Cryptocurrencies have evolved immensely from being just a hobbyist phenomenon to become one of the most revolutionary technologies in the world of payments. With use cases spanning across nearly all industries across the globe, digital currencies and associated technologies such as blockchain are set to become an important part of our daily lives very soon. In fact, this has already started.
Gamblers are already living in that reality thanks to the gambling industry’s appetite for trying out the latest and greatest technology. Several online gambling platforms have already embraced the use of digital currencies and related products including both the blockchain and smart contracts. Now, you are always assured of finding a casino where you will be able to spend your crypto.
Now, while gamblers may have it easy, new online gambling businesses may face a huge dilemma when it comes to integrating payment methods. Even though crypto is certainly the future, there are still lots of gamblers who prefer to use traditional payment options. However, this should definitely not be an excuse. Crypto is still very important for any new casino. Here is why:
Gone are the days when crypto used to be solely associated with illegal or underground activities. With better regulation, things have taken a turn for the better and now gamblers can trust them. One of the very first things that digital currencies promised during their conception was unmatched safety and security features. Thanks to the blockchain, the elimination of the middle-men has made moving funds safer than it has ever been. All data or funds are encrypted to ensure they stay private and secure.
The Transaction Processing Speeds
Perhaps the biggest complaint that many gamers have when it comes to the payment options that are provided by the casinos they play on is the sluggish processing of transactions. This mostly applies to the withdrawal options – it can be really frustrating and annoying to have to wait for extended periods of time to receive your hard-earned winnings. Most traditional payment methods take as much as 7 days or even more to process these payouts.
Cryptocurrencies have proven to be the ultimate fix for this particular problem. Casino customers can deposit and withdraw funds instantly. Newer casinos definitely need to look into this if they intend to appeal to both new and existing customers. To make it even better, they have the option of integrating associated technologies like smart contracts which make processing payouts even faster.
The Lower Costs
Another problem that digital currencies were created to solve is the cost of payment processing. Many casino customers have had experiences where they were charged exorbitantly high fees for their transactions. This extends well beyond casinos to other businesses.
Digital currencies such as Bitcoin, Bitcoin Cash, Ethereum, Ripple and Litecoin charge close to zero on your transactions. These extremely low transaction fees not only give you more value for your money but also make playing at a given casino more rewarding. New online casinos especially in the USA can also get to benefit from this since they will not have to go through lengthy talks to have traditional payment services integrated into their systems.
Any new casino might have the wider gaming audience in mind and this might make restricting payments to digital currencies a bad decision. That said, it is totally okay if they decide to include the traditional payment options. Including digital currencies as payment options opens them up to an even wider audience. The best casinos offer both crypto and tradition payment options – the customers can then choose the ones that best suits them.
Fortunately, people with any form of crypto can easily convert them into fiat currency. Most casinos do the conversion during deposits and withdrawals. This means that the players can deposit using crypto, play with fiat currency alongside other gamblers and then finally have their winnings paid out as crypto.
The Future of Crypto Casinos
Many other industries are playing catchup with the gambling industry when it comes to the use of crypto and the technologies associated with it. However, it is still just the beginning as there remains a lot that needs to be improved. This gives us an idea of what future crypto casinos could be. Moreover, with other innovations including VR and AR slowly picking up pace, we now have a rough idea about how mind-blowing the next generation of casinos will be. A few more surprises should be expected though. You can count on that.