Cryptocurrencies in Online Casinos
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The online gambling business is slowly being disrupted by the rise of cryptocurrencies, or digital asset-based payment methods, which are fundamentally changing the way people can transfer money to bet online, beyond the widely available but rather slow and somewhat unsafe debit and credit card and bank wire payment options.
For the past few years, more and more of these innovative digital asset-based payment methods have been gaining traction and becoming top-tier payment methods used by the majority of online casinos to make their services available to a diverse audience of gamblers around the globe. There are multiple reasons why some gamblers choose to trust the blockchain when playing mobile casino games, and this article will take a closer look at how digital currencies have been gradually conquering this industry over the years, what benefits they have for online casinos and their players, and what the future holds for the online gambling business in the age of cryptocurrencies.
The Rise of Crypto Gambling
Bitcoin is the very first cryptocurrency – and still the most familiar today – but it wasn’t until the late 2010s that casinos online started to support it (at least, tentatively at first). Back then, the pace of new technological adoption was infamously slow, but cryptocurrencies have continued to proliferate since then, and online casinos are increasingly ready to take crypto deposits, bets and withdrawals. With the expected Bitcoin growth phase that is starting to take shape, there’s even more reason for more sites to adopt crypto – whether that’s Bitcoin, Ethereum, or stablecoins, it’s going to become the more normalized method of payment.
The allure of cryptocurrencies lies in their speed. Deposits are instant, and a withdrawal might take minutes. No such thing as a queue, someone waiting for hours for a bank to process their payment or a three-day-payment period. In this realm, you can access your winnings in an instant – literally.
Benefits of Crypto Gambling
One of the main advantages of playing at a casino with cryptocurrencies is its speed, though they offer numerous other benefits that both players and developers would be interested in, including:
Increased security: Each cryptocurrency transaction is permanently and publicly recorded within a digital ledger called blockchain that no single user can control – meaning that fraud or hacking is extremely difficult, compared with traditional payments that are vulnerable to data breaches.
While not fully anonymous, cryptocurrency transactions are generally more anonymous than those involving standard banks. Users don’t have to give up any of their personal financial information to the casino, thereby reducing the risk of identity theft that goes with online or in-person gambling.
Lower Transaction Fees: The costs of moving money around, through payment processors like Visa and banks, are significant. Crypto transactions, generally speaking, are cheaper. Especially cheaper when moving an international payment.
Global Reach: Cryptocurrencies are unaffiliated with any national state or financial infrastructure. Players anywhere in the world can therefore take part in online gambling, often on sites that would be prohibited in their own countries where traditional payment methods are restricted.
A Glimpse into the Future
There are many possible outcomes for the future of cryptocurrencies in online casinos, especially as blockchain technology continues to evolve and online gambling starts to make use of it. These are some of the possible outcomes:
Provably Fair: Games driven by blockchain can assure players that each outcome really is random. In a provably fair game, each player can verify the randomness of the outcome on their own.
Integration with Metaverse Casinos: Metaverse casinos are on the horizon as VR technology grows and standardises. The Metaverse is the latest technological advancement that will allow us all to immerse ourselves in a virtual world from the comfort of our own homes. Imagine roaming into a five-star hotel and finding yourself on a vibrant casino floor decked with luxurious interiors and modern computerized equipment. VR casinos are one step ahead of this evolving gaming frontier.
Crypto-Specific Games: The unique aspects of cryptocurrencies could inspire entirely new gaming mechanics. What about a game that has a wager between two players on which cryptocurrency’s price rises or drops over a period of time?
Conclusion
The development of an online casino that uses crypto is a step into a future that is much more vibrant than in the past. Cryptocurrencies will make gambling faster, safer, and if appropriately built, even more private.
Many things will change from an online casino that uses crypto: provably fair games will be the norm, and metaverse casinos may become very popular. Crypto could potentially trigger the next great innovation in online casinos, with revolutionary game designs becoming the norm. The future of online gambling is just around the corner, and we would hope to see more technology driven changes.
