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As with many business areas that exist online, the world of online gambling has also been impacted by the use of cryptocurrencies, as well as advancements in technology. Just take a look at the information on this website to see some of the technological features that are involved in the regulation of the gambling industry. But what does it mean for you and your digital footprint online?
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Technological advancements in the online world
Technology is at the heart of pretty much everything, from banking and travel, to the automotive industry and learning environments. Even print newspapers are almost a thing of the past now, with more and more news corporations moving their information online for public access instead. For example, in the UK there have been several mainstream newspapers that have collapsed altogether. Whereas The Independent, a well-known British morning newspaper, moved to a completely online-only format as of 2016.
Keeping current with consumer trends is key to staying afloat for many businesses. So it’s absolutely no surprise that the gambling industry has also had to adapt to technological changes over recent years.
In the wake of the pandemic, the popularity of online gambling and sports betting has continued to increase. No longer are people finding it necessary to head to physical casinos. And, betting and gambling businesses are finding that the way to maintain revenue and reach their customers is to move their operations to an online environment. Or at least they need some form of online presence in addition to any physical location they may have.
Types of cryptocurrency and where they are used
Another relatively new trend over the last decade is the expansion of cryptocurrency and its usage in all sorts of places, especially online. Probably the most famous cryptocurrency remains Bitcoin. But nowadays there is a much wider range of cryptocurrencies that are in use, such as Dogecoin, Tether, Ethereum, Cardano, Solana, and XRP.
And, more and more retailers are accepting currency as a form of payment. This has changed the landscape of online payments away from the traditional payment via debit or credit card. You can now purchase anything from cinema tickets, plane tickets, and clothes, to food from restaurants, furniture, and real estate.
Again, the online gambling industry has not bypassed this method of payment influencing where people shop nowadays. Many online gaming casinos include cryptocurrencies as a method of payment too. The increased use of blockchain technology when dealing with payments has further supported the use of cryptocurrency in this forum too. And, using crypto means both gambling companies and players alike are able to deal with global transactions without the red tape that some banking establishments in our countries place on payments.
How to keep your payment info safe while taking part in online gambling
One of the main security features that you should look out for when making any form of online payment is that there is a high level of encryption involved. Some sites and payment providers do offer end-to-end encryption, which is key. Regardless of this security, it’s still best practice to use a strong password for any online profile you may have, especially profiles that include saved payment information.
Blockchain technology being used is an even better feature to keep an eye out for. Payments via the blockchain mean that the payment process can be tracked from start to finish, with each data block linking to the one before and after it. There is no way that the blocks can be altered or deleted, not even by a system administrator. So the information can’t be manipulated, stolen, or removed easily. This is a huge development for securing your online payments.
