After making such a significant profit and utilizing the incredible technology that has changed the way casino games operate forever, you’d think that some of these operators would rest back on their laurels.
Well, it’s the opposite. Casino providers, operators and game designers are working around the clock to find a new avenue of profit in this global sector. The latest emerging subdivision of this industry is the emergence of cryptocurrency. The competition is heating up, with leading sites like https://dappgambl.com looking to stake their claim as the leading provider of digital asset gambling.
Today, we will explore exactly what cryptocurrency is, how the future of this industry could effectively change finance forever, and how casinos that use it as a payment method could be perfectly positioned to springboard into an exciting new area of the gambling market.
However, it is vital to remember that gambling is a way to unwind and relax. You should never view it as a source of income, and if you begin to spend too much time gambling, you need to log out and speak to an expert who can help you.
What is cryptocurrency?
It’s important to establish what crypto is before we explore the benefits of how it works in casino gaming. The first and most prominent cryptocurrency is Bitcoin, created in 2008 by anonymous creator Satoshi Nakamoto.
That market dominance hasn’t changed for over a decade. It is the market leader and often has the highest 24-hour volume. It enjoys exposure to institutional investors such as hedge funds and investment funds.
Bitcoin is a revolutionary piece of financial design that validates the blockchain that acts as a secure foundation to log transactions. Blockchain technology is one of the most significant financial inventions of all time.
The technology is incredibly secure and does not require the oversight of a bank in the middle to manage the transaction. It has no overseeing authority and requires nobody to handle your transaction, which is why cryptocurrencies are referred to as decentralized.
You simply connect your wallet and send your funds. The transaction is logged and authorized on a public ledger that cannot be altered in any way but is accessible to ensure the validity of the sale or purchase. It is incredibly innovative and offers some considerable positives, which we will discuss in more detail today.
1. Safety
As we touched on in our introduction, removing the need for a bank to handle your information and transaction while simultaneously providing a platform for you to send money is a game-changer.
This safety transforms into a far more secure offering when you play a casino game. Many digital casinos now use cryptocurrency as a payment method to protect themselves and their customers from fraud. If a casino holds your financial and personal data on its servers, such as credit card information, in the event of a breach, it is extremely valuable to hackers.
If you play using cryptocurrency, no identifiable information can be accessed. Your wallet address is secure, and there’s no information connected to you. You simply connect your wallet and send funds directly.
2. Stimulating competition and innovation
When physical casinos were the dominant platform in the industry, many analysts couldn’t have predicted the digital revolution that would create a colossal industry within the confines of an already highly successful one.
Likewise, once online casinos emerged as a viable alternative, the next question for many analysts and gamblers was to wonder where the next piece of innovation would emerge from. Cryptocurrency casinos have more than welcomed this challenge. It is a fast-growing niche within the casino sector and could soon become a suitable challenger for other online casinos.
Competition is healthy, especially within a sector with so much money at stake. If a handful of operators began controlling this space, it would not be a good sign.
There are plenty of examples of companies monopolizing a sector through sheer market dominance. Ultimately, it ends up negatively impacting the sector, so the emergence of cryptocurrency casinos is a revelation for many who work in the field.
3. Convenience
The whole reason online casinos attract so many customers is due to the convenience they offer. You don’t need to get ready and spend time and money travelling to a physical casino if you have a suitable and accessible digital option.
Why leave the comfort of your home to brave the elements and spend time travelling to play a game which you can play from your laptop or mobile phone?
This same convenience is now being used as a benefit for using cryptocurrencies as a payment method on gambling websites. As we have already discussed, you can utilize the security of a cryptocurrency wallet to ensure your data is protected.
In addition, the convenience this payment method provides due to removing the need for a bank in the middle is a component that also streamlines the process. Ensuring that your cryptocurrency deposit is as seamless as possible is the number one goal of these companies. As more gamblers witness the rise in convenience, companies that offer this payment method are eager to see adoption on a larger scale.
When you use a standard bank account to deposit and withdraw, your bank can freeze the transaction or delay it from going through. If you want to unwind and play your favorite casino game as soon as possible, this is a hindrance.
Avoiding the inconvenience of spending time on the phone and potentially hours dealing with the fraud team is another huge component that makes cryptocurrency casinos a far more viable and convenient option.
4. Educating consumers about digital assets
One of the biggest reasons there’s so much fear and uncertainty in the digital asset space is a lack of knowledge among people who don’t understand it. Some others would instead focus on dramatic negatives to discourage people from moving away from traditional finance.
Central banks do not want competition, and blockchain technology and cryptocurrencies are precisely that. While they do not come without flaws, neither does the traditional banking system.
Some of the world’s most innovative finance companies are in this sector. There is a fear among analysts that the SEC will drive these companies away from America with strict regulations. The world’s biggest economy is creating an environment where companies are talking of leaving and setting up base elsewhere to continue their groundbreaking research into this exciting sector.
There needs to be a balance. Regulation must be robust, but it should also not stifle the industry. It is a delicate balancing act that engages the best legal minds, and if they get it right, the USA could be the cryptocurrency hub.
We appreciate that cryptocurrency and Bitcoin can be difficult to understand. However, practical use cases are the best way to raise awareness and encourage more adoption.
For example, you don’t need to know the specifics of how the internet works, do you? It helps connect your phone to watch videos and contact friends. Ideally, if you use cryptocurrency wallets to deposit your gambling funds, you will learn more about how wallets and peer-to-peer transfers work. This increased knowledge will help people quell their fear of the unknown.
5. Cost effective
Given that cryptocurrency transactions bridge borders, you are not hit with transaction fees you might experience if you used your bank account or credit card internationally.
For example, if you used the bank account card for your UK account at a digital Australian casino, even though both countries have some of the most liberal gambling laws in the world, you may be hit with international card transaction fees.
Some casinos may not even accept your deposit if it is from an account where the casino doesn’t operate. Cryptocurrency casinos are cost-effective as you do not receive any charges on your transaction or wallet. As it is cost-effective and more convenient for many gamblers, it is pretty simple to see why this gambling method is beginning to take off.
Conclusion
Due to the fact that the online casino rise of the last 20 years has been so meteoric, it is healthy for there to be competition. A genuine and feasible alternative to standard currency has emerged as a worthy front-runner to take a chunk out of this market.
With many countries looking to bring in sterner regulations regarding cryptocurrency, this could directly impact the way cryptocurrency casinos operate in the future. Depending on their jurisdiction, they may even have to close down completely. It all depends on how rigid the framework turns out to be that many central governments are set to bring in this year.
If the regulation generates an environment where digital asset innovation is actively encouraged, it could be the catalyst that lays the foundation for cryptocurrency casinos to take off and emerge as serious competition.
It all depends on the legislation that comes in. Many variables indicate that cryptocurrency casinos are better placed to handle some of the inconvenient barriers you often find in casinos that only accept fiat currencies.