Could Cryptocurrency Casinos Take Over Traditional Online Casinos By 2050?

Nobody knows what the future holds, especially in the world of casino gaming, one of the few 24/7 industries encouraging innovation across multiple continents. It’s hard to say how indispensable the Internet is when it comes to discussing the future growth of online casino gaming. Casino gaming, like many other large industries, wouldn’t have witnessed anywhere near the same profit levels without the Internet. 

Not only has the growth been exponential, but the structure of the casino industry, ranging from advertising to game design to exploring how casino bettors interact with the services, has been changed forever due to the soaring digital advances over the last 20 years.

The Rise Of Traditional Online Casinos

Digital casinos took the tried and tested blueprint of land-based casinos, mirroring poker, roulette, blackjack, and slot machine gaming and projecting it to a global audience. While initial adoption might have been slower than planned, once smartphones and the internet became much cheaper and accessible, there was a considerable shift toward digital casinos. Traditional online casinos were able to instill another level of convenience for gamers. They no longer needed to travel to a physical building to place their bets. 

Although some bettors still preferred the atmosphere of a land-based casino, and they hold up well in this new competitive environment, the benefits of an online casino for real money were apparent almost immediately, and their immense success has only cemented this belief further. Buoyed up by a perfect storm of increasing smartphone technology and game design companies switching the nucleus of their design ideas to mobile and digital casinos, the sector experienced a multi-billion dollar boom with millions of people choosing their PC/laptop and mobile phones to place their casino bets without having to leave their home.

Like many industries that accelerate and transform how people interact with their service, more traditional online casinos wanted to get in on the act. Therefore, many casino operators wanted to find a new inroad into the industry where they could siphon off more significant chunks of profit. However, that also caused them to think outside the box, where cryptocurrency casinos came into the picture around the midpoint of the 2010s. 

What Is A Cryptocurrency Casino?

Although real money casinos are still by far the most popular way to play poker, roulette, and a whole host of other casino games, cryptocurrency is becoming an increasingly popular choice of payment, particularly for those bettors who are under the age of 30, who invest in cryptocurrency far more so than any other age bracket. It is one of the reasons why analysts are increasingly intrigued by the idea of crypto casinos and how much they’ll have permeated the industry by the midpoint of the 21st century. 

A cryptocurrency casino lets you use Bitcoin and other digital assets to place wagers on traditional casino games. While some might not be fully versed on how they work, all you need to do is open a cryptocurrency wallet for free, purchase some Bitcoin or other crypto of your choice, connect your wallet to the crypto casino, and deposit your funds. Joining your wallet means you don’t need to involve anybody else in the transaction, no banks, no third party, just a direct deposit of your Bitcoin, secured by the blockchain and deposited instantly with no issues.

In the event of a data breach, the likes of which we have seen increasingly at traditional online casinos, cryptocurrency casinos don’t have any valuable information that cybercriminals want to get their hands on. Unlike conventional online casinos, which hold a range of personal information and credit card numbers, any information a crypto casino has on you is available on the public blockchain anyway; there’s nothing anybody can do with that information. 

Final Thoughts

We’d say it’s unlikely cryptocurrency casinos will dethrone traditional casinos 25 years from now. Although stranger things have happened, cryptocurrency faces many hurdles it must overcome. From a strong, harsh, and unforgiving regulatory landscape in the US, from a range of other countries that welcome it to ban it outright. There needs to be cohesion in the international approach and firm and fair casino regulations for this niche type of casino gaming to realize its full potential properly. 

Cryptocurrency is making good inroads, from advertising Italy’s Serie A, their biggest professional soccer league, to getting some A-list celebrities on board to advertise their services, ranging from Matt Damon to Snoop Dogg. If this momentum can continue and regulators look upon the industries more favorably, combined with a growing tolerance toward digital casinos across the American economic landscape, there could be significant room for growth. So, while it might look unlikely at the moment, who knows how quickly this could change if a few variables work in their favor.