Cryptocurrencies are rising quickly in both value and popularity since the past few years. The online casino industry has been quick to catch up with the crypto obsession and now lets its users pay using cryptocurrencies like bitcoin. People are able to withdraw and deposit funds while paying at online casinos with cryptocurrencies. A fun fact is that many popular casinos in Japan are already using crypto as their primary source of funds.
Besides designing user friendly and engaging games, online gambling websites rely on the payment processes and options to make profits. Thus, it seems fitting to use crypto to try to make incoming and outgoing payments as seamless and convenient as possible.
Bitcoin first showed up as a payment option in a casino in 2013. Although the exact time when it was introduced is unclear, Las Vegas was a pioneer city in terms of cryptocurrency, being the first to allow crypto purchases of everyday items like food and drink from certain vendors. Entrepreneurs have also introduced cryptocurrencies that can be specifically used for the purpose of online gaming. Casino Coin is a new coin that is powered by XRP Ledger and can be used to boost security and reduce transaction costs. We are optimistic that online gamblers will choose to use cryptocurrency for several reasons
Benefits of Cryptocurrency in Online Casinos
The primary advantage of using cryptocurrency is that it helps in enacting a process called decentralization, where all transaction records are held in a public ledger bounced between blocks. The blocks are collectively known as a blockchain.
Recent public endorsements by various companies like Elon Musk and Tesla have heavily influenced the growth of cryptocurrency and enabled it to push into the gambling industry.
Crypto allows for complete anonymity of the player while playing online casino games and making transactions. Your bank won’t question you for playing a few rounds of blackjack, and you can immediately transfer wins to either your crypto wallet or straight to cash.
Increased privacy and safety
There’s also an aspect of safety that online casino players appreciate. As Bitcoin keeps a permanent record of all transactions, you can always ensure the casino you’re playing on is fair and that all bets are settled.
Using cryptocurrencies drastically reduces the speed of transactions and it also lessens the transferring costs. This serves as a major advantage to both the online casino and the players. Both the parties can avoid being a major transaction fee that would be present if normal currency was used. For this reason, many online casinos have been offering the acceptance of bitcoin and other major coins. They know the value of such coins, and they know it’s cheaper for them to accept the coins.
Is Bitcoin the Future?
Although the number of crypto enthusiasts greatly exceeds the number of skeptics at the moment, there’s no way to be sure that crypto is the future of online gambling. Unfortunately, many businesses are wary even to get their feet wet due to the fluctuation in prices. For those who offer Bitcoin as a payment option or an in-house crypto processing platform, the struggle becomes getting people to use it.
Even further, with the overwhelming jumps in value in Bitcoin, especially over the last few years, many feel it’s a waste of investment to spend it on something that could accept the regular currency. As Bitcoin becomes more widely accepted and demystified, more people will begin to invest in it as a form of currency comfortably. When that happens, you can expect the gambling industry to benefit from it. However, only time will tell how much.