Will Cryptocurrencies Shape the Future of Online Casinos?Published November 17, 2021
More and more online casinos are now accepting cryptocurrency payments and use other advantages offered by these new technologies. What is the appeal of cryptocurrency in iGaming and what future holds?
The online gambling industry has been growing exponentially in recent years, and it has seen major growth in the last couple of years, driven by unexpected developments that saw people spend much more time at home and in front of their computers and mobile devices. One of the reasons why iGaming has managed to achieve such success, aside from its natural appeal, is that the industry has always been open to change and new technologies.
One of the recent trends has been that of implementing cryptocurrencies into their payment systems, and it has helped online casinos reach even more customers and appeal to some new market segments.
Fast & Seamless Transactions
One of the biggest appeals of using cryptocurrencies is the fact that payments are processed pretty much in real time and with no delays. This applies to both deposits and withdrawals. Cashing out funds via crypto wallets usually takes minutes, as opposed to hours or even days using traditional options, so it's no surprise players love it.
Improved Safety Levels
For online casino players, security is often very high on the list of priorities. Most reputable sites already use modern safety technologies such as SSL protocols to ensure this safety, but using cryptocurrencies adds another layer to all this. The underlying technology of these payment methods is such that every transaction is automatically recorded somewhere in the chain, virtually removing the possibility of a fraud. At the same time, these options often don't require players to share as much of their sensitive personal information.
Provably & Verifiably Fair Games
Many online casinos have taken things to yet another level, taking full advantage of the aforementioned underlying technology of cryptocurrencies. The use of blockchain and other similar protocols allows for creation of provably fair games, i.e. games that provide transparent results that can be checked and verified by all players, removing any possibility of tampering with the results.
The Future of Cryptocurrency in Online Casinos
Over the past few years, the number of online casinos utilizing what cryptocurrencies have to offer has greatly increased. Players have also recognized advantages of these sites and they are flocking to crypto sites. Looking at current trends, it's safe to assume that the popularity of cryptocurrencies in the online gambling sector will continue to increase moving forward, with major gambling brands joining in and making cryptocurrencies mainstream.