In the grand scheme of things, the emergence of cryptocurrency into mainstream viability has been extremely quick. When Bitcoin emerged as a speculative investment, plenty of people doubted that cryptocurrencies would ever be used for regular payments, but that’s already happened — and while they’re not quite mainstream, they continue to rise in popularity.
One industry that’s really taken advantage of this new field is online gambling. As it continues to develop into a true threat to conventional bookmakers and casinos, it’s drawing from the word of technology. So how are cryptocurrencies changing things for gamblers? Let’s take a look:
They’re giving gamblers more payment options
Not everyone wants to be dealing (no pun intended) with conventional banks when gambling online. Payments can be slow and costly (with transaction fees getting involved), plus they can easily be denied due to suspected fraud — if that happens for a player at a particularly bad time, it can completely ruin their chance of winning.
Attempts have been made to find viable alternatives, even leading to the creation of casino payment processing systems, but not with too much success. Cryptocurrencies are different. They’re being used throughout industries, so any online gambling site that starts supporting them will have a chance of actually seeing them gain some ground.
This is really opening up the world of online gambling to new generations who might not be interested in playing for regular fiat currencies but might be interested in having the opportunity to pick up some Bitcoins.
They’re helping to provide anonymity
Whether it involves restrictions on gambling in particular regions, across regional divides, or even the stakes allowed, online gamling can have more limitations than gamblers would ideally prefer. Cryptocurrencies can mitigate the effects of these limitations by allowing relative anonymity, making for better experiences.
Think about making a payment with a standard bank account. Your name and details are attached to the account, and everything there is traceable. If you make a payment from a cryptocurrency wallet, however, you can be sure of the legitimacy of the transaction without needing to get your personal identity involved.
The future will bring more regulations (they’re still being figured out), but even so, the average player should have a lot more freedom using a cryptocurrency than something standard.
They’re helping online casinos build ecosystems
Big casinos typically use chips to keep people locked in and playing for as long as possible. Knowing that they’ll need to cash out before leaving will encourage them to first see just how much they can make — and the abstraction of the chips will make them feel less like they’re playing with real money (that feeling might drive them away in fear).
By creating and using their own cryptocurrencies, online casinos can now do something similar. They can provide numerous different types of games built around their cryptocurrencies, all to establish player loyalty and keep people coming back.
Using cryptocurrencies has long been viewed as gambling, so it’s somewhat appropriate that they’re now being used for gambling. By opening up payment options and helping online casinos set themselves apart, they’re slowly establishing some real threats to the historical dominance of traditional casinos.