Unless you have been living under a rock, you will be familiar with the cryptocurrency explosion that has taken the investment and financial industries by storm in recent years. Despite its reputation as something of an enigma, cryptocurrency is seeping into the mainstream in more ways than ever before. One of the few industries that have adapted to this modern payment method is that of online casinos. Continue reading to find out everything you need to know about the relationship between cryptocurrency payments and the online casino industry.
A brief history
Despite its infancy, online casinos have been accepting cryptocurrency as a valid payment method for a number of years. As the first blockchain-based cryptocurrency, Bitcoin is accepted at most, if not all, online casinos today. But as well as depositing payments with Bitcoin, players can also withdraw payments with Bitcoin. There are also a number of land-based casinos, mainly located in Japan, where Bitcoin is not only accepted but recognised as the main form of currency for players wagering on the latest games and slots. In recent years, a brand-new phenomenon has also taken the online casino industry by storm. Players have mined cryptocurrencies designed specifically for online gaming platforms. For example, CasinoCoin was established in 2014 to allow for low transaction costs, instant monetary transfers, and maximum safety and security during online play.
A secure way to play
One of the main reasons why cryptocurrency has taken off on online casino platforms is due to its reputation as one of the safest online payment methods available today. With the online casino industry continuing to promote and encourage safer gameplay, cryptocurrency can provide an extra layer of security for players familiar with the potential dangers of depositing and withdrawing cash. As cryptocurrency is based on blockchain technology, each individual transaction joins the distributed ledger that defines that coin. With each system involved in the blockchain required to validate and agree upon each transaction, payments are relatively impossible to forge. As a result, players worldwide can deposit and withdraw with cryptocurrency and enjoy top-notch Canadian casinos or casinos in other countries safely, with the knowledge that their money is protected from fraud.
A match made in heaven
Cryptocurrency has also flourished within the online casino industry due to its ability to provide an extra level of protection for both players and online casinos. As a win-win situation for both parties, the role of cryptocurrency as a payment method for online casino players is only set to expand over time. Cryptocurrency also does not require players to verify their identity. By depositing with cryptocurrency, a user’s identity can be validated in a matter of seconds without the need to submit credit card information. Their personal details will also be hidden from online casinos with only their wallet address visible. With transfer speed another sore spot for a growing number of online casino players, cryptocurrency allows for faster, and more efficient, withdrawals. With standard cash-based transactions, a bank or third-party company is usually required to verify each transaction before funds can be released to the player. With cryptocurrency, the player has full control over how their winnings are released and when.
A sign of things to come
Despite a successful partnership so far, the relationship between cryptocurrency and the online casino industry is only set to expand and flourish over time. With Bitcoin already a fundamental payment method in Japanese casinos and the Australian government encouraging and welcoming cryptocurrency transactions with open arms, a number of countries where online casinos are prevalent are yet to follow suit. In the next couple of years alone, cryptocurrency is set to become the primary payment method for online casinos around the world. With a wide range of benefits for both parties, a number of related industries and sectors, such as e-commerce, government, and healthcare, have already taken notice. As one of the greatest inventions of the 21st century to date, the relationship between cryptocurrency and the online casino industry is gearing up for a bright future.
Cryptocurrency has taken the world by storm since its explosion into the mainstream in 2009. Despite impacting a number of industries and sectors on a global scale, the online casino industry, in particular, is where its potential has really flourished. It has provided players and online casinos with a safer way to play as well as quicker deposit and withdrawal speeds. With its full potential yet to be discovered, it is set to transform the ways in which we game online in more ways than ever before.