Trends in tech have affected payment systems and currency throughout history, from printing money to chip and pin machines to contactless and e-wallets. The way we pay for things has undergone its own evolution over time, and with it, industries have benefited from the increased speed and practicality of paying for items. While the next stage of payment evolution has not been fully adopted, it has been around for over a decade and is beginning to shape the future of payments. We are, of course, talking about cryptocurrency.
The digital currency and the blockchain technology powering it have gradually become more recognised over the years since Bitcoin was created right at the beginning of 2009. More instances of cryptocurrency in action are cropping up in everyday actions but one industry that is beginning to forge a strong partnership with digital currencies is the online casino industry. Two up-and-coming industries have teamed up and are hoping to drive each other to greater success in the future.
Online Casinos Benefitting From Crypto Advantages
While people are probably more aware of the term cryptocurrency, it is the blockchain technology behind crypto that is the star of the show.
Cryptocurrency exists because of the decentralised system that governs all peer-to-peer transactions without the need for third-party interference, also making all transactions transparent. Transactions are validated and verified as a node and remain a permanent fixture of a digital ledger.
However, this is not what online casinos are necessarily interested in. The main advantage for online casino providers is the speed at which transactions are processed. Often instantaneous. In most cases, much quicker than nearly all other payment methods that exist on online casinos. Even making international payments is quicker and hassle-free.
One of the downsides to using cryptocurrency is that it is not widely recognized around the world. More governments are coming around to the idea of legalising the distribution and use of cryptocurrency, but in the UK for example, the use of cryptocurrency remains a grey area.
As a result, many players migrate to the daily star to explore non-UK online casino options that do accept digital currencies such as Ethereum, Dogecoin and the abovementioned Bitcoin.
Benefits for Online Casino Players
There are, of course, plenty of benefits for online casino users that further highlight the compatibility of crypto and casinos. While the transaction speeds are advantageous, the amounts saved in transaction fees are also a huge positive for users of crypto on online casinos. Once again, the lack of a middleman removes the need to pay a middleman. Furthermore, the added security that comes with making transactions with the impenetrable blockchain technology provides users with maximum security and comfort.
More players are using cryptocurrency on online gambling websites which is represented by the fact 25% of payments made in 2023 on online gambling websites were through cryptocurrency. With the ease of use and benefits outlined in this piece, we can expect this number to increase, and as a result, online casinos around the world can only benefit from this as the next generation of online casinos continue their rise to prominence.
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