EXPERTS HOT NEWS Cryptocurrency trends in African online casinos 7 days ago Peter Situma Post Views: 60 Blockchain technology has filled a gap in the gambling industry. Since the introduction of blockchain technology in Africa, the gambling industry jumped right into the wave and they are continuing to reap huge benefits from this trend. Cryptocurrencies are virtual currencies in form of digital money that is designed using complex technology. You might probably hear of Bitcoin. Bitcoin is a popular type of cryptocurrency and is already an established currency not only in the European nations but the African nation as well. Other cryptocurrencies include- Nem, Clash, Litecoin, Ripple, and Ethereum. Each cryptocurrency is different but they work in the same way just like real money. The gambling industry is one of the few industries in Africa that support cryptocurrencies. Like any other industry in the Africa economy, they were hesitant to accept cryptocurrencies as a mode of transactions. But with time, more casinos in Africa started to support Cryptocurrencies. Today, cryptocurrencies are becoming more popular in Africa since most online casinos are accepting them on their platform. African gamblers have found cryptocurrencies to be more beneficial than other transactional methods such as bank transfers and credit cards. African gamblers enjoy low or no transaction fees, fast transactions, and they are guaranteed anonymity and transparency when they use cryptocurrencies. Cryptocurrencies will relieve the burden of transaction fees for every time an African player transacts funds between the online gambling platform and the preferred bank. It will offer a huge relief to those with limited resources. As mentioned above, transacting with cryptocurrencies is fast. Bitcoin users only transfer money from the bitcoin pocket to the casino’s bitcoin account and vice versa. It has limited the number of transaction process in case if the bank was used. Additionally, a player will not have to wait for days to receive funds. African players are guaranteed anonymity when using cryptocurrencies. No-one will ever know you played or bet on any online casino games. Your privacy is protected. Furthermore, cryptocurrencies are secure, for instance, bitcoin has security features that prevent a user from sending funds to wrong accounts mistakenly. Cryptocurrency is trusted virtual money and it is not easy to hack. Therefore, your virtual money is safe and secure. Soon, more gamblers in Africa will embrace the use of virtual currencies. Currently, online casinos in Africa that accept cryptocurrencies use the same marketing strategy as traditional online casinos but with a different twist. Such online casinos attract players from Africa to their platform if only, they use cryptocurrencies as a withdrawal and depositing method. A crypto player is awarded free spins and a free bonus when you sign into a crypto casino site. African players are also awarded a welcome bonus and other attractive awards when a player is already into the platform. The cryptocurrency wave is spreading fast because it operates in a free market— somehow the blockchain technology does not have a body that regulates cryptocurrencies. The Gambling Commission plays the role of regulating online casinos but in this case, the crypto online casinos are controlled by casino game developers and casino owners. If the gambling commission comes into the picture, there will be two outcomes. One, the Gambling Commission will find it hard to control crypto online casinos since its model was created to be completely anonymous. Cryptocurrency users will still enjoy the benefits of convenient and fast transactions and low fee transactions when gambling. The second possible outcome is that the Gambling Commission will find a means to regulate the crypto online casino market. As you all know, the Gambling Commission is mandated with the responsibility of controlling, regulating, supervising the online gambling market. Today, there is still a number of casinos in Africa that have not fully embraced blockchain technology, for reasons such as red tapes from the federal government or unfavorable economic conditions in Africa. However, as long as there are crypto users in Africa who want to gamble online, blockchain technology will always be there. Lastly, in the future, the purchase of products and services will be available without restrictions not only to online money players but also to internet users of Africa. Peter SitumaPeter Situma is a lover of football and a staunch supporter of Chelsea Football Club. He has been working as a sports betting and casino gambling writer for over 5 years. 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