When Internet shopping was in its infancy, there were serious concerns about the security of online financial transactions. As online security became more and more efficient, shopping online became commonplace and society quickly embraced the efficiency and ease of online shopping.
As banks adapted to online shopping, collecting data on transactions made by their customers, cryptocurrencies were in the early stages of development. While savvy programmers cared about the banking industry, they created a solution in the form of cryptocurrency – a decentralized digital currency that can be traded securely online.
Cryptocurrencies quickly became popular among internet users who wanted to make the most of their flexibility, and online gambling sites were the first to embrace cryptocurrency transactions. Operators have embraced some of the best-known cryptocurrencies, encouraging players to make the most of the wide variety of funding options available to them.
Online casino security
Online casino players don’t just want to play the games they’re used to in physical establishments, they want the same level of security. Casinos are notoriously protective of their players, providing an environment in which they can take calculated risks knowing that the security in place is top notch.
Any online casino that wants to attract new users should provide players with all the reassurance they need to feel secure while playing online. This means offering a range of payment options to players who want the flexibility of having a variety of payment options and the choice of which to use.
The players embraced the idea of a currency that is not dependent on banks and that escapes the control of traditional financial institutions. Cryptocurrencies are managed through digital wallets, and some are easier to link to online casino sites than others.
Casinos often advertise which games can be played with cryptocurrencies so that players can identify which games they are interested in from among those available.
Cryptocurrencies and online casinos
Bitcoin is the original cryptocurrency and since its inception in 2009 it has become the most popular cryptocurrency used in online casinos. Once the precedent was set, other cryptocurrencies entered the market and casinos began to accept a range of other currencies, including:
- Bitcoin Cash
As new currencies are constantly entering the market, casinos are embracing them and incorporating them into their offerings.
The pros and cons of using cryptocurrencies at online casinos
Players who operate a lot in the online sphere are often drawn to cryptocurrencies for the ease of online transactions. This is one of the main advantages of using cryptocurrencies for online gaming and there are a number of other advantages including:
- Player confidentiality guaranteed
- Excellent security
- High speed transactions
- Lower costs
- Cash back
There are some potential drawbacks to using cryptocurrencies for online gaming. As decentralized currencies, they can be more volatile than traditional means of payment, so there is always the risk that the value will change quickly.
There have also been a few instances of cryptocurrency accounts being hacked and depleted. This is a problem with a purely digital currency, but most of the targets of these crimes have been insufficiently secure coin exchanges used by owners for storage.
Many experts recommend what is known as “cold storage,” or offline wallets, for cryptocurrencies to protect them from potential theft. However, in order to use cryptocurrencies online, a balance must be transferred to a real account, in which case the risk of using them is not significantly higher than those using standard means of deposit.
The future of cryptocurrencies in online casinos
More and more casinos are choosing to allow transactions using cryptocurrencies. With reduced costs for both parties, guaranteed anonymity, and enhanced security, there is plenty of reason to believe that cryptocurrencies are the future of online gaming.
The growing popularity of cryptocurrencies has demonstrated the level of enthusiasm for an upheaval in the way financial transactions are conducted. Some industries are taking advantage of the expanding horizons of the financial sector and online gambling is one of them.
Gamers and tech-savvy people who want to make the most of their time online are keen to find ways to take control of their online interactions. Using alternative payment methods could be a way to make online transactions safer and more efficient, and it also offers a degree of flexibility that is not always possible with banks.
Any new technology is likely to raise concerns about how it can be safely integrated into existing industries and cryptocurrencies are no exception. The way the gaming industry has embraced cryptocurrencies has boosted their popularity and made them a viable alternative to traditional ways of making deposits.