As cryptocurrency enthusiasts continue to push for the widespread adoption of digital assets, many such changes are already happening within the world of gaming and online gambling.
Ever since the US Supreme Court allowed for sports-related gambling to be legalized across a majority of the country, many people have started to see crypto assets as legitimate avenues for such activities. In this regard, more and more popular online casinos are increasingly accepting Bitcoin, Ether, and other altcoins as payments.
Not only that, several independent startups have also seen the potential that this market holds and have launched their very own online casinos that exclusively make use of alt-currencies.
What advantages do cryptocurrencies offer?
For starters, when using digital currencies, decentralized casinos are given the ability to offer players with instant payouts. In addition to this, most users also find the idea of betting anonymously quite attractive. However, ever since the SEC and other similar bodies have started to crack down on such operations, Bitcoin casinos are required to fulfill certain KYC criterion before allowing their users to gamble using crypto assets.
At this point, it is also worth mentioning that in the recent past, cryptocurrencies have drawn the interest of billionaire investor and owner of the Dallas Mavericks, Mark Cuban, who invested 25 million into the esports gambling platform Unikrn.
While talking about the specifics of the deal and what prompted him to invest so heavily in such a platform, Cuban was noted as saying:
“Unikrn is going to benefit significantly. I don’t think people realize that gambling is legal in 118 countries already. Unikrn and Unikoin already have a foundation. They already have the technology in place. Now it’s just about leveraging up depending on what each individual state decides here in U.S.”
Gambling, an activity once considered to be a vice, has now become an integral part of many societies across Europe, Asia, and America. However, with blockchain entering this space, it now remains to be seen whether the use of this open source technology will provide operators with the ability to not only deliver a higher degree of privacy but also more transparency on monetary transactions.
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