Casinos are as old as time. Well, maybe not that old, but they’ve been around in one form or another for centuries. Crypto on the other hand is a new form of currency that harnesses the power of modern digital technology. After a will they/won’t they dance, the two, casinos and crypto, have finally intersected – old meets new.
When crypto was first out of the gate it was considered a fringe idea, a fad that would fade out quickly. But after nearly a decade we’ve learned that nothing could be further from the truth. Bitcoin, Ethereum and many other crypto coins held on and have entered not only the lingual zeitgeist but the public consciousness.
Crypto is now an accepted form of payment in numerous industries and amongst a ton of well-known brands. You can pay for a cup of coffee at Starbucks with Bitcoin or pay your phone bill through AT&T or even pick up some paint from Home Depot.
We’ve come a long way in just these last few years. And that’s abundantly evident in the acceptance of crypto in casinos. Since time immemorial these establishments would not accept anything but cold, hard fiat cash in order to place a bet. It took long enough for them to even accept a debit card to buy chips.
But in the last couple of years as crypto became ubiquitous and was even getting due recognition from governments, casinos began to change their tune. You can now place a bet in a brick-and mortar or online casino with crypto like Bitcoin. It’s a shocking development in a highly regulated industry, but it was always heading in this direction. Age-old traditions, to stay current, must embrace technology.
A big hurdle that the crypto industry needed to clear was the ease of use. Bitcoin may have started increasing in value, but there was no easy system to process a Bitcoin transaction. And nobody wanted to be the first. That is, until someone was. Once household recognized brands embraced Bitcoin, casinos and other online gambling platforms began following suit.
And then once there was a system in place to process a crypto transaction, casinos could start accepting these forms of alternative payment from players and gamblers. Using crypto in a casino is easier than ever thanks to various technological advances.
Putting up crypto in lieu of fiat cash in a gambling bet is most prevalent in online casinos. In fact, crypto is generally considered a more secure method of payment when placing a bet or buying chips online. For the players’ side, limits tend to be higher in casinos who accept crypto.
Transactions are also a lot faster when dealing with Bitcoin. You don’t have to wait for a card to process or a bank to authorize. And that also means you don’t have to worry about security issues like someone stealing your bank or card info. Going even further still, transaction fees are a lot less because, again, you’re not dealing with large banks with crushing processing fees.
There’s a possibility of a future where crypto is the main accepted system for buying and selling. The fact that casinos are already embracing that possibility is yet another feather in the cap of cryptocurrency.
