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Taking The Digital Highway – Casinos Switch To Cryptocurrencies
Friday, 29 January 2021
Brace yourself for a change the next time you walk into a casino. With digital currency taking over several aspects of today’s environment, it’s only normal that this avenue to enjoys its fair share of enhancement. The upgrade that is already underway and has gained the attention of the industry in the adoption of cryptocurrencies.
First introduced in Japan in 2008, it’s basically digital money. Protected by cryptographic technologies, it exists only online having no tangible features. Yet, the world is desperate to get their hands on this digital currency that is widely being used today to buy all kinds of goods and services, withdraw funds or invest.
It trumps other physical currency we use across the world because of two reasons: it is completely anonymous and is decentralized. These two features have found great resonance with the casino players, given the volatile nature of the industry.
So, like any business which wants to offer a secure, hassle-free and comfortable experience to their customers, some casinos are switching to this new form of currency, with many ready to follow in their footsteps.
Why the shift?
Of late, the online casino industry has gained tremendous momentum. As the trends show that it’s set to stay this way. This leaves the need to mitigate the threat of traditional bookmakers and casinos betting. That’s where cryptocurrency steps in. Little did we expect, but it turned out that the invention of cryptocurrencies as anonymous decentralized monetary systems is perfect for online casinos.
One of the biggest reasons for adopting this technology is because it enables complete anonymity for users and their transactions. Users need not have to verify their identity to use their bitcoin or track their purses. This applies even when users wish to withdraw funds or replenish their account, everything happens with great transparency and security.
Another big factor for the popularity of cryptocurrencies is that they are more secure. Simply put, all cryptocurrency transactions are protected by an unbreakable and genius mathematical security, combined with a digital signature system. This makes it highly tamper-proof, secure and unforgeable. While this reduces a lot of risk for the players, it eradicates a considerable level of hassles for casinos too, thereby prompting them to make this digital switch.
Cryptocurrencies give casino owners several benefits. Here are a few:
One of the biggest operational advantages of using cryptocurrency is that it takes just about two to three weeks to open a casino operating with cryptocurrency. Additionally, its operational costs are much lower, making it a lucrative option for owners to adapt to this technology.
Cryptocurrencies, by nature, are very secure. This not only protects casinos from players’ fraud but also ensures that operators do not have to waste time settling disputes with users and give back money as claims.
Though the share of cryptocurrency casinos around the world stands at just 15%, the drastic growth of the cryptocurrency industry will fuel its growth in the coming years. The use of cryptocurrency makes casinos a full-fledged, self-regulating system, that is immune to outside interference. This meets the needs of both online casino visitors and their owners.
When coupled with blockchain technology, cryptocurrency makes way for automated casinos that can perform complex functions easily with reduced human interventions, without any errors, in a quick span of time.
Generally, online casinos make profits through a house edge. This represents a small portion that the operators are estimated to win if the odds end up in their favor. Cryptocurrency-based models can change this by offering both the player and the house an equal chance of winning.
The way forward
With many of the users’ major fears ruled out, cryptocurrencies are gaining the trust of new gamers, thereby guaranteeing the progression of visitors and ultimately expanding the industry. While it may take some time until this new form of currency gets completely accepted, it is sure to live up to our expectations and prove a great bet for casino operators.