Things are always changing in the crypto scene, making people wonder how ethereum betting sites will be affected. There has also been some change in the Ethereum blockchain as it moved from the proof-of-work to the proof-of-stake concept. There was more acceptance on the part of the governments of many countries of the concept of cryptocurrency.
If you factor in the recent crash of the crypto exchange, FTX, you’ll understand that the only constant factor here is change. As a result, many punters are concerned about the outcomes of these constant changes to ETH betting sites. This article answers those questions as it provides a picture of ETH betting sites, 5 years in the future.
Things to Expect from Ethereum Betting Sites in the Next 5 Years
ETH betting sites have become one of the best sources for a good crypto gaming experience. They offer good transaction speeds, security, increased withdrawal, and deposit limits, and many other benefits. Below are some of the other features to expect from ETH betting sites in the future.
Lower Transaction Fees
The transition of Ethereum from the proof-of-work consensus to the proof-of-stake consensus was a long-planned move. This move aligns with the blockchain’s plans to reduce power consumption and go green. So, instead of relying on massive computing power, the blockchain will now rely on the stakes that validators make.
You might be wondering how this impacts ETH gambling platforms at this point. To speed up transactions, “The Merge” is a transition to proof-of-stake consensus. It would supercharge Ethereum transaction speeds, taking them from 25 transactions per second to 100,000 transactions per second.
This means that punters can deposit their ETH coins into ETH betting sites much faster. Withdrawals would also be affected, and players would be able to get their winnings within minutes.
Increased Acceptance
In the future, cryptocurrencies will be accepted in many countries as a legal means of exchange. This means that people can make purchases online and offline, and pay for them using digital coins. Since digital coins are accepted for online purchases, they’ll also be accepted at online casinos as well.
To this effect, ETH betting sites and other crypto casinos would be accepted in countries where they’ve been rejected. The security that the blockchain brings is already accepted by the public. When this is introduced into the crypto betting scene, it will reduce the aversion of many people to online betting.
More punters will be willing to play games at ETH betting sites without fear as a result of this. The government would also see no reason to block access to such sites.
Increase in the Number of ETH Betting Sites
As ETH betting sites become increasingly accepted, there will be a natural increase in their numbers. This means that bettors don’t have to search too much to find an ETH betting site. A simple web search would offer many options that a player could choose from.
Right now, Bitcoin betting platforms have taken center stage, but in the future, ETH betting sites will be the same. They would also become just as popular as Bitcoin betting platforms.
Know Your Customer (KYC) Procedures Become More Mainstream
With increased acceptance of ETH betting sites comes more regulation. Since governments in more countries will accept ETH betting sites as mainstream, they’ll want more control over them.
However, because crypto staking platforms are built on blockchain technology, most of their traditional techniques are rendered impossible. They won’t be able to monitor how much people deposit or how much they withdraw. Nonetheless, by making Know Your Customer (KYC) procedures mandatory, they can learn who uses such platforms.
This means that players would have to submit some personal information at ETH betting sites before they register. Within this personal information would be their names, social security numbers, phone numbers, and home addresses.
Sure, this would compromise the anonymity that some ETH betting sites are supposed to provide. However, these sites would have to compromise if they wished to remain in business. Countries like the United Kingdom and the United States have already started enforcing it.
The KYC procedure is not all bad, though, as it also allows the government to check for money laundering and financial fraud.
Virtual Reality Gaming
The internet ushered people into a new age, where many things are now possible. Information is at the tip of our fingers, and communication is much easier than before. People can speak to each other in real-time with miles of distance between them.
In the betting space, casinos have evolved with the advent of online betting. Here, bettors can play their favorite games from the comfort of their homes and win just as much. Individuals that prefer the real-life scenes of land-based casinos can also use live betting games to relieve that sensation.
However, the internet is gradually giving way to the metaverse, the future of cyberspace. With the metaverse, people all over the world can interact better in virtual reality. It would also allow traders to buy and sell goods and services.
Fortunately, the online betting space benefits from the advent of the metaverse. In the online betting space, crypto casinos would be able to offer better gaming services. Players would be able to create avatars and move around a real casino in cyberspace.
Live gaming would be much better, as players would be able to engage with each other. They’ll be able to see the expressions that other players are making, creating a whole new experience.
XRBet has already begun to plan for the 3D virtual gaming experience that players can look forward to. The prototype of their casino gaming metaverse launches in the first quarter of 2024. A few years after that, ETH betting sites would also be offering a virtual gaming experience.
Final Thoughts
Ethereum is one of the most popular cryptocurrencies around, second only to Bitcoin. It offers the same impeccable security as other crypto-staking sites, increased withdrawal limits, great bonuses, and many other benefits.
In the future, ETH betting sites will offer virtual reality gaming, lower transaction speeds, and increased acceptance around the world. Of course, with increased acceptance would come legal requirements like the KYC procedure. Nonetheless, ETH betting sites will continue to provide a fantastic gaming experience for all punters in the future.
