Convincing people to switch from a currency system that has existed for a few thousand years to a new, digital system was always going to be a huge challenge. Yet, cryptocurrencies continue to grow in popularity.
Traditional fiat currencies have always had the advantage that you can touch and feel the coins and notes, but how many cash transactions do we still carry out daily? The switch to online banking, wages via transfer, debit and credit cards and contactless payments has helped us to become accustomed to a world with minimal physical cash. We still resort to cash on occasions, if only to get that comforting feeling of having cash in our pockets – and there are still a few occasions when only cash will do. But that sense of value that comes with notes and coins has diminished.
The rise of bitcoin casinos
Since the launch of bitcoin – as well as the financial crisis of the late ’00s – it is clear that many people are no longer loyal to the traditional banking system and are happy to look for alternatives. And banks are having to work harder than ever to maintain trust. One industry that seems tailor-made for cryptocurrencies is the online gambling business. In this environment, people value security, safety and anonymity, and all these things can be achieved through bitcoin transactions.
Advantage to players
That’s why many online casinos are already starting to accept payment via cryptocurrency, with more expected to follow soon. Digital currency appeals to players because they do not have to enter their bank details into every website they sign up to. And even if an online casino does not take cryptocurrency, users can still fund an e-wallet like Skrill or Neteller with cryptocurrency and use them to deposit and withdraw instead. There are plenty of resources online to give you advice on how and where to play, and which casinos accept bitcoin.
Many casino players have already switched to BTC, ETH or XRP because they understand the benefits. They know that their transactions and personal information are protected from fraud and that they can perform transactions anonymously. They also understand that they can avoid the usually high transaction fees imposed by banks, which can save customers and companies a lot of money. Transactions are usually much quicker with cryptocurrencies, too.
Ditching the exclusive image
Naturally, for those who are new to cryptocurrencies, it can be difficult to understand how they work. Not everyone is tech-savvy and they will only switch to new processes if they are easy to use and easy to understand. This is the biggest challenge to all digital currency providers, including online casinos. As long as cryptocurrencies have an image of exclusivity, it will be harder to get the wider population on board. However, younger generations are likely to pave the way for currencies to enter the mainstream.
As more people become aware of the benefits of cryptocurrency and understand how to take advantage of them in the online gaming industry, we will see more companies making these facilities available. And bitcoin gambling will become as common as wagering with standard currencies such as the Indian Rupee.