If you’re a gambling enthusiast, you know you need to keep your funds up and running every time you spin the lot. For me, transaction speed is everything. However since bank transfers and credit cards can take several days to process your withdrawal and often have high transaction fees, it can be quite a hassle. So what other option is there?
Crypto is becoming popular for online gambling and in casinos. Like, it just takes minutes to set up a crypto wallet, add funds, and start gambling. I for one am a big fan of crypto for online gambling as it’s secure and anonymous. But here’s the fun part. Crypto is much faster at transactions than any of the above methods.
But how does crypto quicken transaction speed? Let’s explore the reasons behind this.
Decentralised Network
In my opinion, the decentralised feature of cryptocurrencies is one of the main reasons for the higher transaction speed. Just think about it, you’re not dealing with any middlemen and directly communicating with the other player at the end. So your transactions directly go into the other party and within a few clicks, it is done.
I always choose betting sites that can support cryptocurrencies, to begin with. If you’re looking to choose an instant play casino, make sure it supports a wide range of cryptocurrencies with less downtime so you can enjoy a hassle-free gambling experience.
24/7 Operations
Crypto operates all day long. Like there aren’t any bank holidays or working hours you need to be afraid of. That’s a pretty good thing in my opinion. Like why do you need to worry about limited time when the operations happen all day long? This ensures that there is no downtime, global accessibility, and enhanced liquidity for all players.
Scalability Solutions
Now here comes the best part. Most cryptocurrencies have advanced scalability solutions that can increase transaction speeds. I’ve closely monitored some of these solutions, and I must say, they are very efficient and promising in delivering the fastest transaction speeds for online gambling sites. Take Bitcoin as an example. It uses a Lightning Network system to enable instant, low-cost transactions between users.
Another promising solution is the sharding system. I think Bitcoin still uses this feature to enable high transaction speed. Basically, it divides the network into small shards or parts, where each part is capable of performing its transactions. This is actually a huge thing as it can technically eliminate downtime and increase operations by a huge amount.
Automated Verification
I often think about how banks verify the authenticity of the transactions. Maybe that’s how the transactions take time to reflect in one’s account. But in the case of crypto, the transactions are automatically verified. Wondering how it works?
Each node or computer uses a specific set of rules predetermined in the decentralized network to verify transactions. Each node independently verifies each transaction and when a majority of nodes agree, the transaction becomes official and gets passed.
Reduced Congestion
No one dislikes huge traffic more than me. Like seriously, who wants to have a bunch of instructions happening at the same time? That’s where crypto comes out to be the best. With crypto, you can adjust for congestion by increasing block size or by reducing block times. Some of the best cryptocurrencies with reduced block times are:
- Ripple (XRP)
- EOS
- NEO
- Cardano (ADA)
- Solano (SOL)
- Stellar (XML)
- Tron (TRX)
Are all Cryptocurrencies Fast?
With all these points, you must think that all cryptocurrencies are fast. Even I do too. But that’s not the case. Bitcoin, the most popular crypto of all, is one of the slowest currencies in terms of transaction speed. According to Statista, Bitcoin and Ethereum have one of the slowest transaction times, taking up to 40 and 1440 minutes respectively.
Tether, Solana, and Ripple have one of the highest transaction speeds, completing transactions at a near instant rate. I think it all comes down to the block size and block time, along with the number of transactions taking place at a time. It’s basic logic; more transactions on a single block equals more time to complete the transaction.
To Wrap It Up
So when it comes to faster transaction speeds, we can all agree that crypto does indeed quicken transaction speeds. With more and more online gambling websites available for a wide range of consumers, setting up currencies with higher transaction speeds is important to ensure the fast movement of cash.
I am a big fan of crypto and to know that crypto is better at increasing the uptime of transactions is a huge factor for me.
Looking at the future, I see a big involvement of various cryptocurrencies in online gambling sites. With numerous cryptocurrencies entering the blockchain network, I can’t wait to see the growing development and integration of crypto to various platforms and witness its effects on the whole iGaming community.
