It seems hard to believe it now, but it was only three years ago that cryptocurrencies first started to enter the public consciousness. This was when the soaring value of Bitcoin started to hit the headlines with crazy tales of million-dollar fortunes being created virtually overnight.
Up until then, cryptocurrencies in general had been a mystery to most people, but suddenly they started to take notice.
What started out largely as an investment opportunity, has today begun to make inroads as a method of payment too. Although, it must be said, there may still be a long way to go until cryptocurrencies are fully accepted by everyone.
In fact, it does seem like it’s the blockchain technology that lies behind all kinds of cryptocurrencies that is proving to be of real interest to everyone from financial institutions to logistics companies as a method of quickly and securely transmitting data.
Nevertheless, some sectors are also keen to start using Bitcoin and its rivals like Ethereum as bona fide currencies. Included are some of the world’s biggest corporations including Microsoft, Amazon and Starbucks who all now welcome this form of payment.
The march of technology
The last couple of years have also seen another sector gradually starting to do the same – online casinos. This is hardly a surprise as, in the two or so decades that they have been in existence, online casinos have embraced many advances in technology. The reason for this has been simple: they want to offer customers as many reasons to visit their sites as they possibly can and offering novelty is a key component of their business model. The fact that, by offering as wide a range of methods of payment as possible, it will attract more players is also important.
What has predominantly happened, however, is the emergence of several casinos that only accept cryptocurrencies as a payment method while the larger, more established brands are yet to embrace it. One only has to look at a list of casino sites to see that few, if any of them, welcome payment by cryptocurrency. This may change over time as usage of cryptocurrencies grow and more people start to recognize the advantages.
Why players may welcome cryptocurrencies
For players at casinos these are many. Not only is it a very fast and secure way to play, the fact that it guarantees anonymity is also of great obvious appeal. The international nature of much online casino playing also means that the use of one cryptocurrency is also obviously preferable to having to convert from several different currencies, saving time and conversion fees for players and casinos alike.
The fact that online gambling might be at something of a turning point in the US is also very relevant. Ever since the Supreme Court ruled in 2018 that sports gambling should be allowed in States that vote for it, there have been rumblings that online casinos could be edging closer to being made legal too. The news that one of the biggest names in US gambling, Caesars, have been in talks to take over the giant UK betting business William Hill adds to the feeling that big changes may be on the way.
If these do come to pass then it’s very likely that we’ll be seeing many more cryptocurrency casinos starting to appear, as well as major established names doing more than ever before to offer bonuses and other incentives to attract new players and to retain existing ones. With states like New Jersey leading the way, bursting with online casinos for their residents, it is likely others are to follow and legalize online casinos in their state. Michigan is another state who has legalized online casinos, following the footsteps of New Jersey. Michigan was the fourth state to legalize online casino last year with the state agreeing that any tax coming from the industry will help support education as well as covering any medical assistance for the states first responders.
Giving players the choice they want
As already mentioned, it’s the security of using cryptocurrency as a payment method that is of major appeal to casinos, although there is certainly a high level of competition from other payment methods too. One only has to look at the huge growth in the use of e-wallets to see that the old days of payments direct from traditional banks are on the way out. Take a look at the number of alternative payment methods welcomed by online casinos and you’ll also see that these include many new players alongside the better-known names like PayPal and Neteller. But rather than representing bad news for cryptocurrency adoption, the opposite could be true. The fact that so many methods are available, and are welcomed by players, suggests that many are open to using even more ways to pay and play.
It all adds up to the fact that cryptocurrency casinos may not just be here to stay, we’re also likely to see many more of them emerging over the next few years, alongside Bitcoin and other currencies truly entering the mainstream. Remember, there was a time when using methods other than cash and cheques to pay for goods and services seemed to be the only options available to people. But technology and progress marches on, offering new possibilities and opportunities.
That financial institutions, and even some governments, are starting to recognize the potential of cryptocurrencies to provide a new and secure method of payment adds to the momentum that is gradually starting to build. So, one day in the future, it may be the online casinos that don’t accept cryptocurrencies that are in the minority. And, for some people, that day simply can’t come soon enough.
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