The gaming industry was on the rise due the technological developments in both terms of software and hardware. It received another additional boost the moment cryptocurrencies became a mainstream form of currency capable
of replacing standard fiat ones and serve as a pretty good payment method on its own and as an alternative too.
Crypto is a novelty in the financial sense that allows gamers to use a decentralized payment method which is secure, that also comes with more than a few advantages over what was available until now in this domain.
The main drive behind digital currencies is the now famous blockchain. It serves as underpinning for crypto solutions, and it gives cryptocurrencies transparency and security. Online gambling establishments were able to push their game to a whole other level thanks to digital currencies and blockchain. The best example of this is the possibility to earn in-game crypto which you can further withdraw to your wallet and trade in the world outside of a casino on traditional and crypto markets.
These days, online casinos, especially those with a focus on digital currencies are not only places where you can play blackjack online. They should also be viewed as financial markets, where cryptocurrencies can be bought, sold, earned through playing, withdrawn, and stored back in your wallet. Gambling industry, mainly through online casinos, manages to find new ways to integrate these digital assets by either giving players options to buy in-game crypto assets, or by allowing them to take outside of the casino environment whatever they’re earned in crypto.
As we said, online casinos are no longer only places for fun and gambling, but also need to be viewed as a distinct economic system. In the future, we believe that the influence of crypto on online casinos and the economy is going to be even greater. But, it shouldn’t be underestimated even now. Here’s what it brings to the table even as we speak.
High-end Privacy & Security
You can never be too safe online when your money is involved. Those who value their security found a new love with cryptocurrencies. Crypto is built on the back of blockchain technology which provides players with never-seen-before security by offering tamper-proof encryption, a safety blanket from cybercriminals, and top notch privacy. All of the above-said is rather vital for every online casino visitor. Both personal and financial data is protected by blockchain, and for those who value their privacy it provides an ideal way to remain safe, secure, with your identity protected.
Cost-effectiveness & Speed of Transactions
What made it possible for digital currencies to get at the top of the financial pyramid is the fact that they come with top speed of financial transactions. For many players who spend their time and money at online casinos the difference in speed between standard currencies and crypto was a true revolution. Instant deposits and withdrawals came as a shock at first. Now, players enjoy crypto for this sole reason, and there’s more.
Traditional banking methods are slowly being phased out from online casinos, as the wait associated with their deposits & withdrawals is too much to handle for modern players. The icing on the cake in the battle between crypto & tradition is in the fact that cryptocurrency withdrawals and payments come with much lower associated fees. For players, this means more money to wager, which can result in higher wins, and for all of us who gamble responsibly but frequently, even the smallest of margins can make a difference between a win and a loss.
Global Reach
Digital currencies are not tied to any country, government, or overseeing body. There are no physical, geographical, or barriers of any kind when it comes to crypto. Let’s say that the casino you choose is Stake, and you want to wager your crypto with them, there is nothing stopping you from doing so. With digital currencies the restrictions of traditional banking systems are non-existent. The best part is that the provision is the same for everyone. Life without borders allows a full inclusivity for all players, thus making the games and the gambling institutions truly global brands.
Transparency & Provably Fair Gaming
For casual casino goers such as us, having a transparent platform to play on that offers full transparency is vital for a healthy player/casino relationship. Online casino industry functions on strict rules when it comes to fairness of their games and transparency of all outcomes. While this was important as long as online casinos existed, it was elevated on a higher level with the introduction of crypto, and made it easier to be verified too. Transparency and fairness were never on a higher level than they’re today when it comes to online casinos and crypto had a massive role to play in it. Thanks to blockchain technology we are now witnessing the creation of many provably fair gaming systems. Within these systems it’s possible for every player to check every outcome of every game. Thus guarantees full transparency of the new kind of operators. Trust and confidence in the online gambling industry were never higher from the point of view of the player.
The Path of Innovations
It’s been more than a decade since the first crypto, Bitcoin, was introduced. Together with it we got blockchain technology, and since then both have been going strong. Today, we’re not talking about some novelties, or technologies that need to be adapted. Instead, crypto and blockchain are the innovative leaders of the technological sector. From the moment they’ve been introduced to online casinos we have been constantly getting new ways of playing games and major innovative experiences related to gaming. What awaits us in the foreseeable future is even better as new game formats are being developed as we speak, and decentralized casinos platforms grow by the day. From the moment crypto and blockchain became available the online casino industry has pushed for new, creative, and exciting ways to entertain players.
Taxation
Let’s not call crypto markets a gray area any more. With every passing day, crypto is being widely accepted, and not even major governments are no longer shy of it. With Donald Trump and Elon Musk leading the United States, major relief in the manner in which crypto is viewed are expected. Many jurisdictions are already giving tax relief to all individuals or entities that report their crypto transactions. Some of these advantages are on a much higher level compared to traditional banking methods. Of course, tax laws vary from place to place, and not every country sees the crypto with the same eyes. So, before you try to gain benefits from cryptocurrency transactions in your region it’s better to consult with a local tax expert in order to avoid any legal troubles.
Widespread Acceptance of Digital Currencies
Digital currencies haven’t appeared overnight. They’ve been around for more than a decade and a half, and they have had a steady growth. This is why the trust in digital currencies is at an all time high at the moment. In many corners of the world the work on legitimizing them is underway. Of course, putting a decentralized financial asset under the strict borders of the law is not an easy task. Thus, seeing that matters are moving slowly in this department shouldn’t worry you. As you can see many online casinos providers have noticed that both the people and the governments are starting to accept crypto and that legitimization of these digital assets is on the way. Because of this, it was only natural for online casinos to offer digital currencies as a payment method. Soon, the pioneers of the trade have noticed that players are more than eager to use crypto as a payment method. Nowadays, thanks to the mutual cooperation from both sides we have adopted crypto almost as a main payment method at many online casinos as a mature and trustworthy means of making online casino transactions.
Crypto Anonymity
Traditional banking methods offer almost no anonymity. With crypto, things stand differently. Of course, total anonymity can’t be guaranteed. Nonetheless, crypto that lies on the decentralized blockchain technology offers anonymity to a much higher degree. For many users, that’s more than enough. Due to the fact that online casinos are able to offer faster, cheaper, safer, and in the end almost anonymous transactions through crypto, many online gambling establishments have switched completely to this payment method. The benefits of crypto just were too many for online casinos to ignore them any longer. As time moves on we can expect for the number of benefits to grow even more, and to fully embrace the gambling industry.
The Most Popular Digital Currencies at Online Casinos
By now, you ought to know that not all digital currencies are the same. Some have a higher value, some lower, and some come and go. Gambling with digital currencies, is not seen only as a game of luck or chance, but also as a form of investment, due to their volatility. So, you will not be surprised that players love to gamble the most with crypto that is already established. Here are the top 5 cryptocurrencies in terms of their representation at online casinos:
– Bitcoin: An easy guess. Bitcoin was the first cryptocurrency introduced and it is the longest tenured in the digital world and the most expensive one. Due to this fact, BTC is the most used crypto at online casinos. Its value is now at an all time record high with signs of going even further up. Both operators and users can trust BTC due to its dominance on the financial markets and because it is the most recognizable crypto out there.
– Ethereum: In most crypto rankings BTC is always followed by Ethereum and online casinos are no different. Ethereum is a safety blanket for many digital Apps and as such it is an ideal currency to be used by online casinos. It’s a versatile crypto, and its popularity stems from the various applications and uses that cryptocurrency can be put to. Its forever goal is to have one up over BTC at least in one domain and with time that domain might just be the online gambling industry.
– Tether: The popular USDT is not your everyday crypto. Instead, it is a stablecoin. The best part about it, and what makes it popular in the universe of online casinos, is the fact that its value and number are pegged to the American dollar. When you have a stable currency on your radar, using it for gambling makes sense. Both online casinos and players love this stablecoin as it is much less volatile compared to other cryptocurrencies.
– Litecoin: As it’s usually the case, where there are BTC and ETH, Litecoin follows. What makes it even better in a sense than BTC is that it offers quicker transactions. Because of this, the gambling industry was quick to recognize its value and where it lies. LTC and its success lie on two big founding pillars – scalability & efficiency. Both of these traits make it rather desirable among players, and what players like, the casinos deliver.
– Dogecoin: DOGE is among the top five cryptocurrencies at online casinos, and it’s the crypto that we expect to have an even higher presence in the future in the domain of online gambling industry. The reason is simple – this meme coin has an unofficial support from Elon Musk. First created as a joke, in a short period Dogecoin amassed more than a few followers. Praised for its low transaction fees, and appeal through humour, many players use DOGE when gambling.
Betting Through Bull or Bear Market?
It all depends on what type of player you are. Digital currencies do not have your typical bull and bear markets. With new crypto it is often the case that they disappear fully once they spend too much time in bear. As for bull goes, you could argue that the likes of BTC and ETH are always in the bull market. Either way, it’s not about when you deposit, and how much you’ve won. The investment move when you’re done with your crypto gambling session, is when you’ll withdraw and convert your crypto.