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Cryptocurrency is well on its way to becoming the future of finance itself. Already in the US, 28% of adults own or have owned crypto, and many more have revealed an intention to invest in the future. The additional security and privacy benefits of crypto when compared to other payment methods, alongside its tendency to increase in value over time, make it an incredibly useful asset in many different industries.
One of the biggest industries that is successfully incorporating crypto is the gambling industry, and this is especially apparent in high-stakes play. In this article, we’ll examine some of the most effective ways high-stakes rollers use cryptocurrencies to up their game and improve their chances
What is Crypto?
Cryptocurrencies, also commonly referred to as digital assets, are virtual currencies that have real-world value. Transactions in crypto are encrypted and made through a massive public ledger called the blockchain, meaning that crypto itself does not need to rely on third-party institutions, such as banks, to thrive. This makes it a highly appealing asset to many investors. Additionally, crypto is known for its high volatility. In this context, volatility refers to the tendency a digital asset has to rise and fall in value over time. The easiest way to understand how this could benefit investors is to take a look at the most well-known cryptocurrency in the world, Bitcoin. At the time of writing, Bitcoin has a total value of over $117,000; however, when it first emerged in 2009, its value did not even reach a single dollar. Time and popularity have led this coin to skyrocket.
Crypto in Gambling
A good crypto casino can appeal to players from all walks of life. Not only does the decentralized nature of crypto mean that players can gamble anonymously and claim their winnings almost instantly, but many of these casinos also offer impressive rewards and bonuses to both new and seasoned players. Furthermore, it is a no-brainer that gambling and crypto go well together, as the aforementioned volatility of crypto often means the gambler can make an additional bet on the expected value of their winnings might have in the future.
Immediate Access to Winnings in High Stakes Play
One of the greatest advantages of incorporating cryptocurrency in high-stakes play is its decentralized nature. This is also one of the main reasons that professional gamblers use digital assets in the first place. Decentralization in cryptocurrency means that all transactions made using crypto, including both the wagering and withdrawal of funds, happen near instantly without the involvement of any third-party institutions. This is a particular advantage for high-stakes players as it puts the control of winnings into their own hands, enabling them to jump in and out of games quickly and efficiently while always claiming their winnings quickly and effectively.
Low Transaction Fees
Crypto is notoriously cheap to send and receive, which makes it a great asset for high-stakes players who engage with casino games internationally. When playing at more traditional online casinos, these individuals would have to pay transaction and exchange fees to claim their winnings in their own country’s currency, but since crypto is the same all over the globe and is known for its incredibly low transaction fees, the need for this payment has almost disappeared.
Crypto’s Utilization in Private Games
A lot of high-stakes gamblers aren’t as interested in the same gambling sites that more casual gamers favor. Instead, many gravitate towards more exclusive games against opponents with a similar bankroll to themselves. As such, many make use of the app Telegram to organize and attend private games. Not only does this allow them to engage in invite-only events, but it also gives them a place to incorporate cryptocurrency into their play. Many of these telegram games focus on crypto, with wagers being made in the form of digital assets as opposed to traditional cash.
Increased Privacy
Finally, for this list, many high-stakes gamblers are drawn to crypto games and crypto casinos due to the additional security and privacy benefits they offer over their more traditional counterparts. Transactions made using cryptocurrency are encrypted, and this makes them exceedingly difficult to trace to a source of origin. Because of this, many high rollers feel more comfortable making large transactions of money on a peer-to-peer basis over the blockchain as opposed to through traditional methods with third-party involvement, especially in light of recent hacks and data leaks taking place all across the globe.
Final Thoughts
Cryptocurrency has completely revolutionised countless industries and sectors, and the gambling world is certainly one of them. Although the benefits of crypto incorporation are clear for high-stakes gamblers, the same benefits also apply to those who engage with gambling more casually. Assets like crypto’s security and volatility are not only limited to high-stakes play, but can be equally advantageous to every kind of gambler.