Cryptocurrency and Online Gambling

Cryptochip

Cryptocurrency and online casinos are the perfect match it seems. More are being launched every year and established brands are embracing digital currencies like nothing before. With so many changes taking place in such a short period of time, what will the future hold for cryptocurrency and gambling?

Pros Outweigh the Cons

For players, the advantages of cryptocurrency in online gambling far outweigh the fallbacks. They drastically reduce transaction time; provide some much-needed security, and there are no restrictions concerning local currencies. This is a big deal when it comes to withdrawal times and verification processes as well. Not only this but cryptocurrencies, of course, can also be converted into fiat currency and used to make normal purchases.

What makes them the perfect pair for online gambling? It is a fantastic use-case for faster movement of money. When a cryptocurrency provider has already done the leg work of verifying your identity as a player it can make for faster and safer monetary transactions. Digital signatures through blockchain confirm the security of every exchange, making it safer and faster for an online casino to host.  

Not the Standard (yet…)

Although cryptocurrencies have fantastic potential in regular monetary transactions, the picture is not as clear for casinos. At many online casinos that are heavy on slots and always keen to offer free bonuses, digital currencies can be a little more troublesome. That is because they require changes to established payment systems, like slots and table games. The industry needs time to catch up!

The biggest issue online casinos face is that digital currencies are incredibly volatile. A deposit for $100 could be worth $50 or $200 by the time it clears.

However, this volatility is becoming a thing of the past as currencies like Bitcoin stabilize. In the future they could become just as stable as the Dollar or the Pound. And as we move toward that future it’s highly likely that gambling brands will cave-in to player pressure, understanding the many benefits of cryptocurrency, and start offering digital currencies as a deposit/withdrawal option.

This could happen within the next 5 years. When it does, the industry as a whole will benefit from fast withdrawals, unique slots and games, and much more. It’ll be an evolution not a revolution, but it’s one that will provide some improvements to the entire sector.