Is Cryptocurrency Taking Over Online Casinos?Published June 9, 2021 by Elana K
Many industries are trying to get a foot in the door of the current cryptocurrency trend, and some are having a smoother transition than others. The online casino industry has been making the transition smoothly.
Cryptocurrencies seem to be taking over the world, making headlines daily due to their volatile fluctuations and the seemingly vast potential they hold. Naturally, many industries are trying to get a foot in the door of this trend, and some are having a smoother transition than others. The online casino industry has been making the transition smoothly.
Online casinos have the need for 100% security. Without it, players won’t come back and the entire business model fails. Accepting cryptocurrencies, which use blockchain technology that tracks every transaction, is inherently secure. Therefore, when cryptocurrency started becoming popular, online casinos flocked toward this option.
Originally, Bitcoin was the only cryptocurrency that online casinos supported, but today, there are several others, and as time goes on, more are likely to be accepted as well.
Why Players Like Cryptocurrency Online Casinos
Players began using cryptocurrency to place bets due to the same reason that online casinos started accepting it. They could trust that all of their transactions were secure, more so than at an online casino that accepts fiat currency. Moreover, using cryptocurrency wallets provides total anonymity on gaming sites, a benefit that many players were quick to notice. Using cryptocurrency also means faster withdrawal times, another reason players make the move from online casinos that accept only fiat to those that accept cryptocurrency.
What Does the Future Hold for Online Casinos and Cryptocurrency?
Today, there are many online casinos that accept cryptocurrency, but they are a minority. They certainly don’t outnumber those that accept fiat. It will be interesting to see, as the crypto trend progresses, whether cryptocurrency casinos become the norm and fiat casinos become the exception, or if the current status quo continues, with the majority of online casinos accepting fiat and the minority accepting cryptocurrency.