Monster Byte crypto gambling series (Part 2)

Part 2: Is crypto gambling really a big deal?

Yes. Yes, it is.

If the introduction of the truly revolutionary concepts of Provably Fair gambling (we touched about that in our last post) wasn’t enough to convince you that crypto gambling should be something gamblers and the gaming industry should pay attention to, then there are several other features that you should consider.

Cryptocurrency isn’t just digital money

Cryptocurrency and the innovations brought by the wider blockchain technology wasn’t just a new technology. It wasn’t just another new currency you could use online. While it has certainly proven to be a popular alternative to money, cryptocurrency, by design, threatened to displace the entire concept of money as we knew it, based on the simple premise that we should be the only owners of our money and therefore, we should be the only ones in control of it.

The idea that you never needed to trust anyone to safeguard your funds, or ensure your funds reached its desired destination was a direct challenge to every accepted aspect of money. It was not state controlled. It was limited in number. It was represented by no one and secured by volunteers. It couldn’t be forged. It couldn’t (easily) be compromised. Every movement and transaction ever made is publicly visible, able to be looked up by anyone.

Respecting the rights to privacy and anonymous play

The gambling industry is not unaccustomed to innovation and disruption. Although, just like any centralized industry, these attempts to innovate and disrupt don’t necessarily come easy. We talked about the skepticism from the industry when gambling first made the journey to go online, which quickly turned to stifling regulations when online gambling became such a hit.

Cryptocurrency use in online gambling holds a logical rationale, chiefly in one of the founding ideals of Bitcoin, shared by most cryptos and cherished by the gambling community: privacy.

Most casinos still respect this gambler’s desire for privacy. But gone are the days when you could still walk into most land-based casinos without being asked for identification. With online casinos, perhaps because of their vulnerability to fraud, it’s arguably worse: every withdrawal will result in a document check and strict verification.

With cryptocurrencies, the only identity you ever give away when transacting is your wallet address, and most respectable crypto gambling sites don’t need much else.

To gamble on BitcoinRush.io, for instance, all you need is a user name and password. We have never asked for verification and we never will, as we believe that it is every gambler’s right to maintain privacy and refuse external intrusion into their money and their personal information.

In fact, Monster Byte continues to support this right, with the recent additions of two privacy-related cryptocurrencies to the growing list supported on BitcoinRush: Aidos Kuneen (ADK) and PIVX, both incredibly sophisticated blockchain projects promoting high anonymity use with their coins.

Crypto gambling is quicker, cheaper and more secure

Apart from the recent few months of congested networks on major cryptocurrencies which caused severe delays in confirming transactions and spikes in transaction fees, crypto gambling has allowed online gamblers to enjoy several benefits.

Compared to traditional deposit and withdrawal methods such as credit card and bank wire transfers, cryptocurrency transactions cost less and confirm quicker. Both gamblers and operators have less to worry about in terms of security and fraud, since blockchain-based currencies eliminate the most common fraud attempts in online gambling.

Irreversible crypto payments prevent charge backs common with credit cards. Transaction confirmations prevent double spends often made by banking systems. Cryptographic security prevents software hacks — hackers can’t exploit the blockchain to create fake money.

So yes, crypto gambling is a pretty big deal. And if you haven’t yet discovered it, we’d love to have you on board.

Follow our blog and read our next post to find out some things you could never do outside of crypto casinos: Only with crypto gambling.