Cryptocurrency has been through it all. From times when skeptics called it a bubble to times when meme coins like Dogecoin would become a mainstay, altcoins have been tried and tested. Flash forward a decade later, and cryptocurrency has become increasingly accepted as a leading online payment option. Altcoins have made it into online wagering, with casinos accepting cryptocurrency as a payment option. Casinos like these have grown so much that now you have crypto casinos that only accept altcoins.
Casinos and sportsbooks have been quick to recognize its popularity thanks to the myriad of benefits it comes with. Players switching to crypto-casinos are often drawn to them for the fast payments, anonymity, security, and decentralized nature, among other benefits. Online casino vendors hoping to get a share of this new market are dishing out offers like the Betano welcome bonus meant to get players wagering for real cash.
Online casinos and sportsbooks have warmed up to crypto-gambling with all kinds of incentives offered to players. Even so, while players may have grown to accept this new way of playing, lack of regulation, volatility, and limited availability are some of the issues that raise concerns among cynics.
Cryptocurrency Gambling in 2024
Crypto gaming, in general, is an expanding market growing exponentially. The uptake of cryptocurrency has not slowed down since its inception into online gaming in the early 2010s. Experts project that the crypto gaming market is bound to hit $20 billion in 2024. While it may have started as just another payment method, cryptocurrency has permeated online wagering, with vendors finding ways to incorporate the blockchain into online gaming.
Non-fungible tokens and the metaverse are other developments in crypto that are going to cement its position in online gaming. The blockchain is creating new immersive, more engaging ways of playing than anything other development has been used hitherto. With the metaverse, player profiles will be more than just fancy usernames as you get gamification features that let you buy and sell game different in-game items.
It is developments like these that keep experts optimistic about the future of cryptocurrency in online gaming.
Advantages of Playing with Cryptocurrency
Crypto-gambling has brought with it a lot of changes that have improved and keep improving the online gaming landscape. Both players and casinos are enjoying the new features that come with wagering altcoins:
Security
Cryptocurrency offers a level of security you will not find with fiat money. Your payment information is always safe. You don’t need to share personal information to transact Bitcoin. This means that you are never at risk of identity theft. That payments are not immutable means you cannot reverse your payments, and there are no chargebacks.
With transactions posted on the public ledger, they remain unchanged, providing another security layer. Transactions made on cryptocurrency are less risky for both end-point users and merchants.
Anonymity
Your cryptocurrency wallet is not attached to any personal information. No one knows who paid for what to whom? The idea of it is that users stay anonymous, but cryptocurrency does not keep your information private in this way. If it comes down to its technicalities, cryptocurrency transactions are pseudonymous. This means that you are essentially using a fake name, your wallet address.
Fast Transactions
Online payments were already fast even before cryptocurrencies were included among the means of payment. Altcoins just made things much faster. Transactions normally take a matter of seconds to complete. Online gambling platforms that only accept cryptocurrency payments give players instant deposits and withdrawals on a wide array of cryptocurrencies.
The Drawbacks of Using Cryptocurrency for Online Gambling
Cryptocurrency comes with a host of inherent advantages that have drawn players in and made believers out of unbelievers. Even so, cryptocurrency does come with some challenges that might need overcoming to get more players on board. On the bright side, many of these are projected to be solvable short-term issues.
Volatility
Volatility was among the main reasons most experts thought of the Bitcoin boom as a bubble. The altcoin has experienced some wild shifts through the years, with the 99% increase of 2011 being the all-time high, after which it crashed spectacularly after a hacking operation that stole millions in Bitcoin. During this time, Bitcoin got to parity with silver and fell to one penny. It is shifts like these that have most users apprehensive about cryptocurrency.
Casinos moving towards cryptocurrency have this as one of the hurdles they have to get over before players can change fiat money to crypto to play with on online sites.
It is Untraceable
Cryptocurrency’s anonymity is a blessing and a curse. Players from different parts of the world can play at casinos without having to worry about currency issues. On the flip side, it gives room for criminal activity. Its anonymity creates the leeway to get away with fraud and other criminal activities such as money laundering.
Online gambling sites are having to come up with new ways to keep players safe when they opt for cryptocurrency payments, like tokenized security for payments and built-in monitoring tools that flag any fishy activity from player accounts.
Not A “Mainstay” Yet
Even though Bitcoin and other cryptocurrencies currently enjoy a large market share, they are yet to reach the market capitalization that makes crypto-gambling the force experts believe it could be. Many of the go-to payment methods online casino players use are fiat money. This is thanks to e-wallets that can be tailored to serve users in specific regions of the world and link to different banks.
Cryptocurrency may be gaining steam for online payments, but the payment method may need at least five more years before it becomes a major payment method for online players.
Conclusion
Blockchain has ushered online players into an exciting time where gaming is changing faster than ever before. Players who understand this new technology are cashing in on it, claiming rewards and enjoying perks others may be missing out on. Getting a piece of the action may seem like the obvious thing to do for players who have yet to play with cryptocurrency but learning about it first will save you a lot of disappointments.
The first thing to avoid when playing with cryptocurrencies is staying away from meme coins and other altcoins that could capitulate overnight. You will find cryptocurrency to be quite the convenient option once you get the hang of it. With it, you get added security, lower transaction fees, and faster processing, among other benefits. While it does come with its benefits and drawbacks, switching to cryptocurrency may be the only way to enjoy the full gaming experience of the future.
