The casino industry is one industry that implements new technology the fastest. The gaming and casino market put plenty of money into research and development to keep moving forward.
They are ensuring that, at all times, their players have access to the best gaming experiences available.
Within an , we can see the implementation of virtual reality, live casinos, mobile apps, augmented reality, multi-screen capabilities, and more.
It is also noteworthy that the casino industry does the most when it comes to security too because they need to protect their members – who may have thousands of dollars or more in their accounts.
We have seen an increased use of bitcoin and other cryptocurrencies in the last few years, both in the media and in use. The casino industry has begun implementing the technology in their payment portals to accept it.
There are many different cryptocurrencies available, including (but not limited to) Ethereum, Litecoin, Ripple, and Bitcoin. Amongst those, Bitcoin is the most well-known, even for those who don’t use cryptocurrencies.
What is cryptocurrency?
We are used to standard currencies; they can sit in our bank accounts, you can withdraw the money and have it tangible (in your hand and physical). We call these fiat currencies.
A fiat currency is any government-issued currency.
A cryptocurrency is a digital currency asset that you can use for online transactions, and this now includes use at online casinos.
Cryptocurrencies work on something called a blockchain. The blockchain is a recorded ledger of who has what amount of a specific cryptocurrency. The database cannot be altered or edited, and the cryptocurrency itself is decentralized, so no government controls it.
In 2009, bitcoin was first released, and since then, many other cryptocurrencies have been established and in use.
Why are cryptocurrencies and using bitcoin in online casinos growing in popularity?
In general, cryptocurrencies are considered the way of the future for internet transactions. This holds true for the gaming sector as well. Many people believe that internet casinos will rely mainly on cryptocurrency in the future. This is logical because processing crypto transactions are less expensive for online entertainment providers.
Since the number of cryptocurrencies is on the rise, and so is the amount of people who own any type of crypto – it makes sense to offer this as a payment method.
Bitcoin’s value peaks and drops, making it quite volatile, but it can mean that casino companies that allow it for payment can see a much more significant ROI.
Why do online casinos and cryptocurrency make sense?
Since the online gambling industry likes to stay cutting edge and ahead of many other industries that use technology, it makes sense that with more people buying and spending cryptocurrency, we see more online casino transactions.
Aside from offering the latest in and capabilities to play, cryptocurrency is being seen more in online casinos.
There are many reasons that cryptocurrency makes sense to online casino players and the online casino itself.
Security
As mentioned above, one of the biggest perks, when casinos use cryptocurrency is that it adds an extra layer of security to an already secure platform.
Casinos use two-factor authentication; their payment portals typically have extra layers of security, as well as password access to accounts and strict handling of data compliant with the country in which they are conducting business.
Cryptocurrencies like Bitcoin use blockchain technology, and while the transactions are easy to monitor – they cannot be tampered with. The player depositing Bitcoin knows that their currency is transferred directly to the casino, and it doesn’t require the approval of a bank or other governing body.
It is not uncommon for some banks to hold cash payments into or on the way out of an account to check for authenticity. And similarly, with PayPal, random checks can halt the process.
The player has complete control of their bitcoins, which cannot be tampered with.
The only thing that a player would need to ensure is that the wallet they are sending the bitcoin to is the correct wallet address. Once it has been sent, the bitcoins cannot be retrieved if the wallet address is incorrect.
Anonymity
While most online players will have some level of anonymity due to screen names, cryptocurrency offers a new level of privacy.
Suppose a player never deposits a fiat currency into their account and only plays using bitcoin. All you require is a wallet address or an account destination tag to conduct a transaction using Bitcoin or altcoins.
This means customers don’t have to provide their personal or financial information when depositing money into their accounts.
Since bitcoins are untraceable when transacted, it keeps the player’s identity secure. In some cases, players aren’t required to have ID available – but this will depend on the type of casino.
Convenience
Overall, using cryptocurrency when gaming online is just more convenient. It’s also a terrific technique for gamblers to keep gaming transactions out of their main bank accounts.
People in some countries, like Ireland, are unable to take out loans (or mortgages) if their bank account has been used in a gambling transaction; therefore, owning crypto is becoming a more popular alternative for them.
We are likely to see an increase in the number of casinos that accept bitcoin; this will coincide with the continued growth of the crypto market and popularity.
The more these alternative payments are adopted by the public, the more likely it is that online casinos will all offer the ability to pay with this decentralized currency.
But before you can start spending bitcoin, it is essential you know as much as possible about it. Starting with: .