Published 5 months ago • 4 minute read

How Cryptocurrencies Are Taking Over Online Casinos

The use of Cryptocurrency and blockchain technologies has pervaded various sectors within modern-day society. This also includes the wide and ever-growing network of the online gambling industry.

Players are searching more frequently for a reputable and trustworthy BTC casino, and this practice is revolutionising the sector as a whole. Some might even say crypto is turning the entire industry upside down.

Nowadays, players and individuals are making withdrawals and deposits via the use of Bitcoin more frequently than ever, and that’s only set to grow!

Read on for more…

Shaping The Future

The impact that Cryptocurrency has on the world is rapidly shaping our practices, not just in relation to purchases, but in the world of betting too.

Gambling and online games have been impacted greatly, and this is likely due to a larger presence of microtransactions, easier accessibility, and technological advancement in general.

On a grander scale, the culmination of said ‘micro transactions’ is creating vast ripples within the financial sector as well as in the wider gaming industry.

Aside from blockchain-based games, the likelihood that more and more games will incorporate the acceptance of cryptocurrencies is high.

It’s worth bearing in mind that although the crypto section of the online gambling sector is relatively small, it is growing at a rate that outstrips fiat (traditional) currency growth and so it is likely that altcoins will start to form an ever more important revenue source for online casinos.

There are certainly going to be various advancements across numerous sectors. However, the online casino industry is one of the first to have joined the crypto race.

How cryptocurrencies are taking over online casinos

Virtual to real money

The implementation of blockchain technology is already connecting assets within the gaming/gambling world to the real world.

In relation to the figure above, we can see that games have the ability to create small and significant economies on their own behalf, and that’s exactly what is happening here. This is an industry that is set to take off, and the buzz is only just beginning.

So if you’re a fan of trading and you like to play the slots (and more), betting with crypto may just be the way forward.

Attracting New Markets

Online casinos have changed the way they do things. Traditionally, online gambling sites would mostly have attracted casino/betting fans.

Nowadays, with the crypto-market pervading even the most established of industries, a vast number of new markets and users are now interested in making money quickly.

Users that had never before considered online gambling have joined the race, but why? Crypto, of course. The online casino network is tapping into the next financial explosion, and it’s certainly going to be a big one!

Anonymity

In the past, players would have had a hard time hiding their identity at live casinos. However, with the implementation of Bitcoin as well as with the rise of the online casino industry, everything has changed.

Cryptocurrency is all about staying unknown. Not only are users playing online anonymously and disguising their identity, but their transactions/deposits/and withdrawals are also being completed anonymously too.

This helps gamblers who live or have travelled to states that outlaw betting and brings the world of online casinos to everyone, regardless of where they live.

How cryptocurrencies are taking over online casinos 1

Image Source: Image by Gerd Altmann from Pixabay.

Lower Costs, More Risk?

Cryptocurrencies are somewhat intangible, you can’t hold them or touch them, so their value will depend on the demand and supply aspect.

Generally speaking, online casinos provide faster, cheaper, and more efficient transactions. However, considering that most countries regard crypto as non-legal, there is a high level of risk involved.

The crypto market is certainly a volatile one. If you’re gambling with digital currency but you’re not watching the charts, you could end up losing out. From an internal standpoint, this is changing the shape of the online casino industry as operators need to be mindful of the currency risk they are exposed to through their crypto holdings.

That having been said many alt-coins have appreciated sharply in the last few years so there could just as easily be an upside for both players and operators.

With constant and dramatic fluctuations in the value of Bitcoin and other digital currencies, bets are becoming even faster and more calculated than ever before.

The inclusion of decentralized currency has caused players to base their techniques on a variety of factors. As it stands, a few card skills just won’t cut it anymore.

The stakes are being raised continuously, which only means one thing… more and more players are joining the race.

Wrapping Up

Gambling with Ethereum has never been easier, and it is often more secure than connecting your personal bank accounts and cards.

Whilst the process is a little different from more traditional methods of loading bets, most online Ethereum casinos will provide you with clear instructions on how to deposit/withdraw (often within seconds) meaning that your first bet using Cryptocurrency is only minutes away.

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The views, the opinions and the positions expressed in this article are those of the author alone and do not necessarily represent those of https://www.cryptowisser.com/ or any company or individual affiliated with https://www.cryptowisser.com/. We do not guarantee the accuracy, completeness or validity of any statements made within this article. We accept no liability for any errors, omissions or representations. The copyright of this content belongs to the author. Any liability with regards to infringement of intellectual property rights also remains with them.

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