Online casinos and cryptocurrencies: The transformation of online gambling

Online casinos and cryptocurrencies: The transformation of online gambling

Cryptocurrencies have gone from being just an investment, to being used in different services related to our daily lives, as a means of collection and payment in our transactions, among many other uses. Cryptocurrencies are increasingly connected to the main business activities, which see them as a great ally for the economic growth of their respective businesses.

In that sense, online casinos are no exception, as they have also begun to adapt to the advances posed by this new methodology, implementing more and more alternatives in the means of payment available to their players, such as cryptocurrencies. Nowadays, the number of online casinos that accept cryptocurrencies as a form of payment is increasing, especially if we refer to Bitcoin and Ethereum. The online gambling market is extremely competitive, therefore operators must adapt to the growing reality of the economy and new ways to avoid being left behind.

Currently, this issue is one of the top priorities when considering which are the best online casinos on the market. There are numerous internet portals, such as pokernewsdaily.com, where reviews are made on the best online casinos based on certain specific and fundamental characteristics, being the payment methods one of them. If an operator intends to appear in the top 10 of the best online casinos, it must offer (among many other things) a wide variety of payment methods, in which as many cryptocurrencies as possible must be included.

The advance of cryptocurrencies in the online gambling market

Several studies have shown that during the first quarter of 2021, transactions made with this means of payment has increased by more than 26%, which meant an increase of 6% compared to the volume of transactions made in the last quarter of 2020, which leaves no doubt about the ground that cryptocurrencies continue to gain. In fact, it had already been reported, that during 2020 an increasing trend was observed, as cryptocurrency gambling traffic had tripled. This showed the great interest that users have in using this payment method to place their bets.

These numbers show how cryptocurrencies are gaining more and more ground and trust from users. More and more players prefer to use this payment method over traditional ones, and one of the main reasons is the anonymity that cryptocurrencies offer when making a transaction. This can be especially beneficial in a market that is not fully regulated and is illegal in some countries around the world.

At first, online casinos were hesitant about this financial platform, but after observing its positive progress, they decided to take advantage of the potential of this new technology. In fact, casinos that have not yet been encouraged to include cryptocurrencies as a means of payment, do offer the possibility of making transactions with these currencies through a platform or virtual wallet such as Neteller or Skrill, although this sometimes implies charging a commission.

Changes enabling cryptocurrencies in the online casino world

It has already been discussed how the evolution of technology and the spread of the internet, gave way to the immense expansion of the online gambling industry at the beginning of this century. Something similar is happening today with cryptocurrencies. The limitations that once existed in traditional casinos have been totally eradicated in this era of digitization and virtuality. The anonymity and security offered by cryptocurrencies combined with the accessibility of online casinos created the perfect recipe to expand the industry even further.

This is something that operators need to keep in mind if they are looking to succeed in the market. Some websites, like pokernewsdaily.com, rank operators based on their characteristics, one of them being whether they accept cryptocurrencies or not, as this is a very important and necessary aspect for some users.

The use of cryptocurrencies for online gambling has become a necessity for many users, since it is not only a safe, efficient, easy to use and fast way to gamble, but it also allows gamblers who are located in cities where online gambling is still illegal. Based on this, there are certain casinos, called cryptographic casinos, which are specifically aimed at this type of players. These are cryptocurrency casinos, which operate in the same way as online casinos, but exclusively accept cryptocurrencies as a form of payment.

It is important to clarify that the radical change to digital money cannot happen overnight, however, it is obvious that the evolution is happening right now. The use of digital currencies continues to grow at a dizzying pace, especially in the world of online gambling, thanks to the facilities it brings at the time of playing and betting, becoming an ideal means of payment for this activity.