If there is one sector that keeps its thumb firmly on the pulse of technological advancements it is the gambling industry. Online casinos are ultra-competitive and take hold of any possible advantage they can get. They were quick to spot the mobile revolution, optimising their sites and releasing apps wherever possible. A few operators have even adopted VR giving players as realistic an experience as possible, wherever they log in.
One of the next game-changing developments is happening in the area of financial transactions. Here, the widespread uptake of cryptocurrencies at online casinos is taking place, with bitcoin at the forefront. This relatively new method is growing and possesses a range of pros and cons for online gamblers. Many remain wary, though, while others think we are looking at a paradigm shift. Is blockchain opening up a new era for online casinos? Let’s take a look.
What is crypto and how do online casino use it?
Cryptocurrencies, like bitcoin, are digital currencies that are not under the control of any government. They are bought with local fiat and can be used to buy anything from pizzas to real estate. Some see altcoins solely as an investment since the values rise and fall quickly. Others are using it at online casinos in place of normal cash.
Not long ago, bitcoin casinos were major news, particularly for crypto enthusiasts. While digital currencies have not completely replaced normal currency, yet, their use for gambling spread quickly. As well as bitcoin, other altcoins you may come across at online casinos include:
- Bitcoin SV
- Bitcoin Cash
- Dash
- Ripple
- Litecoin
- Ethereum
Depositing or withdrawing cryptocurrency at an online casino is virtually the same as using a credit card. Just head to the cashier section of the site and see if they are an option. If so, simply choose the amount you wish to deposit and make the transaction.
Why use crypto for online gambling?
Proponents of digital currencies have put forth several compelling reasons why we should be using them. When it comes to online gambling, here are several of the main ticks in the pro column:
- Low to no fees – crypto cuts out the middle man, thereby lowering any potential fees.
- Safety – since players do not need to enter banking information, their details receive an extra layer of protection against fraud.
- Anonymity – some bitcoin casinos require no sign up, nor is any information required to make bitcoin transactions. This makes gambling a completely anonymous activity.
Another interesting point is crypto as an investment Since the value of bitcoin rises and falls all the time, it is possible to make even more money from your winnings when the price is up. Of course, it can fall too, so something to keep in mind.
One to watch
Cryptocurrencies exploded on the scene with some predicting they would inevitably take over from normal fiat currencies. Whether that happens is still a long way off, and proponents have since tempered their enthusiasm. In many ways, this is a good thing, since it has let the market settle, and an increasing number of people are actually use it as a currency rather than a get rich quick scheme. Online casinos have certainly benefited from this shift where bitcoin and other altcoins are now a common occurrence.
