It’s been over 20 years since the first online casino was launched and much has changed in the sector of the gambling industry since then. Online casinos are now easier to access and there are so many of them out there.
Technology has greatly improved the overall online casino gaming experience of players around the world. Game variety is no longer scarce and even online payment methods in India are no longer limited. Online operators no longer just rely on banking services to process transactions with their customers.
While the use of banking services remains to be the most popular way for people to make a deposit to their gaming accounts, the use of cryptocurrencies like Bitcoin and Ethereum is also becoming more widespread.
Cryptocurrencies, specifically Bitcoin, has been around for over 10 years now. However, it was only in 2017 when it suddenly gained the attention of many. Sometime in December 2017, the value of Bitcoin peaked at 20,000 US dollars. This made people and businesses interested and look towards the direction of cryptocurrencies.
It’s the gambling industry, particularly the online sector, that saw the potential of cryptocurrencies. Right now, there are many online casinos that would accept cryptos as a mode of payment. There are also online casinos that are completely dedicated to crypto users.
Primarily, gambling websites accepted cryptocurrencies because of how secure it is. This is also the main reason why players would rather use cryptos when gambling online. Using these digital currencies make the players feel safe because they don’t have to share their personal and banking information to casino operators anymore to be able to make a transaction with them.
Countless people have already encountered fraudulent activities related to their credit or debit cards and the use of cryptos makes them avoid such a problem. However, it still doesn’t necessarily mean that a person who gambles with crypto will remain completely anonymous.
Online casinos will still have to ask for your personal information when signing up. They may not ask you to send proof of identification, but they will always ask for your birth date or year. This is important because they also need to verify if you’re at the right age to play real money games, to begin with.
Gamblers would also rather use cryptos because they may be trying to avoid the restrictions that their banks have when it comes to gambling activities. Some countries prohibit banks from processing transactions related to gambling and using cryptos is really the way to go.
It could also be faster to transact with cryptos because there are also instances when banks will need to approve your transactions first and this could take a few days. Especially if you’re making a transaction with online casinos that are based offshore. Since cryptocurrencies are decentralized, almost all transactions made with these are instant.
Now, there are also risks involved when it comes to using cryptos. First is mainly for the operators. There is this activity called the double spend. This is when a user makes multiple transactions in a quick manner.
The problem with this is that even if the account doesn’t have enough money anymore, the transaction will still push through. Only the first transaction that covers the complete amount will be cleared and the others would be considered invalid. That will result in the operators not receiving any funds. By this time, it’s likely that the cashed in amount is already used.
Aside from that, there is also the risk of how hard it is to predict the value of cryptos. The value of Bitcoin and many other altcoins tend to fluctuate a lot in a single day and so it could be frustrating to some. This could just easily go bad or good for crypto users. It’s always either they purchased coins that are valued for less in the next few hours or valued more.
Overall, it’s the fact that using cryptocurrencies when gambling has more benefits than risks that make people want to continue using them. For the online casino operators, they are also understanding the potential of these coins. Also, it’s cheaper to run a casino with just cryptocurrencies.
With all these, it really is likely that more online casinos will add cryptos as a payment option and more crypto-gambling sites will pop out too in the next few years. While it has been a while since Bitcoin has peaked, 2019 proved to be a stronger year for digital currencies. This may continue in the next few years and it’s not impossible that cryptos will eventually be mainstream.
This is a press release. Trustnodes has not undertaken any verification of any of the above statements and any statement or project contained therein is not necessarily endorsed by Trustnodes. Readers are strongly urged to do your own research.