Is Cryptocurrency the Future of Online Casinos?Published November 11, 2021 by Elana K
Why are so many casinos now offering players the option to deposit and withdraw in cryptocurrency? Fast, secure withdrawals and a blockchain system that makes games provably fair.
Online gambling has taken off over the past decade, expected to become a $127 billion industry by 2027. But like any industry, the way online casinos work is constantly changing and developing based on the latest technology. Whereas online casinos have traditionally accepted fiat currencies via credit cards, eWallets, bank transfers, and more, today many also accept cryptocurrency payments. In fact, the number of crypto casinos is steadily growing.
Why are so many casinos now offering players the option to deposit and withdraw in cryptocurrency?
When you withdraw fiat currency using traditional online payment methods, there can often be a delay of several days between the time you request the withdrawal and the time you actually receive the funds. With cryptocurrency, transactions are instantaneous or at the most take 30 minutes.
All licensed casinos employ some measure of security, usually SSL (secure socket layer) encryption that ensures players’ financial information stays safe. Using cryptocurrency, however, adds an extra layer of security, due to its very nature. With cryptocurrency, every transaction is recorded on the blockchain, which decreases the risk of fraud. You also don't need to enter any personal financial information into the online gambling site when using a cryptocurrency payment method.
Provably Fair Games
Many cryptocurrency casinos operate on the premise of provably fair games. This, too, is connected to the nature of cryptocurrency. Provably fair uses open-source algorithms that players can use to test the responses to their in-game decisions and evaluate the outcome. It allows players to see for themselves that the casino is not cheating.
Cryptocurrency Casinos Will Soon Become Mainstream
For all of these reasons, more online casinos are jumping on the crypto bandwagon, and more players are as well. They see the benefits of fast, secure transactions along with games that leave no room for foul play. Cryptocurrency casinos are becoming so popular that we won’t be surprised if most casinos start supporting this method of banking in the near future.