Cryptocurrency was initially dismissed as a technological fad but the concept has proved it’s staying power. Now, more than a decade after the launch of Bitcoin, the inaugural cryptocurrency, there are dozens of others to choose from. The number of places where you can spend your cryptocurrency is also increasing, with a number of industries now supporting crypto payments.
One such industry is the gambling industry. Online casinos are experiencing a period of rapid growth and increased popularity, and in order to appeal to as many new customers as possible, internet casino providers have sought ways to differentiate themselves from the rest of the pack. One of these ways is by offering a wider variety of payment methods, including cryptocurrencies.
Paying with cryptocurrencies mean you don’t have to keep your debit card handy.
There are two main types of cryptocasinos: those dealing exclusively in cryptopayments and those who also use other currencies. The former is more popular with cryptoplayers, as they don’t have to worry about making any conversions between currencies or dealing with funds only withdrawing in fiat currencies.
Crypto-only casinos often offer their customers their own personal wallet linked to the site, where they can keep their gambling funds. Bets are placed directly from a player’s in-house wallet, and any winnings are returned there after games have finished. Players can either leave their cryptocurrency in this wallet or transfer it to an external wallet at any time.
Why are Online Casinos Embracing Cryptocurrencies?
Cryptocasinos make up a minority of online casinos, but their numbers are growing.
Fiat currencies were designed to be used in person, first as physical cash and then through debit cards, but now that many more transactions are completed entirely online, the system only introduces unnecessary complications. Transactions need to go through the bank’s systems which can cause delays while they are processed. The operators also have to pay a fee on each transaction. Cryptocurrencies are based entirely online and have nothing to do with the banking system, meaning that transfers are instantaneous and free for all users.
Cryptocurrency transactions are also much secure than standard transactions. One of the major plus points of cryptocurrencies is that they are encrypted and unlinked to any of the user’s data. The information on every transaction completed by each coin is tracked through blockchain technology and must be verified by multiple nodes on a network, making it virtually impossible to replicate or counterfeit cryptocurrency.
How Cryptocurrencies Benefit Casinos
Use of cryptocurrencies is increasing.
The online casino market has been expanding rapidly over the last decade, with a year-on-year growth of more than 10%. This rise in popularity has been attributed to an influx of new customers, mostly millennials with disposable income, and to increased internet and 4G coverage. Now that online casinos have been made more accessible to people the number of online casinos operating has also grown, resulting in a vastly over-saturated marketplace.
While some online casinos are able to trade on their brand and offering top casino games alone, most of them rely on promotions, bonuses, and offering different functions in order to make themselves stand out from the crowd. Taking cryptocurrency deposits has been another way which casinos have used to attract new players. The same people who have been investing in cryptocurrencies are those who now have the spare income to enjoy playing casino games, and cryptocasinos have been the perfect way to blend the two.
Because cryptocurrencies aren’t processed through a bank and therefore aren’t subject to transaction fees, casinos are able to retain 100% of the profits they make from cryptocasino games. In return, this means they can offer larger and more attractive bonuses to their customers, which also gives them a better return for their money. So if you’re looking for the best welcome bonuses around, cryptocasinos are probably where you’ll find them.
What Does the Future Hold?
New cryptocurrencies are constantly entering the market.
When Bitcoin first appeared, many experts speculated that it would be a passing phase which would quickly blow itself out. That hasn’t been the case, in fact there are now many more cryptocurrencies on offer. While there are some people who remain concerned about the anonymity cryptocurrencies offer and how people can use this for criminal activity or to bypass age restrictions, there are more who feel that digital currencies are the future. Companies like Microsoft, Amazon, and Expedia all allow customers to pay with cryptocurrencies, and with big businesses like this on board, it looks like the future of cryptocurrencies is assured.
And if cryptocurrencies are here to stay, then that bodes well for the cryptocasinos. Bigger brand casinos will have to start accepting payments in this form or risk losing their players to other sites. As for the crypto-only casinos, they are starting to get popular developers on board, with software company Net Ent already signed on to provide games for cryptocasinos.
As more people investigate cryptocurrencies, there has been a positive response from different business sectors and there are now more places accepting crypto payments. The online casino industry has been at the forefront of those willing to embrace these digital transactions and cryptocasinos are going from strength to strength, providing better quality games and offering more bonuses for their customers.
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