When Satoshi Nakamoto launched Bitcoin in 2009, we were promised a crypto revolution that would change how we paid for things. One year later, Bitcoin was used for the first time to pay for something—two pizzas for the bargain price of 20,000 BTC. Since then, the revolution has stalled. While many industries have incorporated crypto as a potential payment option for users, very few people pay with crypto on a daily basis when buying goods or paying for services, especially outside of the US. However, there is one major exception: online casino users. In recent years, online casinos have led the way in the adoption of cryptocurrencies and encouraged users to do the same.
The Relationship Between Crypto and Gaming
The relationship between cryptocurrencies and online gambling is a natural one. As trendsetters, online casinos were utilizing crypto in the early 2010s, and these days many popular sites like instant casino.com accept it for deposits and withdrawals.
For the users, the process isn’t much more difficult than using traditional payment methods. They just deposit their chosen cryptocurrencies (commonly Bitcoin or Ethereum) into their casino account using their crypto wallet. When it comes to withdrawals, it’s the same thing, but in reverse.
For online casinos, crypto means not having to rely on traditional banking systems and the associated fees and waiting times. While it can sound intimidating to newcomers, the technology has benefits for both parties.
Benefits for Users
- Increased Privacy and Anonymity: The use of cryptocurrencies means more privacy and anonymity for users. With crypto transactions, users don’t have to hand over their precious personal banking information or private information. In an age when our private details are constantly being gathered and sold to the highest bidder, this benefit shouldn’t be underestimated.
- Lower Transaction Costs: Crypto transactions commonly come with significantly lower fees than traditional banking. This fact alone is enough to convince many users to switch to crypto-friendly casinos.
- Global Accessibility: Coins like Bitcoin and Ethereum are available globally. This enables players from around the world to use online casinos without worrying about local restrictions. It also allows users to play on international sites rather than ones aimed directly at their local currency.
Advantages for Online Casinos
It isn’t just users who benefit from crypto adoption; it’s a win-win for the casinos too. For online casinos, cryptocurrencies bring with them the benefits of blockchain technology. Blockchain’s decentralized nature and encrypted transactions offer impressive levels of protection by reducing the risk of fraud and cyberattacks. Once players are educated on the security benefits of crypto, the technology can help to build trust.
Just as importantly, using cryptocurrencies can cut down on operational costs. With crypto, there are no chargebacks, and transaction fees are much lower. If they choose to do so, casinos can use these savings to tempt new customers with campaigns like better odds and competitive bonuses.
It’s not just users who benefit from crypto’s global nature either. Accepting crypto allows casinos to enter the global market and operate without borders because the headaches of currency exchange rates and international banking fees disappear.
A Bright Future for Crypto in Online Gambling
Once dismissed as a passing trend, it’s clear that cryptocurrencies aren’t going anywhere. The use of cryptocurrencies by online casinos shows off many of the benefits of the technology that enthusiasts have boasted of for over a decade. The acceptance of cryptocurrencies by online casinos benefits both the users and casinos through reduced costs and improved security. Of course, crypto isn’t a magic bullet; both parties still need to take their cyber security seriously, and users need to approach online gambling responsibly. If industries take notice of how crypto has benefitted online casinos and their users, we might finally see the payment and banking systems shake-up that the “crypto revolution” promised over a decade ago.
