Cryptocurrency gambling is becoming more and more common across various online casinos these days. Most gaming sites started off only offering bitcoins but as there are new cryptocurrencies popping up all the time, there is increased demand for some of these to be introduced as well. It seems online casinos are only too happy to oblige.
Hence, these days there are sites accepting everything from bitcoins and Ether to FunCoins, Lite coins, and pretty much any other crypto you can think of. No matter what way you look at it, it is clear that cryptocurrencies have taken their hold on the world of online gambling. So, what does the future have in store for them?
Bitcasino is one of the most popular Bitcoin casinos
More Casinos Turning to Cryptos
For the time being, a majority of online casinos still combine things, allowing people to use fiat currencies and cryptocurrencies. Only a select few are focused on cryptos only, but this might change going forward.
Of course, this will be greatly dependent on whether the financial market continues down the current path, with cryptocurrencies becoming stronger all the time. If there are enough people using any of these on a regular basis, casinos will have every reason to offer crypto versions of their games, primarily slots.
People playing in cryptocurrencies are likelier to play higher stakes on average, which works to casinos’ advantage. At the same time, from the players’ point of view, it is easier to deal with cryptos if you already have them readily available.
Bumps Along the Way
Of course, before any of this happens, there are certain issues cryptocurrencies need to address. As of right now, the blockchain technology is relatively slow with processing requests and it doesn’t have the power of more traditional payment processors such as Visa or MasterCard. Although the waiting time of 10 or 20 minutes doesn’t seem long, it is still much longer than with e-wallets and credit cards, which are basically instant.
This is one of the biggest issues cryptos will need to face moving forward if they want to pick up more traction and become truly competitive.
Another problem is implementing system for various cryptocurrencies. Unlike fiat money, where you can use traditional methods to deposit regardless of the currency, cryptos are tied to particular wallets, so you can’t deposit Lite Coin with a bitcoin wallet. Adding solutions for all of these different types is quite a task, especially since it is hard to say which ones will become popular on a large scale.
All this being said, the odds seem stacked in favor of cryptocurrencies moving forward. The online gambling industry has been keen on adopting them and they don’t seem to have any intention of going back. There are issues that need addressing, but these will be resolved along the way and more and more online casinos will offer various cryptos as banking methods.
