The Internet of things has been a global disruptor across the majority if not all industries, but the ways of yesteryear still create a bottleneck in the logistics of money! The banking industry continues to make progress in leaps and bounds due to the exponential innovation the internet lends industry and globalisation, but it is lagging with the inherent problems of currency exchange and international bank transfers.
Bitcoin and other cryptocurrencies, on the other hand, have been spearheading in the domain of payment processing and free movement of capital, as well as protecting their users from biased monetary policy. CryptoThrills Online Casino recognises that the benefits of such technology for the gambling industry go well beyond.
Fair odds through a single currency and market
As most seasoned bettors will tell you, a fairly price odd is the key variable for a bet being worthwhile or not. Depending on the country and the sports betting bookie, the bettor may be betting at a disadvantage when compared to other countries with a stronger currency. In this context, Bitcoin and other large capitalisation cryptocurrencies allow their users entry to a single global market with more fairly-priced odds and therefore a better and faster payout.
Fast moving transactions
While deposits on the traditional casinos and sportsbooks are, if not instant, almost instant, depending on the payment provider, withdrawals are a different subject as a large sum may take up several days to reflect in your bank account.
Cryptocurrency transactions are almost instant, not needing to go through multiple third parties, aside from the network of Bitcoin miners. Depending on the transaction fee users are willing to pay and the security set up of the paying party, the winnings can be transferred and spent almost immediately.
Freedom from punitive regulation
Gambling is legal in most parts of the world but that does not mean it is unregulated. Aside from the regular taxes sports betting sites and casinos are required to pay, some countries impose additional taxes that in most cases end up being transferred to the consumer end. Take Romania for example. In this case, the government imposed a 2% tax on turnover for casinos which was eventually translated into a 2% deposit tax for the customers.
While you are still entirely responsible for filing your taxes, cryptocurrencies circumvent such type of regulation, allowing you the freedom of spending your money any way you see fit.
No loss gambling through Defi initiatives
Cryptocurrency Defi initiatives have empowered a no-loss type of gambling with the PoolTogether lottery. Users simply deposit stablecoins and “buy” or receive a lottery ticket “savings ticket” for every DAI they have deposited. The total pool of funds is locked into a one-week interest yielding smart contract, which at the end releases all the funds back to their owners in addition to the total interest for one lucky winner.
The increased adoption and popularity of Defi yield farming is likely going to substantially rise the interest paid out and the success of these no loss games.
Fraud prevention: Live & Provably fair games
The move from physical games to interactive games also arose with an initial lack of trust from players suspecting that the games were rigged to lose. In response, gambling providers have selected live game transmissions and “provably fair” games, meaning the outcome of the game can be verified for random results. This adds a degree of trustworthiness.
Additionally, Crypto gambling has no credit card fraud as no one can access the crypto funds of another person, so long as the private key or hardware wallet is kept safe from prying hands.
Live Dealers on Crypto Thrills
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