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Why cryptocurrency is taking the online casino industry by storm
Just a decade ago, the idea of cryptocurrency potentially becoming the most popular and widespread form of currency might have been laughed at. Likewise, the idea of online casinos becoming one of the most sought after forms of entertainment. The idea that the two would form a devastating partnership may not have even entered people’s minds. However, with the digital revolution in full swing, the two aspects mentioned above are currently thriving and there is further room for growth. But how do they fit together?
Mutual benefit
Joining forces with another successful business is one way to accelerate progress, and this is exactly what cryptocurrency and online casinos are doing. The concept of “you scratch my back and I’ll scratch yours” is evident in the way each uses the other to improve their service and gain greater visibility. The digital revolution has rapidly raised people’s expectations over time and society is getting used to being able to do things with the click of a button or the flash of a smartwatch.
The most vital feature for online casino players is not the games offered, nor the quality of customer service, nor even the new age graphics and animations, but the ability to make financial transactions quickly and efficiently. Expectations were vastly different twenty years ago when chip & pin was introduced; players were content to wait a few days to receive their winnings. Nowadays, the bar is much higher and online casino users expect instant deposits and withdrawals.
However, “more traditional” payment methods do not meet these expectations, even if they are catching up, and this is where cryptocurrency comes in. This is where we see the mutual benefit factor that digital currency and online casino operators enjoy. THE blockchain technology that powers cryptocurrency is primarily responsible for the success of the currency itself and the impact cryptocurrencies can have on the online casino industry.
Evolving relationship
The decentralized and peer-to-peer nature means that transactions can be carried out anonymously, without fees, without intermediaries and, probably most importantly, they can be executed instantly. This is a huge advantage for online casino platforms and an interesting advantage to offer to users, old and new. There is a growing number of online casinos starting to introduce cryptocurrency as a payment method on their platforms, which provides another stepping stone for the launch of cryptocurrency. Most operators tend to support the most popular digital currencies such as Bitcoin and Ethereum, but another option worth considering are those that offer Dogecoin as an alternative, which still maintains strong support.
It will be interesting to see how this relationship blossoms. The popularity and usage of cryptocurrency is constantly growing, which further increases when it receives visibility on platforms such as online casinos. In today’s digital age, speed is of the essence and in two key industries, finance and entertainment, we may see more cryptocurrencies and online casinos in the future.
Matt Davidson has a passion for gaming and online gaming of all kinds: from Pokémon Go to Halo to Warcraft and casino games like blackjack and slots. He also writes about computer science and technology in general.