The role of payment options in a gambling segment is tremendous. The impact is profound in such a way that a new segment of gambling destinations may even come up based on payment choices. One such example would be the crypto casinos that have come about in recent years. Back when Bitcoin was valued at less than $100 or even $1000, not much of an ecosystem was created for cryptocurrencies. Now, however, the scenario is completely different with several industries moving on to mass adoption of cryptos owing to their numerous advantages.
The iGaming space is one of the industries to get a huge slice of advantage owing to cryptos. Some of the top advantages that players can expect from the use of cryptos at online casinos are:
Universal Approach
As the pressure grows on iGaming brands to comply with more stringent rules and regulations from local authorities, the adoption of cryptos has enabled brands to go offshore and completely bypass those restrictions. This enables brands like Novibet casino to have a universal approach by being able to offer the same kind of gaming experience to players from different countries and locations. They have also started becoming more accessible to people around the world – even in destinations where online gambling is not considered legal.
Improved Security
The blockchain technology that forms the essence of cryptos can be immune to major security threats that are common with regular fiat currencies. This allows an iGaming brand to build a fortified wall around the information that is being transferred with little effort. It is almost impossible for any sensitive data about the financial transactions or the player to get leaked when relying on cryptos.
Top Three Cryptocurrencies with Fast Transfers
Even though Bitcoin and Ethereum may be getting all the plaudits and attention, a silent revolution has been happening behind the scenes concerning blockchain technology. It has little evolution of coins like Solano that have been able to reduce transaction times significantly. They have made it possible for iGaming brands to provide instant withdrawals and deposits – something that seemed like a distant dream with regular fiat currency transfers. Here are the top three cryptos that can make a significant dent in the hope of fiat currencies gaining an advantage in the online casino space:
Ripple
Designed as an alternative to Swift’s global payment network, Ripple has been growing in popularity in the last couple of years. Featuring a transfer time of less than 3 to 5 seconds, Ripple is considerably faster than the likes of Ethereum or Bitcoin.
Solano
Solano is a much newer option to feature in this list having been launched in 2020. This crypto uses Proof of History in addition to Proof of Stake to enable 65,000+ transactions every second on the network. This is significantly faster than Visa, which can process 24,000 transactions per second, or Ethereum which can process 15 transactions per second.
Cardano
Cardano can combine fast transfers with very low fees. Launched in 2017, this crypto can achieve high speeds due to the scaling solutions. As a result, multiple transactions can take place at the same time and it reduces the cost of transfer.
