Thursday, July 25, 2024

Is cryptocurrency the future for online casinos?

Cryptocurrency, once confined to the dark web, is becoming increasingly popular. There are numerous types of cryptocurrency, none of which has a physical form. In simple terms, cryptocurrency is a digital form of currency that has no reliance on any sort of central authority for maintenance. As technology continues to advance cryptocurrency has become less exclusive and more widely used by the public. More industries are accepting cryptocurrency as a form of payment, which arguably comes from higher consumer demand for improved security.

Patrons of online casinos, for example, deal with money, both deposits and withdrawals. The ability to use the patron’s first choice payment method can be key to their decision as to where to place their bets. With a multitude of games and promotions such as the Paddy Power Wonder Wheel, where you have a potential jackpot of £25,000 per day and 50 free spins for new users, transactional security is paramount for users. Already, most online casinos offer the most widely known traditional methods of payment and that is precisely because they know it’s important to their users.

Some argue that cryptocurrency allows even more security. This is because it uses blockchain technology, which essentially means it is totally encrypted. Thus, it is harder for hackers to access cryptocurrency assets. Such highly secure currency is essential for patrons of online casinos who would want to ensure profits are safe from hackers. In order to use cryptocurrency in online casinos, you need a crypto wallet, as explained by Forbes. Something which essentially stores your currency, and an email address. It is an extremely convenient form of currency, with no need to have physical cards at hand or memorise a multitude of numbers and expiration dates.

“Bitcoin cash” (CC BY-ND 2.0) by QuoteInspector.com

Not only could cryptocurrency be a more secure way for patrons to gamble, but it is also a technology that seems to show no signs of slowing down. Whilst cryptocurrency is a relatively new form of currency, a recent poll carried out by CNBC suggests that one in five Americans have in some respect either traded, invested or used cryptocurrency. Online casinos, by allowing patrons to play using cryptocurrency would be able to expand their customer base. With more people making the switch from traditional forms of tender to cryptocurrency, online casino industries might want to investigate whether this will help them continue ensuring that there is a payment method for all.

The online casino industry is usually one of the first industries to embrace new technologies. Whilst cryptocurrency – compared to more traditional methods – is still in its infancy, it is becoming more and more popular. Cryptocurrencies being accepted by online casinos would

be beneficial to both the casino itself and its patrons. The casino would extend its target demographic, or customer base by accepting cryptocurrency. Accepting cryptocurrency would broaden the target demographic for online casinos giving accessibility to patrons who do not deal with traditional forms of tender. The patron using cryptocurrency could then benefit from the relative anonymity and added security.

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