With cryptocurrencies continuing to grow in popularity, Giannis Katsavrias, affiliate manager at Campeón Gaming Partners – believes that it is only a matter of time before blockchain payments become a more appealing prospect for casino operators and players alike.
With Bitcoin reaching record highs at the end of 2020, it comes as no surprise that many industries – including the online casino sector – are beginning to tap into the world of crypto and blockchain technologies. Presenting new levels of ease and security, cryptocurrencies will likely have a huge impact on the future of online gaming.
Here at CGP, we have already involved cryptocurrencies in many aspects of our daily transactions: from crypto deposits for players to affiliate commission payments. That’s why we constantly keep an eye on the developments of the cryptocurrency world.
So firstly, what is crypto? Cryptocurrencies are based on blockchain. Put simply, the blockchain technology is basically a public ledger designed to provide details about transactions.
It is a decentralised system, meaning there is no bank or facility where it is located. A transaction is also known as a block, which may help you understand the system. The transactions cannot be deleted or removed and they are available all the time, for every single block.
In only a few years, virtual currencies have become more and more popular in the gambling industry. Up until recently, there were only a few online casinos which accepted it – but today, it is available at most of them. The use of cryptocurrency also presents a range of benefits for the player.
Firstly, one of the primary concerns you may come across when you decide on an online gambling platform is security. You want to make sure that all of your withdrawals and deposits are protected. In this sense, crypto is the ideal payment method for casinos and players.
Blockchain gambling is completely secure
When you make a transaction using cryptocurrencies, everything occurs within a transparent environment that cannot be manipulated. The improved security related to crypto also builds trust between players and gaming providers.
When you’re using crypto to make bets and cash out, you don’t have to worry about the security of your information. Even if a hacker somehow gets access to your information, they won’t be able to manipulate or steal any money.
Another benefit that is associated with the use of crypto is that blockchain betting platforms allow you to withdraw your funds instantly. You can expect your winning to hit your personal wallet in a matter of minutes, which is not possible with traditional gambling.
You can participate in any online casino game without worrying about the funds or cash flow. Moreover, every transaction is instant, meaning that there’s minimal wait for funds to clear when depositing or withdrawing.
From a casino’s point of view, it could be argued that cryptocurrency has strengthened casino independence. It has reduced dependence on the regulators and payment systems requirements as a “guarantee of honesty.” Due to the advent of cryptocurrency, competition between game developers has decreased, since large game providers ignore this market segment.
Meanwhile, if you look at Google Trends for bitcoin casinos, there is a steady increase in interest when it comes to this topic. It is worth noting that a whole segment of crypto games was born, the essence of which is that the player can check them for the honesty of the results. Of course, most of these games are taken from classic gambling.
By using cryptocurrencies, players in countries where casinos are restricted are now able to satisfy their needs without fear and risk of losing their money, while online casinos can provide them with these services. Players can enjoy their favourite slot titles from casinos that are using crypto from anywhere in the world.
As a result, online casino operators will benefit from the fact that crypto removes a lot of the hassle as there will be fewer barriers associated with accepting payments from fiat currencies.
The relationship between the operator and the user will also be more streamlined with cryptocurrency. All costs and expenses will be lower for the provider, and those saving are passed onto punters. This can make casino bonuses much higher than they are today. It’s a win-win for everyone involved.
From looking at the online gambling statistics, we can safely say that this form of fun will become more and more appealing in the near future as both players and operators realise the benefits of using cryptocurrencies.