Growing Cryptocurrency Acceptance by Online Casinos

Digital currencies are the future of financial transactions, as governments around the world are slowly phasing out the use of paper currencies. The online casino industry has been accepting digital fiat currencies for years, and more recently, Cryptocurrencies. So what does the future hold for crypto in online gambling?

Crypto is Now

Online Casinos were early in adopting the use of cryptocurrencies as a payment method for players. These forms of payment get around having to go through bank intermediaries that often apply excessive charges and delays. Methods of paying like credit cards, debit cards, and bank transfers all lead back to an individual bank account. Crypto payments offer a player a greater level of security and anonymity since even the payment is encrypted.

The innovation of digital currencies has slowly been getting more mainstream — and accepted by a broader demographic. Crypto is seen as a superior way of paying for high-value luxury items and even property. So it should come as no surprise that crypto is a good option for the gambling industry, for both players and the casinos. Let’s look more closely at the future of cryptocurrencies in gambling and the benefits this method has for players and businesses.

The Rise of Crypto Gambling

One of the first cryptocurrencies to hit the internet was Bitcoin, and it remains as dominant a coin now as when it was released to the public in 2010.  Since Bitcoin, there has been a wave of new cryptos some have lasted, and others have failed. But regardless of the ups and downs, this method has grown in popularity and acceptance. The volatility of the currency was one of the key reasons for the initial interest, with investors believing they could ride the wave as the value of the coins multiplied each day. Now there are many more cryptocurrencies and their valuations are beginning to stabilize, making them a more reasonable option as an alternative investment. We now have Bitcoin,  Ethereum, and Dogecoin working together to help normalize this method of payment.

Benefits of Crypto Gambling

Betting and placing wagers offer several advantages over traditional payments like cards and transfers. It is closer to a digital form of cash, where the player’s details can stay private, the payments go faster, and the fees are low to non-existent.

Other Benefits of Crypto in Gambling Include:

• Security: Unlike paying with a bank transfer, a crypto transaction is permanently and publicly stamped into the digital coin’s blockchain. This also means that there is no central control over the currency, which makes hacking nearly impossible.
• Speed: Paying this way is much faster than any other form of payment that requires intermediaries.  Transactions are instant between crypto wallets, and processing periods simply do not exist.
• Privacy: There is a far greater level of privacy when paying with crypto. Banking methods require long paper trails, leading back to the full banking details of a payer. This can also help reduce the chances of identity theft.
• Fees: Credit card companies and Banks love to add charges to transactions, especially for international payments. Crypto charges for international payments are the same as for local transfers, and in many cases, transfers are free of fees.
• Reach: There is no oversight by a national government institution, so there are no limits to which countries an individual can hold the currency, how they pay with it, or even what they pay for.

The Future of Crypto Gambling

Cryptocurrencies are not going away. We are constantly seeing more acceptance and uses for the currency, but what does this mean for online casinos? There also seems to be a push from governments of major economies now wanting to launch fiat cryptos they can control with their central banking systems.

These are some of the possible outcomes:

• Crypto-Games: We may see the development of betting games specifically for players that use crypto coins. We may even see the cross-pollination of games and players betting on the volatility of a cryptocurrency.
• Metaverse: The Metaverse is much like crypto, a technology that has existed for many years without a clear purpose. Now Meta Casinos for Players with VR headsets are the perfect venue for a cryptocurrency bet.
• Fair: The blockchain technology used to create a Coin, may also play into being the perfect random number generator for casino games.

There is no denying that the full adoption of cryptocurrencies is close but we are not there yet. Players often prefer to hold physical assets but these are slow and cumbersome to transact.

There is no holding back the future of the digital coin. The questions are: how will crypto revolutionize online gambling, and how will it benefit players?