The growth of the online gambling market has been rapid over the past few years with more and more people wanting to gamble online, companies have jumped on the opportunity to cash in on this growing demand.
Cryptocurrency casino games are one of the many emerging trends in online gambling that could bring about a much-needed revolution.
In this blog post we will explore why cryptocurrency casino games could become mainstream, the benefits they will have for players, and what it will take for them to become mainstream. Let’s take a look…
What is Cryptocurrency Casino Gaming?
Cryptocurrency casino games are online games that use cryptocurrency as the primary currency while the majority of online gambling sites accept credit cards and other methods of payment, a growing number of online casinos are starting to offer games that are only accessible using cryptocurrencies.
Online casinos that offer cryptocurrency-specific games allow their users to gamble using the same kind of digital currency that the games themselves use, this means that players can use cryptocurrency to make deposits and withdrawals and pay for wagers with the same digital currency.
A cryptocurrency casino game is essentially a website that runs on top of an existing e-commerce platform.
Players use their cryptocurrency wallets to make deposits as they would with a traditional credit card, and then use the same digital wallet to withdraw their winnings.
Why will Cryptocurrency Casino Games be Mainstream?
The biggest benefit of casino crypto.games is the increased security that it offers to online gamblers, traditional online casinos rely on a third-party service provider to store and process the player’s funds.
This results in a centralized authority having complete control over the money of all the players, the fraud and security issues that come with a centralized system are extremely well known.
A recent example of this was when a hacker managed to steal over $5 million from a popular online gambling site, online casinos that use cryptocurrencies like Bitcoin are decentralized, which means that there is no single party controlling them, this means that there is no risk of funds being stolen by hackers or poorly implemented third-party services.
The decentralized nature of cryptocurrencies also means that it’s possible for players to take their winnings directly out of a game’s wallet without having to go through a third-party service.
Benefits of a Cryptocurrency Casino Game
- Increased security
- No more fees to withdraw funds
- Greater anonymity when playing
- Reduced human factor error
- Increased trust between players and casino
Drawbacks of a Cryptocurrency Casino Game
- Difficult to acquire cryptocurrency wallets
- Limited liquidity
- Some games only allow small deposits and withdrawals
- A limited number of games due to licensing restrictions
- Not many people currently use cryptocurrency wallets
The current online casino industry is plagued with security issues and has become increasingly centralized by using a cryptocurrency-based casino game, players can ensure that their funds are safer and that there is less room for human error.
Cryptocurrency casino games have the potential to become mainstream for a variety of reasons, they are safer and more secure, offer increased anonymity, have lower fees, and offer players a greater sense of trust in each other.
People are already comfortable using their mobile wallets for shopping and paying bills with credit cards, it is only a matter of time before cryptocurrency becomes more mainstream, the growth of the online gambling market has been rapid over the past few years.