The recent surge in the popularity of cryptocurrencies has made undoubted waves throughout the global financial market. Their increasing prominence has resulted in many experts believing that it is only a matter of time until blockchain payments become a more appealing prospect for casino operators and their subsequent clientele.
The surge of Bitcoin at the end of 2020, along with 2021’s rise of Dogecoin, has seen a wealth of industries beginning to tap into the world of cryptocurrencies and blockchain technologies. With new levels of ease and securities, crypto appears likely to significantly impact the future of society and, by default, online gaming.
What are cryptocurrencies?
In its’ simplest form, cryptocurrencies are based on blockchain, a public ledger designed to provide details about transactions.
Blockchain is a decentralised system which ultimately means it is not located in a bank or facility. Each transaction is referred to as a ‘block’ – hence the name. The transactions cannot be deleted or removed, and they are available all of the time for every block.
In just a few short years, virtual (crypto) currencies have become more popular in the gambling and gaming industry. Up until very recently, there were only a few online casinos in which they were accepted. However, their rise to prominence has resulted in them now being available at most online casinos.
When placing your money into an online account, one of the more prominent concerns is security. Naturally, you want to ensure that any withdrawals or deposits you make through the online gambling site are protected. When identifying this, cryptocurrencies present an ideal method of payment because blockchain gambling is completely secure.
Gambling with cryptocurrencies
Whenever a transaction is made, everything occurs within a transparent environment that subsequently cannot be manipulated. Therefore, this additional security can build trust between players and gaming providers, making their inclusion a natural progression for online casinos.
Even if hackers compromise your security details, they will be unable to steal or manipulate any money from your cryptocurrency supply. In addition to this, blockchain betting allows you to instantly withdraw your funds, allowing you to receive your money in a matter of minutes, far superior to any traditional gambling possibility.
From a casino’s perspective, cryptocurrencies can be labelled as a means of strengthening their independence. They no longer have to rely on regulators and payment systems to ensure sufficient cash flow. In addition, competition between game developers has decreased due to large game providers ignoring this market segment. You can check for exemple Casino review from CasinoRange speaking about that for Genesis casino.
Google trends indicate a steady increase for bitcoin casinos, and a whole new segment of crypto games have been formed to allow the players to check them for the honesty of results. Naturally, however, the majority of these games have been assimilated from a traditional game background.
With casinos not available in every country, the use of cryptocurrencies for those that are otherwise restricted from using them can do so without the fear of losing their money and allowing the casinos to service them in the first place. Utilising cryptocurrencies, players can enjoy their favourite games from anywhere in the world.
Naturally, cryptocurrencies take away much of the hassle for casinos with fewer barriers associated with payments from traditional currencies.
As a result, the relationship process between casino, gaming and gambler becomes far more streamlined with crypto. All costs and expenses are lower for the provider, allowing those savings to be passed onto the clientele. Subsequently, casino bonuses can be higher, which can entice more gamblers to play at their platform. As the rise of cryptocurrencies continues to surge, it seems as though the prospect of their further integration into gambling platforms throughout the internet seems more and more likely as their benefits are consistently demonstrated by those that have already embraced the change.