Cryptocurrency technology is here to stay, whether we like it or not. It is the latest addition to the ongoing technological revolution, and it is a new technology that is rapidly integrating with other technologies. Numerous industries are pioneering cryptocurrency adoption, and online casinos are determined to lead the innovation. Experts believe that the online casino industry will generate over €90 billion in revenue by the end of 2024. And cryptocurrencies will play a major role in that effort! But how? We’ll find out in a moment.
1. Safety
Safety is our top priority. When we play at an online casino, we leave very sensitive and valuable data online. From personal information, credit cards and bank accounts to winnings and payouts, there is no shortage of important data on online casino sites. Some online casinos that implement cryptocurrencies into their business, such as the carefully selected brands from the online casinos recommended by casino expert Joren Verdoes, provide players with security and peace of mind while playing.
Every casino should implement only the best security measures because their reputation depends on it. Cryptocurrencies offer an unprecedented level of security because blockchain technology links all data together and is read-only mode among many other features.
2. New payment options
Cryptocurrencies have brought new payment options to online casinos, as many cryptocurrencies are valuable and accepted worldwide. Online casinos that have adopted cryptocurrencies as a payment method have seen an increase in players and revenue as more options are available to benefit players and attract a wider audience.
And the more cryptocurrencies are accepted, the more demand there is and the more valuable they become. When talking about cryptographic properties, tokenization is an important aspect. Tokenization as a cryptographic technology is the ability to convert any digital object into a token on the blockchain. From information to in-game items, tokenization is an essential part of cryptocurrencies, with the ERC-20 tokens issued on the Ethereum blockchain being the most representative example.
Tokenization allows you to create and trade NFTs, adding more payment and gamification options, but we’ll discuss that a bit later.
3. Fast and cheap
The digital highway is lightning fast and the only thing slowing it down is the human factor. Even with fiber optic cables, wireless payments and online banking options, the payment and settlement process can take time. The common and simple way to get your request through is to send a request to the online casino and then contact your bank to get a response.
All of this communication travels through numerous servers and data points, adding time, obstacles, and transaction costs. However, cryptocurrencies are free to communicate and transfer data because they are not centralized or on a single server. The freedom that cryptocurrencies provide has the direct effect of reducing costs because there are fewer intermediaries involved.
4. Anonymity
Online casinos that integrate cryptocurrencies into their business models can now guarantee users anonymity in addition to data security. The anonymity of cryptocurrencies is based on their decentralized nature. As a cryptocurrency owner, you are part of the blockchain and have encrypted your ownership of the cryptocurrency, which is inextricably linked to the blockchain.
Only you can access your data and do whatever you want with it, but since cryptocurrencies do not reside on more than one server, there is no authoritarian figure on top of it and it is impossible to look into one part of the blockchain. The incredible anonymity potential that cryptocurrencies offer is highly valued by many online casino users who can play under the protection of anonymity.
5. Fair play for all
Online casinos can only operate in countries where they are permitted to operate by local laws. Unfortunately, this varies greatly from country to country and state to state, but the anonymity of cryptocurrencies means that anyone with cryptocurrencies can play at online casinos. Cryptocurrencies are also universally valuable, meaning they are not affected by exchange rates and a bitcoin from one country is worth the same in another.
Cryptocurrencies also allow online casinos to implement new gamification features to enhance their games through NFTs, daily rewards, loyalty programs, and other crypto features available to all players.
The world is spinning, but cryptocurrencies are heading for the moon, as the community says. The groundbreaking technology has yet to reach its full potential, and all industries at ground zero will benefit the most from the advancement of cryptocurrencies. Online casinos are one of the pioneers, and as time goes by, we will see more great features added to the list.