With the rise of cryptocurrency, it begs the question: where can it be used?
The likes of bitcoin are already creeping into our daily lives including places like Xbox, Expedia and KFC Canada accepting payment in this form.
The online gambling industry always focuses on innovations, and it would be a mistake not to incorporate cryptocurrency into their payment forms. Many people prefer to deal in it and others are looking to get rid of their cryptocurrency to convert it into cash through the means of making profit via a gambling site.
In this guide, we will be looking at how the blockchain has had an impact amongst gamblers as well as the consequences of the mix between gambling and cryptocurrencies.
The perfect match
It has always appeared that online casinos and cryptocurrencies would be a match made in heaven. Online casinos have been ever growing in popularity in recent years, especially through mobile and tablet, and cryptocurrencies have also seen a very similar surge in a more general market.
Cryptocurrency really started gaining popularity at online casinos not only because it itself was more mainstream and popular, but they also offer other special benefits that other traditional funding methods at online casinos can hardly compete with. It has offered a unique selling point for some casinos as they become known as the places ‘that accept bitcoin for gambling.’ This includes CashBet who signed a sponsorship deal with Arsenal FC earlier this year.
There is discussion of whether cryptocurrencies are recognised at currency is very prevalent. A number of countries do not recognise them as valid forms of currency, meaning that for many, betting with such means that they are not playing with real money, but ultimately gaining in real money should they win.
Furthermore, this works in favour of the online casinos who only offer betting with cryptocurrencies – if this is the case, gambling legislation does not apply to them.
Thus, allowing users to gamble in an area which forbids real money betting offering secure and very clear transfers are the main factors that intervened in the positioning of cryptocurrencies at the online gambling industry. Should the value of cryptocurrencies increase significantly, like bitcoin’s boom in Q4 of 2017, the casino could make an enormous return.
The benefits can also be based down to users or ‘players’ in the form of free spins, welcome offers and a no deposit bonus.
A product of the digital age
It is obvious that standard currencies are not going anywhere, however there is no room for paper and coin commodities in the digital age. Online gambling spaces which offer stand currencies solely do face some challenges.
The reality is that bank transfers, credit cards and debit cards were never meant to be used the way they are now. Slow, costly, and often not particularly effective, these characteristics say a lot about how old-fashioned cash currencies have the power to weigh down an online casino.
However, digital currencies such as bitcoin are products of the digital age and suit the online casino industry far more. Therefore, they are a near perfect solution for online gambling platforms. Cryptocurrency has really taken online game play to the next level and is used to avoid various loop holes.