Cryptocurrencies and Online Casinos are two worlds that are growing more connected every day. While the adoption of cryptocurrencies in the online casino industry is already a fact, it is set to increase in the days, months and years ahead.
Blockchain technology is growing in popularity and with its numerous use cases it is set to drive the revolution of the gaming world.
The blockchain is the best solution for the online gambling industry, and that’s for many reasons because it allows casinos to handle thousands of daily transactions, provide anonymity for player transactions, avoiding third party authorities, and allows transactions to be made in real-time for lower fees.
Another big reason is the fact that online casinos are global businesses and blockchain technology as well as cryptocurrencies enable them to work more efficiently, while at the same time removing issues for players such as the need to convert currencies and face possible hidden charges in the exchange process.
The Future is Now: Cryptocurrency is Already the Present for Online Casinos
The adoption of cryptocurrencies in the online casino industry is a fact. Many online casinos already offer their customers many options to deposit, play and withdrawal in different cryptocurrencies.
Given that the future is more than bright for crypto online casinos, this provides an opportunity for the rest of the online gambling industry to catch up.
Nowadays, players can top up their game accounts with Bitcoin, Ripple, Ethereum, Litecoin and many others cryptocurrencies, but also there are some interesting online casinos that offer their customers the chance to play with their own unique token. For example, Coinsaga Online Casino offers its crypto token SameCoin, which runs on the Coinsaga Online Casino platform and increases the value and earnings for each customer who owns it. This coin allows players low transaction fees, instant withdrawal, a high level of security, and a constantly increasing and safe investment for players who own it.
What are the Key Factors Why Cryptocurrencies are the Future for Online Casinos
Higher Level of Security and Financial Privacy
Cryptocurrencies are developed on blockchain technology, which provides, by its nature, the highest level of security available as a result of each transaction being recorded on the ledger. This ledger is decentralised, and validates every transaction, making it impossible to falsify or modify transactions.
If we bring this concept into the online gambling industry, it is easily understandable that the level of security is a top priority to protect players and online casinos from fraud.
Online casinos players do not need to register anymore on the casino platform, and no longer need to prove their identity with the submission of credit card information and other very private details.
So the big plus is that they can play without the need to show personal details and funds. Players just have to deposit their cryptocurrencies, which can be deposited instantly and start playing.
Then the online casino only recognises a player’s crypto wallet address, leaving their personal details and online transactions private and secure.
Privacy Brings Freedom of Play
The privacy level of cryptocurrency guarantees that online casinos players are free to play anywhere they like. This means that even in countries where there are restrictions, the blockchain keeps a player’s identity secret and give them the freedom to play where they chose.
Higher Speed Transaction
Cryptocurrency transfers are instant by nature. When an online player makes a deposit in crypto into their online casino account, he/she doesn’t need to wait days or for third party approval to verify the transaction. With cryptocurrency, a player has full control of the operations. The player makes the deposit, the blockchain verifies the transaction instantly, and the online casino knows in a second if the transaction was successful or not.
Cryptocurrencies don’t need a third party to approve the transaction. This has two main benefits, the transaction fees are much lower and the transaction speed is much faster.
It means that players can play more quickly and for a lower cost. This is another ice breaker towards the full adoption of cryptocurrencies and blockchain technology into the online gambling world.
Benefits for Online Casino Operators
There are also several benefits for online casino operators adopting cryptocurrencies, removing barriers, costs and complexity.
First, they remove the complexity associated with fiat currency payments and third party institutions (banks, financial institutions). With cryptocurrencies, this process is instant, easy and smooth.
Even the costs associated are lower and those money savings are enjoyed by players with more bonuses and promotions. Quite often there is also little or no commission involved, unlike the fiat currency system.
The Current State of Crypto Gambling
Nowadays, online crypto casinos are rising as a category of online gambling. Online casino platforms such as Coinsaga Bitcoin Casino provide their players with a full range of cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, Ripple for depositing, playing and withdrawal. Moreover, Coinsaga offers its player the unique opportunity to play with its own token SameCoin , which brings yet more bonuses, promotions, a reward system as well as the increasing value of the coin itself which is tradable in most of the popular exchanges.
Blockchain technology is changing the world as one of the greatest innovations of our time, and the future for the crypto online gambling industry is bright. Full adoption in the online casino industry is ongoing and soon the majority of online casinos will run on blockchain technology and accept cryptocurrencies (bitcoin, ethereum, ripple, litecoin etc), with them becoming the main source for depositing, playing and withdrawing funds at online casinos. No other technology available today can provide the same level of security, avoiding the involvement of financial institutions, while providing shorter transaction times than any other payment method. Easy access will be another icebreaker because players don’t have to provide an ID number, bank details, or address, they just have to provide their full name, username and eWallet. Plus, the level of transaction fees is much lower than any other payment method.
What more do you need to know? Join the revolution!