Cryptocurrencies have never been as popular as they are at the moment, with the crypto market having delivered fantastic returns over the last 15 months or so, even after accounting for the dip in prices over the last couple of months. The most encouraging thing about this rally is that crypto seems to be here to stay, as some of the biggest companies, banks, and financial institutions look for ways to get into the market. We are also seeing multiple sectors where crypto is becoming more and more important, and it is being considered as a difference-maker in terms of the various advantages it can bring, along with blockchain. One of the more surprising trends in this regard is the rise of Ripple as an option to use while gambling online, and it is quite interesting to note how this development took place.
At the outset, it must be noted that Ripple has never focused on the online gambling market. Instead, it has focused on real-world use cases such as live streaming payments, the internet of value, and cross-border payments. XRP is much cheaper, safer, and faster compared to other popular cryptocurrencies, and the fully regulated online gaming industry is expected to embrace XRP-Ripple as a banking method in the future.
It is important to understand just what Ripple is, as this will help us figure out why it is so popular with online gambling fans – it has become the second-most popular crypto option after Bitcoin for online gambling. Ripple is a payments settlement system and currency exchange network that can process transactions around the world. The idea is that Ripple serves as a trusted agent in between two parties in a transaction as the network can quickly confirm that the exchange went through properly. It is therefore intended to be a replacement for the existing SWIFT system of global money transfers, and thus it is no surprise that Ripple payments are extremely fast.
Ripple is one of the banking methods that offers the fastest transactions. Its funds settle in any part of the world within seconds. The company that operates this cryptocurrency is always looking to enhance its services and products to meet the needs of different individuals. The Cobalt update is one of the current innovations of the company. And with this innovation, XRP has become faster than ever. With this in mind, more and more online casino players are starting to use this option to make deposits. They know that they will be able to play in no time after confirming their transactions. Withdrawals are also nearly instant, so players can receive their winnings as soon as they put in requests for withdrawals from their accounts. The speed of transactions is one of the biggest reasons for Ripple’s popularity in online gambling circles.
It is also notable that while Ripple transactions are not 100% free, they are almost free. As a Ripple user, you will only be charged fractions of a penny to receive or send your funds. Additionally, another important factor is the safety of using Ripple. Safety is among the top things that many gamblers consider when choosing a payment method or a gambling platform. Ripple is one of the safest payment methods and cryptocurrencies available out there. Its users have never experienced any troubles concerning security. The Ripple system is primarily based on blockchain technology that is updated each day. The backing of banking institutions like Santander, UBS, and Union Credit clearly indicates that this cryptocurrency is safe to use.
Finally, Ripple offers flexibility, since the platform can also be used to exchange from one currency to another, with both cryptocurrencies and fiat currencies being supported. Again, fees are extremely low, as low as 0.000001 XRP, making this an extremely attractive option.
Thus, there are already multiple online casinos that accept XRP payments, and we can see why this has become so popular, with several advantages over fiat currencies as well as other cryptocurrencies. Ripple may not have been designed with the online gambling community in mind, but it has certainly become one of the mainstays of crypto gambling, and this looks like being one of the biggest driving factors for the currency in the coming months and years.