Over the course of a decade, crypto has transformed from a fringe curiosity among techno geeks into a $250 billion market that could ultimately change the way we understand the concept of money itself.
Yet for all its grandiose pretensions and dramatic possibilities, everyday adoption of crypto is still some way away. Or is it? There is one sector that has taken the bull by the horns and is seeing far more rapid adoption than others. Like crypto, online casino games at sites like Casinoeuro have grown into a global industry with a 12-figure value in a few short years. As a purely digital market that involves frequent financial transfers, many believe the online casino sector is the ideal proving ground for Bitcoin and other cryptocurrencies.
The first Bitcoin casino opened up its virtual doors to the public in 2014. Three years later it started accepting Ethereum, and the range of cryptocurrencies that people can use for gaming continues to grow. At the same time, established names in the casino sector have seen the potential of crypto and added it as a payment option as an alternative to bank transfers, PayPal and so on.
Advantages of using Bitcoin for gaming
For many gamers and gamblers, the biggest attraction of Bitcoin is its anonymity. Casino-goers can be a private bunch of people, for all sorts of reasons. For some, it is purely a personal matter, while for others, the anonymity means they can play from geographic locations in which conventional payment mechanisms are restricted.
Speed is another significant factor for gamers. Nobody wants to be waiting till the next day, or even longer, for a bank transfer to go through, so the instantaneous nature of a crypto transfer makes this a compelling option. As well as being fast, most Bitcoin casinos do not charge transfer fees, so they also add cost-effectiveness to their armory.
Finally, there is the security aspect. Today’s gaming sites are highly regulated and secure, but there is still that hangover from the “wild west” days of the 1990s that can cause people concern. For them, blockchain’s security reputation is the deciding factor.
What about the disadvantages?
The main reason we have not seen significant adoption of Bitcoin for routine payments has been its price volatility. For those who use a Bitcoin-only casino, this is not necessarily a problem, as a win or lose, they are playing in a “Bitcoin vacuum” transferring their crypto between their gaming account and their online wallet.
For those choosing to play using a more traditional site, fluctuations in the exchange rate can be more of an issue, however. Here, the Bitcoin will be converted into a base category, typically USD, before and after you play. In other words, the very act of playing using Bitcoin can be a bigger gamble than the game itself.
Choose the right site, however, and Bitcoin gambling has more pros than cons. It is easy to see why this sector is something of a pioneer in the use of crypto as an everyday currency.