Cryptocurrency has been around for a long time. It wasn’t until the second half of the 2010s however that it really came to public attention, thanks to the phenomenal growth in value of Bitcoin.
Since then crypto has been in vogue, Bitcoin, Ethereum and Tether have continued to operate at the top of the market, attracting larger numbers of investors. Beyond the big names in the industry, there has also been an explosion in smaller coins. It is these smaller coins – ones not being used as glorified stocks and shares – that are changing the way we transact. Recently these smaller coins have gained traction as a payment method in online gambling.
The Growing Popularity of Crypto Casinos
Online casinos have always been at the forefront of technological innovations. They have had to do, thanks to the dog-eat-dog nature of their industry. Customers are always demanding more, this means the best casino bonuses according to experts can provide users with plenty of free play if they know how to use them wisely.
A shiny new feature used by online casinos looking to stand out is the processing of payments via cryptocurrency. Early feedback shows that a casino online for real money which facilitates crypto payments have high levels of positive feedback from customers and increased player bases.
Forget about the online casinos for a moment though, what are the benefits and possible risks for you? Let’s take a look.
The Advantages of Gambling With Crypto
Enhanced Privacy: Cryptocurrency transactions are anonymous. Because of this, your sensitive personal data is protected every time you make a deposit or withdraw your winnings. This means that even if the online casino you play with falls victim to hackers, you won’t be at risk from fraud and scams.
Faster Transactions: Crypto transactions have no middle man and as such, are way faster than their traditional counterparts. So when you’re gambling with crypto, there’s no waiting about.
Global Access: If you’re in the UK you mightn’t understand the allure of wagering with a foreign online casino. If you’re in certain states in the US or Canada though, you’ll appreciate the fact that crypto allows you to make seamless wagers with overseas companies.
The Risks of Gambling With Crypto
Volatility: On May 17, 2010 Laszlo Hanyecz became the first person to make a purchase with Bitcoin, paying 10,000BTC for two pizzas for Jercos. Today those coins would be worth – pause and breathe – eight hundred, twenty-five million six hundred nine thousand nine hundred and thirty-eight Great British Pounds… If you’re unlucky, something similar could happen with your online casino wagers.
Lack of Regulation: When things go wrong with traditional currencies there are checks and balances in place to protect you. These same checks and balances just don’t exist for crypto.
Irreversible Transactions: Once sent, a crypto transaction can’t be undone, so mistakes and errors can be more difficult to resolve and rely on trust and patience. Which is easy to say when you’re not the one waiting for your funds to be returned.
Do Crypto Casinos Have a Future?
In our opinion? Yes. Online casinos are so desperate to one up each other that they will do almost anything to get ahead of their rivals and wrestle a larger share of customers over to their servers. With this in mind, online casinos have to continue to adapt and move with the times to attract and retain customers, accepting a wide range of payment methods, including crypto, is vital.