The Rise of Cryptocurrency on Online Casinos

The remarkable rise of cryptocurrency has taken the world by storm. From the creation of Bitcoin by a Japanese computer scientist, who wanted to find an alternative to the centralized banking systems controlled by government and financial institutions, other cryptocurrencies were born. 

Little did Satoshi Nakamoto (actual identity unconfirmed) know at the time, but the blockchain technology that powers cryptocurrency would go on to influence many other sectors in society. And cryptocurrencies, of which there are just over 13,000 different types have established themselves in society and in the online casino world, they are slowly becoming the preferred choice of payment method. According to a survey conducted by Deutsche Bank, 52% of 3600 people asked believe cryptocurrency will be the method of payment transactions in the future.

Why is crypto such a good fit?

Cryptocurrencies have many good qualities that have endeared them to the public. But in the online casino industry, it is a match made in heaven. It is no coincidence that cryptocurrencies are starting to gain more traction. To quantify that, up until this year, it was estimated that over 560 million people around the world use cryptocurrency. The digital evolution and technological advancements have given cryptocurrencies such as Ethereum, Dogecoin, Litecoin, and Tron a platform to improve the spending habits of individuals. 

The days of chip and pin, let alone cash, seem to be disappearing, with recent mobile phone software developments allowing for contactless payments. The emergence of the QR code, that funny looking black and white square that looks like a maze, made everyday purchases in shops much simpler. 

For online casinos, the compatibility level is on the high end of the scale due to the digital nature of the currency. The decentralized nature of cryptocurrency in general means that transfers can be conducted instantaneously without any need for a check by a third party, and at low costs, if any at all. For online casino players, this is vital as it means users can get to the online gaming floor without any delay. 

Speed is becoming more of the essence in society, with technological innovations enabling us to go through the day faster, therefore heightening our expectations. There is already an estimated $3 million worth of cryptocurrency being gambled by the day, and this will only increase when more online casinos start getting with the crypto program. Bitcoin (BTC) remains the dominant force, accounting for around 60% of crypto transactions in 2023.

Advantages for online casinos

For online casino operators, it seems an absolute no-brainer to introduce cryptocurrency as a payment method. In fact, many online casinos nowadays will have separate sections within their platform for specific cryptocurrencies. Finding a Tron casino for example that fully regulates the digital currency and already offers a wide range of games as well as sports betting is not so uncommon nowadays.

Cryptocurrencies like Tron, which hit an all-time high price of $0.22 in 2018, already have reliable network structures in place which comes as an advantage to the user and an online casino operator. Blockchain technology has ushered us into a new era of seamless financial transactions and from the ever-growing cross section of samples in society, including on online casinos, there is plenty more room for crypto growth. 

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