Cryptocurrency in gambling: is there a need

Cryptocurrency in gambling: is there a need?


Blockchain casino Fairspin talked about the aspects of cryptocurrency implementation in gambling. Nowadays, the government plays an important role in business regulation; this question is plaguing the heads of amateurs, gambling zone owners, operators, and other market players alike. But is it possible to exist without an intermediary and regulation? Fairspin tells the story of what invests in crypto more often and what is the impact of blockchain on gambling.


No doubt casinos are a risky asset, but even more mysterious is the crypto market for the layman and even the professional economist. Governments are banning the currency everywhere, with no means to trace anonymous wallets. Skeptics immediately ordered Bitcoin not to live long, while others predicted growth for the currency after it plummeted to $20,000 per unit in 2020. At the moment (end of January 2021), Bitcoin is worth $32,000.


The cryptocurrency is much more actively used in the gambling industry compared to previous years. Cryptocasinos and blockchain-based casinos have certain specifics:


- Bets must be at least one cent;

- Strict payment security controls are in place;

- High speed of financial transactions (maximum 4 minutes);

- Complete anonymity of the transactions.

Altcoins, which are used as a currency in such casinos, cause controversial feelings among players. In states where online casinos are legalised, operators offer cryptocurrency payments; Fairspin is one such company. Moreover, the firm arranges transactions with many types of crypto popular in the market: Bitcoin, ZCash, Etherium, Litecoin, Neo, EOS and others.

Among the pluses of this approach is that the history of all financial transactions is stored on the blockchain in a secure manner. Anyone can check whether a company is playing fair.

Cryptocurrency is said to attract people of a particular mindset. Also, according to experts at Fairspin, having a crypto wallet is a huge investment in one's future.

Recall that many popular billionaires are now investing in crypto: at the moment, that's 10 per cent of the Forbes list. Moreover, note that the number of gambling areas linked to blockchain in one way or another is constantly increasing. However, there are also reverse statistics, where some players describe negative experiences and loss of funds in bitcoin investments, more so in the area of gambling and casino not on gamstop.