While consumers have yet to fully embrace the concept of cryptocurrency, it’s certainly here to stay. This is a form of digital currency that doesn’t rely on a bank or other financial institution to regulate payments. The currency is maintained by its distributed customers, while the system tracks details of ownership and transactions. In the years to come, more users will get involved, but some industries are more progressive than others in their relationship with cryptocurrency.
Casino clients
The online casino industry is among the sectors actively targeting crypto customers. In the present landscape, many established platforms already accept a form of digital currency for funding accounts. Elsewhere, an entire range of casinos has appeared with cryptocurrency as the main focus. Some accept FIAT money, but Bitcoin, Litecoin, Ethereum, and the rest are the chief funding options. The pattern appears across the sector, with many traditional Canadian online casinos now accepting at least one form of crypto. Digital currency has therefore increased the options for players, with more operators available, but there are other ways in which it has helped the sector to evolve.
Enhancing security
Using cryptocurrency for any online transaction provides an enhanced level of security. When customers use a debit card or bank transfer to make a deposit, financial details are shared with the merchant. Licensed and regulated casinos employ high levels of Secure Socket Layer technology to encrypt that data, but using crypto means that no sensitive information is shared. This is a tangible benefit for players who are concerned about providing their details when adding or withdrawing funds. A casino has to be provably safe, and while there are high levels of safety for all customers, the extra security for crypto users leads to more sign ups.
Picking up the pace
Those who are comfortable with using crypto are aware of the speed in which funds can hit your account. Speed is essential when you’re playing casino games online, and nobody should expect a delay when they want to access slots, blackjack, roulette, and others. With most traditional payment methods, deposits are instant, but this isn’t always the case for withdrawals. Many operators ask customers to expect a wait of up to 48 hours before any winnings are returned. Cryptocurrencies speed up the process, and this is another reason why the phenomenon is starting to enjoy a greater foothold in the casino industry.
Catching Up
It may be true to say that some crypto casinos need to catch up in certain areas. They cannot simply rely on building a customer base simply because they offer an alternative to FIAT money. The industry can only evolve if those operators provide the same all-round package as their traditional counterparts. This means, among other things, offering more mobile-optimized games. A greater choice is also desirable, and those crypto outlets are now beginning to list far more options for slots, roulette and blackjack, along with niche games such as Slingo.
Dealing with historic issues
Cryptocurrency has been around for several years, but there remains a reluctance among many consumers. One ongoing problem involves the volatility of the market and the way that Bitcoin and others can fluctuate so quickly. It’s an issue that can affect casinos who are aiming to build a customer base. A player may land a win at the slots, but if they leave that money in their account overnight, it could be worth significantly less on the following day.
At some stage in the future, the crypto markets must settle down and at that point, there will be more take up among the gaming community. In the meantime, one way of tackling this trend is through a greater use of stablecoins. A stablecoin, as the name suggests, offers less volatility and that will be a game changer for tentative cryptocurrency users. It’s also felt that, in the near future, tokens will be introduced that are specific to casinos and other gambling platforms.
All of this will help to drive customers towards cryptocurrency casinos and other, more traditional operators. Casinos are also working to demystify the nature of cryptocurrencies and how to use them. Ultimately, this is the key role that crypto will play in the evolution of the online casino industry. It is a facility to get more players on board, increase customer bases across all operators and drive additional revenue.
As with all online industries, the challenge for the casino industry is to get those customers engaging with Bitcoin and other cryptocurrencies. Many consumers, especially those within older age demographics, still find the concept confusing, and they continue to resist it. For now, those who are comfortable with using crypto are already seeing how digital currency is helping online casinos to evolve. In the future, that impact can only grow, and as a younger demographic moves in, the influence of cryptocurrency will certainly increase.
