Online casinos can take many forms of payment from bank transfers to credit cards – and the latest type of payment is ‘cryptocurrency’. It seems set to be the next big thing – but most of us are still asking: ‘what is it?’
It’s not easy to explain. That’s because it’s an intangible computer-based system that doesn’t involve any hard physical money.
The cryptocurrency system is a digital payment that is equivalent to using a normal physical payment system – but without the bank or credit card company. The big difference is that is works through a network of linked sites on the internet not through any central authority.
Payments don’t go through a bank, credit card company or financial institution. The money doesn’t pass through any government systems and is essentially just a deal between private computers.
Records are kept in decentralised networks of international sites, a new form of internet technology called a blockchain. This network and indeed the whole currency only exists online.
The most famous of the cryptocurrencies is Bitcoin. This was released in 2009 and has grown to become a major global payment system.
The world of internet gaming has always been innovative and open to new ideas, so it hasn’t taken long for Bitcoin and the other cryptocurrencies to start to impact on the booming industry. Many online casinos have started to accept payment in some of the new cryptocurrency forms, including Bitcoin, Ethereum and Solana.
So what is the future of these forms of payment and how will they affect the gaming industry? Experts believe that the competitive nature of the online casino world means operators will rush to try new systems to try to gain an advantage over competitors by attracting new customers.
But what is the attraction of offering these cryptocurrency payments? The new forms of digital payment aren’t just a cool new trend – they are perhaps the future of all payment systems.
They are becoming more popular because they are so much faster, more reliable and safer. It’s a very simple system to use – even total beginners can swiftly deposit or withdraw funds using cryptocurrency.
Still puzzled by these new forms of currency? There are plenty of online videos and tutorials explaining them, although there’s not much to learn.
Transactions are almost instant and totally secure. Better still, some online casinos are trying to attract new players by offering special deals if you use cryptocurrency like Bitcoin, Ethereum, Litecoin, Tether and Dogecoin.
Online players should always check new sites of course. It’s always worth seeing if a potential new online casino complies with the latest licensing and regulations for where you are playing.
And browse the site to see if actually has the games you want to play – and if there are any incentives for new players. It’s always worth having a look at online and social media reviews too.
Then go to the payments section and see what forms of deposit the casino accepts. Some accept many more financial options than others.
Once you have found a reputable casino that you like, with the games that you want, then it’s simple to make a deposit using your cryptocurrency and start playing.
The nature of cryptocurrency transactions mean your deposit is almost instant. Players don’t need to worry about sharing their financial or personal information to make these transactions.
For many players cryptocurrency still sounds like an exciting idea, but that’s in theory not in practise. It takes a certain leap of faith to jump into using a new financial system.
But the sharp growth of Bitcoin and other versions of blockchain-based digital currencies means that these forms are becoming more and more common. Many businesses are being transformed positively by the introduction of cryptocurrency systems.
Many casino industry and financial experts believe that the new cryptocurrencies have the potential to dramatically affect the gaming world too. It is a business based on billions of ‘microtransactions’, tiny financial deals between players and the casino.
This huge flow of transactions takes up time, energy and expense. Crytocurrency will be able to save both casinos and players money, effort and worry.
Some believe that further along the road the adoption of crypto payments systems could completely replace the awkward use of credit card systems. The lengthy process of having a credit card accepted and validated could no longer be needed.
Neither party would need to be dependent on a distant financial institution in order to simply pay and receive money from each other. New systems could be developed that exactly suit the casino and its players.
This could even mean creating a special form of currency that is uniform across all countries. The prices quoted would be in that currency – and would be the same wherever you are playing.
Players could win crypto currency that they can then spend directly on whatever they want, without having to go back through a financial institution.
The rapid growth of the online gaming industry means all these advantages won’t be overlooked. Savvy operators will push each other to take to introduce more and more of these hassle-free crypto systems until… who knows?
In a few years time we could all be dealing with our own assets in purely digital form via the wonders of cryptocurrency and blockchain technology. It might not be the gaming industry that has been transformed by cryptocurrency – but the whole world.
None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.