Ever since Bitcoin’s creation in 2008, the online gaming industry saw potential. It didn’t take long for online casinos to start offering Bitcoin and eventually other crypto payments as these digital currencies provided a few things the iGaming industry sorely needed:
- More privacy
- More security
- Convenience for both the user and the casino
So, it isn’t surprising that cryptocurrencies exist as payment methods in a wide range of online gambling sites today. Americans who want to use crypto to play casino games have the option to join numerous best USA cryptocurrency casinos as so many of them are great.
But are they here to stay? Is crypto going to bring some incredible improvements or ruin the gaming experience? There are so many questions about the future of crypto in the iGaming industry, so we wanted to give as many answers as possible.
What Did Crypto Bring to iGaming and What Is Yet to Come?
Many have already dipped their toes into cryptocurrency investments, and many gamblers have significant crypto assets. This is why many casinos decide to include Bitcoin and a few other cryptos as a payment option.
Casinos let you make both crypto deposits and withdrawals and claim crypto bonuses as well. You’ll even come across crypto games made for Bitcoin use only.
All in all, casinos allow you to use various coins the same way as fiat currency. Some have even gone as far as to become exclusive crypto casinos where everything is done in specific coins without US dollars even existing on the site.
As you can expect, all of this has increased many iGaming companies’ revenues. However, that’s not all crypto did for the world of online gambling. It brought several other benefits for both the players and casinos.
Transactions Are Faster, Often Instant
Transactions on the Bitcoin or Ethereum networks are much faster than ordinary transactions. This is because these cryptocurrencies are decentralized and work with the help of an automated network powered by all of its users. Since no central bank or management needs to check the payment, it’s often processed instantly or within minutes.
In the future, as most crypto networks are constantly advancing, we will likely see more optimized transactions and casinos that take less time to process cash outs.
You Get More for Your Investment
The majority of cryptocurrencies are more cost-effective than fiat currencies in almost every way. You won’t come across any hidden fees like maintenance fees or monthly fees. The casinos don’t impose any fees either as long as you deal with quality casinos.
This is possible due to the lack of a mediator, bank, or some other payment system that has to process a payment. The network enables every transaction, and the fees that go with that are incredibly minuscule.
We don’t see this getting any better in the future as it’s already as good as it can get. The best solution would be no fees, but this is not possible as they reward the miners or the network itself.
Borders Are Meaningless
When you pay for something in crypto, you won’t need to worry about borders. There are no exchange rates, and your assets don’t have to go through countless banks — they always go from point A to point B, regardless of where the two points are.
Naturally, this brings with it a whole host of other benefits, most notably the fact that players don’t need to confirm their identity or payment method. Instead, you only need to copy/paste the address of your wallet or the casino’s wallet, depending on the payment you are making, and that’s it. The network does the rest.
This lack of countless restrictions already makes crypto revolutionary in the world of iGaming and the world in general, so the future is already there in that sense.
However, we can never be sure that it will stay this way as governments are known to change their rules and laws if they don’t have enough control. For now, everything is going well in the west, and hopefully, things will stay that way.
Money Is Incredibly Secure
The main aspect of cryptocurrencies is their safety. They are secure for the simple reason that they are decentralized. As long as you keep your wallet safe, there is no reason to worry about the assets being stolen. On top of that, it’s highly unlikely that a hacker could gain access to your funds at the casino either.
Naturally, the technology isn’t perfect, but it’s often better than other payment methods. What’s more, the developers behind every notable coin you use are constantly working on improving its security, so we can only see their safety increasing in the years to come, just as it has been doing in the past.