As of late, more and more online casinos are turning to cryptocurrencies. Some are doing the mix of fiat currencies and cryptos while others are going full out on cryptocurrencies, allowing players to only play in Bitcoin, Ethereum, Litecoin, or any other popular option out there.
This new trend in the iGaming industry is definitely an interesting one. For several decades now, online casinos have focused on traditional payment methods like credit cards, bank transfers, and, of course, e-wallets. This approach seems to have worked quite well for them so far, as the internet gambling niche is in the state of constant expansion.
So, why the sudden change? What is the motivation behind adopting cryptocurrencies and going as far as making them an exclusive option for those who want to play? How does it even make sense when it feels rather restrictive?
Going with the Flow
The world of online gambling has changed quite dramatically over time. There are many more legal obstacles and regulations that operators have to deal with these days. Getting through all of these takes time and costs money, both of which isn’t something online casinos are happy about.
Setting things up using cryptocurrencies instead of traditional method helps deal with some of these issues. Opening a cryptocurrency casino is usually easier and faster, so they can go into the operation phase in a few weeks instead of few months.
Furthermore, many countries now have restrictions in place where players aren’t able to easily deposit or withdraw money. This doesn’t mean that online gambling is necessarily illegal in their countries but banks and e-wallets have become much more restrictive when it comes to online transactions. So, setting things up with cryptocurrencies instead means easier access to a much larger pool of potential players.
Advantages for the Player
It isn’t just the casinos that love cryptocurrencies, though. More and more players are starting to realize their advantages when it comes to online gambling. While the whole concept was somewhat confusing and strange to begin with, nowadays people are much more aware of what cryptocurrencies bring to the table.
First of all, deposits and withdrawals using this method are usually much quicker. You’ll have access to your funds within a few hours from placing your request instead of having to wait multiple days. This is really a big deal, especially for the players used to higher stakes who want to have their cash available to them as soon as possible.
Secondly, fees on deposits and withdrawals are very low and often non-existent. While this may not seem like a big deal to some, there are players making multiple deposits and withdrawals every day. For them, these fees can really stack up and influence their bottom line.
And, finally, playing in Bitcoin or any other crypto allows for a much greater degree of anonymity. While these transactions aren’t completely anonymous, you still get much more privacy as it is harder for anyone to get access to your transaction history. While people tend to connect this expectation with criminal activities, this isn’t really the case. Many players simply want to keep their gaming habits to themselves and using cryptocurrencies helps them stay off the radar.
Future of Cryptocurrency Casinos
Looking at the current trends, it definitely seems like cryptocurrency casinos have a bright future ahead of them. The entire financial market is moving more towards cryptos in general and casinos will be well-placed in this paradigm, being the early adopters of the idea.
We may still be far away from fully switching to cryptocurrencies in all walks of life but the fact remains that more and more people are starting to understand their advantages. The fear of unknown is being replaced by the knowledge that this new form of payment has a lot to offer and it isn’t something sinister that should be avoided at all costs.
Word of Warning: Pick Your Casinos with Care
If you’re considering playing at a cryptocurrency online casino, you need to be careful about it. While there are many advantages to it, there are also some risks you need to be aware of.
Since these casinos are easier to set up and don’t require traditional licenses, you’ll encounter some less than legitimate operations. Like in any business, there will always be those who try to make quick buck out of unsuspecting customers when the opportunity is there.
So, make sure to stick to the operators that have a proven track-record. Play on the casinos that have been around for a while and have positive reviews from the players. Ask around and test waters with some smaller deposits until you build the trust. This is the best way to protect yourself and fully enjoy your gaming experience.