Is Cryptocurrency The Future Of Online Casinos?

Posted on 2022-02-09 by Sean Williamson

Is Cryptocurrency The Future Of Online Casinos?

When Elon Musk gets involved in an industry, the world starts to take notice. So, it comes as no surprise that the Dogecoin cryptocurrency is enjoying some major gains. It wasn’t long ago that the billionaire tycoon declared that Tesla would start accepting the alternative currency as a payment option for products. Then, soon after in a publicity stunt typical for his brand of eccentricity, he announced that he would eat a Happy Meal if McDonalds also started accepted Dogecoin. Could cryptocurrency really be the future, including for the gambling industry?

While it still isn’t clear what the future holds for cryptocurrency, there is no question that it is having an impact on the world right now. A great deal would have to change for it to have any real global clout, but there is still some merit to using an alternative over traditional money. Many of these benefits are specifically attractive to gamblers, which is why options like Dogecoin and Bitcoin are becoming more accepted as a casino payment option.

Let’s look at some of the benefits.

Anonymous Transactions

The biggest drawing card of a payment option like Bitcoin is the incredible privacy. Transactions can be made while remaining 100% anonymous, which can’t be said for traditional money. Companies are able to easily track the user’s identity when standard currencies are used, whether the user wants it or not.

When paying with a cryptocurrency the transaction cannot be tracked, it’s as simple as that. This high level of privacy is appealing not just to the average consumer, but specifically to those that enjoy playing at online casinos.

Faster And Easier

Making a deposit or withdrawal at an online casino can take days. At least it can if using standard banking methods such as wire transfer or credit card. Cryptocurrency transactions are almost always instantaneous. This is appealing for obvious reasons, allowing the sort of financial freedom that most online gamblers only dream about.

Given that transaction speeds are key in iGaming, it only makes sense that more operators would be making the move to accepting alternate money options.

Fewer Fees

If faster speeds and anonymity weren’t appealing enough, how about fewer fees? Since blockchain does not involve any third party, there are little to no costs involved. It goes without saying that this is the most appealing benefit to most casino goers; removing a middleman that was never necessary in the first place.

No doubt many gambling enthusiasts are already signing up at the top real money online casinos, even if cryptocurrency availability is still presently rather limited.