There was a time when people thought that cryptocurrency was just a new fad that was going to die soon. However, their speculations proved to be wrong. Now, even online casinos use cryptocurrency.
What is the future of cryptocurrency in casinos? Will this last? Let us take a look at the current situation, and then we can decide if cryptocurrency is something that you should be investing in. As you know, cryptocurrencies are volatile—and this is what makes it interesting.
One big problem with online gambling is that money is controlled. If you use a credit card, you might be surprised to find out that your card is either not accepted by the online casino or that your financial institution does not allow online casino deposits.
With cryptocurrency, this should not be a problem. There are no restrictions between transactions. For as long as the recipient and the sender have a wallet that has the same digital currency, they can swap cryptocurrencies and services.
For a time, only a few casinos accepted cryptocurrencies. It was a risky move that these casinos made. Why? If they accepted cryptocurrencies and these currencies got devalued, they would lose a big amount of fiat money.
Today, however, there are hundreds of casinos accepting cryptocurrencies. Also, many casinos used to accept bitcoin only. Today, you can find casinos out there that accept Ethereum and other digital currencies that are at the top of the supply chain.
Because of this, we can conclude that cryptocurrency usage in the casino industry is on the rise, not on the decline. There are even casinos that offer free spins no deposit bonus promotions to play free online slot machine games where you receive cryptocurrency instead of fiat money.
Cryptocurrency is built on the premise of privacy and anonymity. Even if you have a wallet, there is no direct link between your crypto transactions and your identity. You are virtually invisible—and this is what many gamblers like.
Recently, there have been calls all over the world for the casino industry and financial institutions to meet and discuss gambling harm. One of the things that they want to talk about is data sharing.
In this issue, the casino may share with financial institutions the names of cardholders who seem to be problem gamblers. If the financial institution has this list, they can block the credit card holder from making any deposit and even getting free casino bonuses slots.
This, of course, is going to substantially reduce the earnings of the casinos. With cryptocurrency, this cannot happen. The player’s transactions are not monitored at all. However, the casino can still block transactions based on the identity of the wallet.
Players love the fact that cryptocurrencies increase in value. It is unlike fiat money that keeps on decreasing due to inflation. If you invest today, there is a possibility that your investment increase in the next several months. Cryptocurrency is so volatile. In less than a week, your investment may increase in value by as much as 5%. What kind of gambler does not like this? And more importantly, what kind of casino operators would not love this possibility?
Game operators understand what gambling means. With the rise and fall of cryptocurrency being based on speculations, casino operators are also likely to take the risk. Let us say that a player lost one bitcoin today, which costs $12,900. By this time, the casino can keep this bitcoin as a reserve.
A few days later, the bitcoin price rises to $13,600 each. Now, it is time for the casino to cash in, right? As you can see, the casino did nothing, and yet it has earned a lot of profit from the one bitcoin that a player lost, which it cannot earn on typical fiat money.
Cryptocurrency in the casino industry has a bright future. Even in non-gambling markets, there are many activities going on now to make new digital currencies. The world’s second-largest economy, China, is even trying to transition its fiat money into a digital one.
The bitcoin trend looks good in the past months. Even social media giant Facebook has its own cryptocurrency. All of these are groups are not speculators. They understand the value of privacy and freedom to spend, and so they are making cryptocurrencies.
We can conclude that cryptocurrencies in the digital space are going to last. We can also say without a doubt that it may be used in the future in land-based casinos—all you need is your phone to be able to play and win.