The incredibly rise in popularity that cryptocurrency has seen was unthinkable, only a few short years ago. However, at the end of the 2010s and the start of the 2020s, crypto suddenly saw a huge rise. It was 2019 when Bitcoin broke its record for highest value. Since then, it has risen to incredibly heights more times than we can count.
But, crypto’s success does not just end at finance. Since it went mainstream, Bitcoin has managed to affect a wide variety of markets. One of the most obvious effects that cryptocurrency has had, can be seen in the world of iGaming. For the unaware, iGaming refers to any sort of online gambling activity. In this article, we are going to examine how crypto has influenced online casinos.
Crypto Casinos
The most obvious way that crypto has influenced iGaming is the emergence of crypto casinos. Crypto-based casinos are, like any other online casino, a website where you can go to play the notable games. You can find poker, blackjack, roulette, craps, baccarat, and of course, all the best crypto casinos will feature slot games.
The cool part about crypto casinos is that they often let you gamble with a wide variety of cryptocurrencies. Of course, Bitcoin, Ether coin, and Tether are staples of these slots. But, you will also find some lesser-known cryptos; which is an excellent option for those who are deep into the crypto market.
Crypto casinos have a major upside to land-based establishments, and even online casinos. The biggest advantage is that crypto transactions are much safer, much faster, and much simpler. Those are the major advantages of the Peer-to-Peer system in general.
However, despite these positives, there are plenty of people who don’t like them. They prefer playing at regular online casinos. But, the question is, can you gamble using cryptocurrency at a regular online casino?
Online Casinos
The good news is, that nowadays it is entirely possible to go to the average online casino and find that they accept cryptocurrency. In 2024, it has become the industry standard for iGaming businesses to operate with a crypto option. Indeed, there are plenty of people who prefer using crypto to pay at regular online casinos.
But, you may be wondering, if crypto-based transactions are someone’s preference, why not just go to a crypto casino? Well, there could be multiple reasons. One is that they want to mix up crypto and FIAT money wagers. Another is that they may want to make crypto-based deposits, but FIAT money withdrawals, or vice versa. Regular online casinos open up these possibilities for everyone.
The downside of online casinos operating with crypto is that they only accept the three most popular ones. Sure, sometimes they might add an extra one or two options, but most of the time, the only choices you’ll have is Bitcoin, Tether, or Ethereum.
Advantages of Crypto Gambling
Crypto gambling is a huge hit nowadays. Which begs the question; Why is it so popular? Indeed, there are plenty of advantages to gambling with cryptocurrency. That is why we’d like to examine the advantages and disadvantages of crypto gambling. For residents of Ontario, one of Canada’s most crypto-friendly states, this part of the article should be a real treat.
- Fast Transactions: one of the biggest advantage to crypto gambling is that transactions made with crypto currency are incredibly fast. Since crypto operates on a Peer-to-Peer system, there are no central authorities that the crypto has to deal with. So, if the blockchain network has a particularly high throughput, you might see the transaction done within a matter of an hour, or even less.
- Security: another pretty big advantage is that crypto-based transactions are much more secure. For one, they are incredibly difficult to trace, so your identity will likely remain private. Second, and probably even more important, is that crypto casinos use cryptographic techniques to protect your data and your transactions, which means resistance against hacking and fraud.
- Decentralization: the decentralized nature of cryptocurrency is what draws most people to it. But, that decentralization also plays a big and important role in gambling. The decentralized nature leads to financial freedom and less transaction fees to deal with.
Disadvantages of Crypto Gambling
Now that we’ve seen all the positive effects that cryptocurrency has had on the iGaming industry, it is only fair that we address some of the ways in which regular, FIAT money casinos hold an advantage over crypto-based casinos. Many may be curious to learn about the good and the bad of crypto-based gambling, so without further ado, let’s find out.
- Limited acceptance: The acceptance for cryptocurrency is certainly growing. But, if we are completely honest, we’d have to say that FIAT money is still the preferred option for most gamblers. Therefore, there are much fewer crypto casinos.
- Unlicensed operation: Because crypto casinos are a new phenomenon, many of them don’t bother to get a license and prove they are legitimate. Still, there are plenty that do the due diligence expected of them.
- Volatility: Any detractor of cryptocurrency will talk about the market’s volatility. And though most of them don’t quite understand the market, it is none-the-less true that it is incredibly volatile. You could place a bet one day, win a reward, and find the next day that the price for said crypto has dropped significantly.
Other Benefits on the Industry
Apart from integrating cryptocurrency into the iGaming industry, the crypto market has a load of positive effects on online gambling. The one we’d like to shine a light on is blockchains. By integrating blockchains into iGaming, cryptocurrency may just completely revolutionize the industry. So, what are the benefits of blockchains in iGaming?
- Transaction transparency: by using a blockchain, online casinos can operate a lot more transparently. The network would have a complete log of each and every transaction, which would verify the integrity of each payout.
- Anonymous activity: for some people, anonymity is incredibly important. By using a blockchain, online casinos would create a much safer and more anonymous environment, enabling everyone to have fun, and not think about their identity possibly getting leaked.
- Going global: finally, by adopting a blockchain, the iGaming industry could, potentially go global and become more popular than ever.
