This post was written by Ralph Starks, a blogger and traveler who enjoys exploring the world in the best ways possible.
Traditional casinos have generated tens of billions of dollars worth of profit per year for over a decade. After quickly becoming the number one way for people to play their casino games, many decided to switch to mobile casino gaming, which was a more convenient option. However, many providers that could facilitate online gaming platforms were in the optimal position to transition their services to the mobile arena.
This is why many of the top digital providers have highly rated online and app services. However, online gamers are constantly looking for the next big market in casino gaming, and it’s become readily apparent over the last couple of years that cryptocurrency casinos are capturing the imagination of casino gamers.
#1 – Flexibility
If you play your traditional casino games in a specific location, you’ll only ever be able to use the traditional currency in that region. However, cryptocurrency casinos offer various options for you and your gambling needs. Although cryptocurrency casinos where you can play with Bitcoin are the most popular, a number of altcoins like Ethereum are emerging as rival cryptocurrency casinos. This payment flexibility has endeared many people who have invested in digital assets to slice off some of their funds and play casino games.
A cryptocurrency wallet on your phone acts like a banking app. However, the added flexibility you have is that you can send your transaction directly from wallet to wallet. If you want to send crypto to your friend, they send their wallet address, and you send it; it’s there in seconds. While banking apps might seem like they operate in a similar fashion, you need to send your money to your bank, and then they send it on for you; they facilitate the whole thing – and although this often goes by without an issue, a crypto wallet removes any possibility of your funds or transaction being frozen.
#2 – Convenience
As we alluded to in our introduction, convenience has been the driving force behind many groundbreaking business and technological ideas over the last 20 years. Ultimately, if a product is more convenient, this variable will outweigh many negatives about the service. You only need to look at the success of Amazon and Apple. So long as a product is cheap and reliable enough, this outweighs other factors people usually consider before purchasing a product.
Disregarding negatives about giant corporations doesn’t mean you’re a bad person. If something is much cheaper and convenient, it makes sense to buy it. The internet has transformed the true definition of convenience for tens of millions of people globally, allowing us to purchase products or services for a much cheaper option, watch films with our family or friends, or use cryptocurrency to send our funds all over the world without worrying about banking fees or delays. That’s the way the world works. It is this mindset that has allowed cryptocurrency to flourish as a viable alternative investment, and it has fuelled its growth as a gambling industry as well.
#3 – Security
Cryptocurrency casinos add convenience as you don’t need to provide your identification, personal details, or credit card information to your provider. You simply connect your wallet and deposit your Bitcoin; there’s nothing else to it – no arduous or bloated sign-up forms, passport or driving license information, just connect and play.
As the online casino industry grows continuously on an annual basis, dozens of highly competitive and creative companies and designers are aiming to utilize new technology. By consulting gamers and identifying trends, they can better re-assess their approach to providing the best service. Security in any online business is imperative, especially where your money or funds are at stake.
Cryptocurrency casinos utilize the blockchain to record and verify all your transactions. If you have any issues with your transaction, you can immediately use the publicly available, non-amendable transaction hash to provide proof of your deposit.
For cryptocurrency casinos to emerge as a serious challenge to traditional online casinos, there needs to be a significant change in the number of people who understand how cryptocurrency works. The uptake of knowledge has been slow, with overall ignorance and lack of understanding still playing a significant role in cryptocurrencies struggling to crossover into the public eye and mass adoption.
Although it is slowly starting to turn, it’s not turning anywhere near quick enough for traditional online casinos to worry about whether they will be knocked off the top of their perch as a market leader. However, convenience, flexibility, and security are all positive aspects for gamblers who understand cryptocurrency and the positive aspects of crypto casino gaming. In time, this will undoubtedly continue to gather traction. How big it can get, however, is another question entirely.