We’ve seen an explosion in the number of crypto casinos being launched, and the overall increase in demand for online gambling options is partially responsible for that. But this is also part of a larger trend that we’re seeing with crypto. Adoption numbers are up, and we could be on the verge of crypto being seen and used as a legitimate currency. Crypto offers great benefits that align perfectly with the gambling niche too. Let’s take a closer look at the reasons behind the increased use of crypto in online casinos.
Ease of Access
Online casinos and online gambling are heavily regulated. So many countries and jurisdictions around the world have either soft or hard bans on online gambling, and it’s not always for fair reasons. In some cases, it’s because of moral or religious issues, but in others, it’s because governments are trying to have tighter control over how much money their citizens make. We can think of places like North Korea, for instance.
Markets like these are hotbeds for crypto gambling. Players from all over the world can play their favourite games and get paid in the cryptocurrency of their choice. This means no blocks and no limitations.
Crypto gambling is also a very convenient option for people who like moving around. Having to stop playing your favourite games just because you’re staying or stopping by a destination can be annoying, but that’s not something that you need to worry about with crypto casinos. This is why they are so popular with the nomad crowd.
Fluidity of Payments
One of the biggest complaints people have with online casinos is how long and difficult it can be to make payments and withdraw money. While there are places like Nitro Casino that have made great efforts to offer a wide variety of easy and fast payment and withdrawal functions, crypto casinos tend to do better in those departments.
They can use the blockchain to verify transactions in seconds and validate them automatically through smart contracts. This allows funds to flow from and to accounts much more easily. This is a major advantage that makes crypto casinos so attractive to players.
Crypto Going Mainstream
If you talked to people about crypto just a few years ago, a good portion of them would have a hard time telling you what they’re about and maybe a few would tell you about Bitcoin or Ethereum if you were lucky.
Nowadays, people know about things like crypto, the blockchain, and NFTs, and follow crypto markets like they follow stock and commodity markets. Crypto is slowly becoming a legitimate currency, and the younger generations are even more inclined to embrace it.
These young people also happen to love online gaming and will naturally gravitate towards casinos that allow them to use their crypto.
One recent US study found that 31% of people aged 18 to 29 have used crypto to make payments vs 21% of people between the ages of 30 and 49 and 8% of people between the ages of 50 and 64. So there’s a definite trend there. We can assume that crypto gambling will only get more popular as these young players make up the majority of players.
Privacy and Transparency
Online casinos will have you go through all sorts of hoops before you can play and will usually ask you to divulge a lot of information. While we understand the importance of this, many people are simply not comfortable sharing that much information with an unknown entity.
Security breaches happen all the time, and you can’t blame players for being apprehensive. People, in general, have also begun to be more careful with how much of their information is being shared online since the Google and Facebook scandals.
Cryptocurrencies bank on privacy and many cryptocurrencies market themselves as privacy coins. Monero is one example. Many of the people who buy and transact with cryptocurrency do it as a political statement against the use and traffic of personal information. These people will naturally favour entertainment options that allow them to maintain that privacy.
These people are much more likely to play at an online casino that at least allows them to use crypto to make deposits. They might also categorically refuse to play at a casino that is too intrusive. This is one of the reasons why crypto casinos are getting so much business at the moment.
Another interesting thing about online casinos is that while they take the privacy of players very seriously, they are easily auditable and their books are much more open. They also use the blockchain to record winnings and these ledgers are often public, allowing any player or independent agency to audit their records for fairness.
Cryptocurrencies are the future and it’s only a matter of time before crypto casinos start being a real competitor to traditional online casinos. If you’re a fan of crypto or are thinking about using it, then we suggest you start looking at crypto casinos as well and see what they have to offer.