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Industries are usually wary of new trends or initiatives due to the risk involved with new technologies and initiatives. Cryptocurrency is a digital currency that uses blockchain technology to work, meaning it's decentralized and unregulated by banks and governments.
Cryptocurrencies have been that scary new normal for the online gambling industry, but as time goes by, we have realized that there is a place for crypto in online gambling.
Not only that, but there are inherent benefits to using crypto in online casinos. This does not mean that crypto doesn't come with its own set of risks and disadvantages, but compared to the advantages for the casino and the players, the good outweighs the bad.
More and more online casinos are offering their clients to make crypto deposits, which attracts new gamblers daily. The use of crypto has opened up online gambling to players living in countries with restrictive laws. Using crypto allows them to play online in other countries and be able to retain their winnings.
One of the reasons people were sceptical of cryptocurrencies is that they were marketed as a replacement for the world's current currency and financial system. In reality, this has not been the case, and crypto offers people an alternative to the traditional currencies and methods of payments. Another issue was that criminals seemed to have grasped the concept of cryptocurrencies and used it for illicit activities thus creating the impression that crypto was for illegal activities.
Benefits of Using Crypto
Bitcoin wallets do not show any private information, and all your personal data that you enter is not stored on the system. This ensures its safe from potential hackers and any chance of identity theft.
Most credible online casinos have safety measures in place for players' payment information, there is SSL Encryption, and some casinos have two-factor authentication. Using crypto as a payment method offers another safe payment option for players.
- Faster Transactions
If managed properly, online gambling platforms don't need to work with third-party companies to process payments and accept deposits. This translates to faster payouts and a better user experience for players, so it's a win-win for both casino operators and players.
- New Markets
Millennials are the new market for online casinos, as they are now entering their early twenties. Millennials are known for being innovative; starting and following trends and cryptocurrencies is one of those topics that they understand very well. Not adapting to crypto as an online casino operator means you will lose out on this market of players.
Casino credibility is based on a number of factors, security and payment options are top of the list. The availability of crypto as a payment option improves a casino's credibility with players. This is because of the perceived safety and security that cryptography offers its users. The use of blockchain technology also facilitates the perception of transparency in these casinos.
Since crypto transactions are end-to-end with no third party, they are more affordable in terms of fees for the players. They are certainly cheaper than traditional banking methods and fiat transactions too. For example, Paypal transactions charge as much as 4% to process payments, whereas Bitcoin Cash charges less than 1%.
The marriage of cryptocurrencies and online casinos has been long overdue, and we are all glad that it has finally happened. Theirs is a mutually beneficial arrangement, and online casinos have access to more markets, are deemed more credible, and can attract a younger generation of players.
Crypto can finally become more mainstream and less of a cryptic far-fetched notion; with the gambling industry opening up to the use of crypto, who knows what other industries will open up? As more and more Millennials come of legal age and join the online gambling industry, it has become vital for casinos to adapt or disappear into oblivion. The future looks bright for online casinos and crypto.