift to cryptocurrency transactions.