Why Cryptocurrency Is Taking the Online Casino Industry by Storm

Why Cryptocurrency Is Taking the Online Casino Industry by Storm
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Just a decade ago, the idea of cryptocurrency potentially becoming the most popular and circulated form of currency might have been laughed off. Similarly, the notion of online casinos becoming one of the most sought-after forms of entertainment. The suggestion that the two would form a devastating partnership might not even have entered people’s thinking. However, with the digital revolution in full swing, the two aforementioned aspects are currently thriving, and there is further room for growth. But how are they well-suited to one another?

Mutual benefit

Joining forces with another successful venture is one way to speed up progress, and this is exactly what cryptocurrency and online casinos are doing. The notion of “you scratch my back, and I will scratch yours” is apparent in the way each uses the other to improve their service and gain more visibility. The digital revolution has rapidly heightened people’s expectations over time, and society is getting accustomed to being able to do things at the click of a button or the flash of a smartwatch.

The most vital function for online casino players is not the games on offer, not the quality of the customer service, or even any new-age graphics and animations, but the ability to make financial transactions quickly and efficiently. The expectations were hugely different twenty years ago when chip & pin was introduced; players were content with waiting a few days to receive any winnings. Nowadays, the bar is much higher and online casino users expect instant deposits and withdrawals.

However, the “more traditional” payment methods do not match those expectations, although they are catching up, and this is where cryptocurrency comes into play. Here is where we see the mutual benefit factor enjoyed by digital currency and online casino operators. The blockchain technology powering cryptocurrency is primarily responsible for the success of the currency itself, and for the impact crypto can have on the online casino industry.

Evolving Relationship

The decentralized, peer-to-peer nature means that transactions can be performed anonymously, free of costs, without any intermediaries, and probably most importantly, can be executed instantly. This is a huge advantage for online casino platforms and an attractive benefit to offer to users, old and new. There is an increasing number of online casinos beginning to introduce cryptocurrency as a payment method on their platforms, which provides another springboard for cryptocurrency to launch. Most operators have tended to support the more popular digital currencies such as Bitcoin and Ethereum, but another option to consider is those that offer Dogecoin as an alternative, which still retains strong backing.

It will be interesting to see how this relationship blossoms. Cryptocurrency is constantly growing in popularity and use, which is further accelerated when it receives exposure on platforms such as online casinos. In the current digital era, speed is of the essence, and in two core industries, finance and entertainment, we could see more cryptocurrency and online casinos in the future.