When online casinos took off in the late 1990s, they revolutionized the gambling industry. Players no longer needed to go to a physical location to play their favorite casino games — now they could do so from the comfort of their homes. About a decade later, mobile gambling further revolutionized the industry, allowing players to access online games on their mobile devices. HTML5 technology was developed to optimize gameplay for mobile and desktop, and the industry continued to thrive.
The next revolution in online gambling, currently happening now, revolves around cryptocurrency. Traditional online and mobile casinos usually accept a variety of fiat currencies and payment methods, like major credit cards, e-Wallets, online payment services, and more. Now, as cryptocurrencies become more popular all over the world, many online casinos are keeping up with the trend and now accepting cryptocurrencies.
There are two kinds of crypto casinos: Those that accept fiat and cryptocurrency and those that only accept cryptocurrency. The latter usually offer bespoke games for players who only want to use cryptocurrency. They also offer an in-site crypto wallet that allows players to store their cryptocurrency and place bets.
Benefits of Crypto Casinos
There are several reasons many players are choosing crypto casinos over traditional ones. These include:
- Transparency - Most cryptocurrency operates on a blockchain that shows each transaction. It’s 100% transparent, which eliminates fraud and similar problems that regularly occur at traditional online casinos.
- Anonymity - At crypto casinos, players’ crypto wallets aren’t connected to their bank accounts or other financial information.No personal information is required to sign up.
- Speed - At fiat online casinos, most deposits are instant but withdrawals are not. At crypto casinos, all transactions are instant, including withdrawals.
Players who have been playing at online casinos for the past 20 years may have a hard time making the transition to crypto casinos. But new players often prefer these casinos because they tend to be more open to cryptocurrency and the benefits it entails. We won’t be surprised if more crypto casinos start popping up and if more fiat casinos start accepting cryptocurrency. Though crypto casinos might be a trend now, it’s likely that they will become the norm as cryptocurrency continues to become more mainstream.