The Future of Cryptocurrencies in the Gambling Industry
Cryptocurrency is the hot buzzword no matter where on the Internet you look. From the classic Bitcoin, to newer meme currencies like Dogecoin, and even NFTs, cryptocurrency can be a bit overwhelming when you first interact with it. But cryptocurrencies are quickly becoming one of the best payment methods for online shopping, and could even be the future of gambling online.
The majority of online casinos and iGambling platforms accept cryptocurrencies for users placing bets on their sites, as well as paying out winning players. While Bitcoin still remains one of the most common forms of cryptocurrency, many other types such as Ethereum, Litecoin, Bitcoin Cash, and of course, the meme-ridden Dogecoin, are accepted through online casinos.
With a rise in cryptocurrency use online, many are wondering if the future of online gambling rests in the hands of these digital payment forms. While no one can truly predict the future, it’s safe to say cryptocurrency is not going away anytime soon. Here’s why more online gambling platforms will use cryptocurrency as time goes on.
Security of payment
This may sound strange for a currency as volatile as cryptocurrency, but there is more security in crypto payment methods versus a traditional credit or debit card payment.
Cryptocurrency isn’t kept in a traditional bank account. Instead, these digital wallets serve as a completely separate entity, meaning even if your info got stolen, the only thing at risk is your cryptocurrency investments. On the other hand, a stolen credit or debit card number can do a lot more damage to your overall finances.
Also, because cryptocurrency is a 100% digital payment method, the crypto truly does mean encrypted payments. From the moment you buy cryptocurrency on your choice website, to the moment you transfer that money to your online casino of choice, your payment information is secured through advanced encryption techniques.
The true international currency
Sick of converting currencies back and forth? We get it. In the age of the internet, the need for one, universal currency format quickly became apparent. Enter crypto! By operating outside the position of world banks, bitcoin is a completely independent form of currency that can be converted into nearly any type of currency.
This makes cryptocurrency very enticing to online casino sites, as it allows for more countries to play on their site. While many online gambling platforms still allow for credit/debit card or bank deposits, often sites are limited in the currencies they can accept.
Now with crypto payments, users who are eligible to play can just bet with their preferred cryptocurrency. No more charging fees for players to convert their bets into the proper currency, or having to change currencies to jackpot payouts. Money in the gambling business is simplified.
Are bank payments cancelled?
As cryptocurrencies become the future of gambling bets, it’s easy to feel scared that you have to adapt or you won’t be able to gamble online. While cryptocurrency is the best option for those who participate in online gambling, you don’t have to start investing in Bitcoin just yet.
The biggest issue with cryptocurrencies as payment is its volitarity. One day, Bitcoin can be worth $60k, and the next it’s only worth $45k. Meanwhile, traditional currencies have much less volitarity. It’s up to each individual online casino and iGambling platform to decide whether or not to accept cryptocurrencies for payment.
No matter if you’re adapting to the new technology, or want to stand by traditional payment methods, online casinos will still welcome your money with open arms. But don’t be surprised when more sites start prioritizing cryptocurrencies over normal cash, as it truly is the future of online gambling.