The online casino industry has gone from strength to strength in the past few years alone. Online casino operators have picked the perfect time to cash in on the digital movements currently occurring around the world and were perhaps one of the biggest winners of the recent pandemic that swept across the globe. The transformation of classic casino games such as roulette, poker, blackjack, baccarat, and slots has captured a fervent following over the years as more markets around the world warm to the idea of legalising online casinos.
The evolution of online casinos has also happened extremely quickly. From a slow beginning in the early 1990’s, popularity picked up during the pandemic, when people were confined to their homes and forced to explore more digital entertainment options. Land-based casinos during this time were of course closed to the public and have struggled to recapture the same magic since. Despite this fact, the digital wave that online casinos are currently riding with constantly improving technological and software capabilities is accelerating the growth of these digital playgrounds.
It is often difficult to keep up with the new titles entering the online slots floor or which bonus is available to you on a certain day such is the speed of online casino evolution. But while graphics are becoming increasingly sharper and more animated, alongside sounds that are bringing more exhilaration to the game play, another movement connected to the digital world is beginning to merge and manifest itself within the iGaming industry.
The Introduction of Crypto Casinos
In an era becoming increasingly characterised by digital influences and innovations, it only seems right that cryptocurrency comes into the conversation. The digital currency that was founded in 2008 when Bitcoin became the first ever cryptocurrency to enter the free market, has also benefited from the increased reliance on digital processes and developments. There are now a reported 10,000 different cryptocurrencies available around the world, depending on what source you read, with thousands either inactive or unpopular.
The crypto movement is catching on and more companies are beginning to explore the implementation of cryptocurrency payments on their platforms. Not only that, but more people are investing and driving the crypto conversation. Since cryptocurrency operates purely online, it therefore makes sense that it works best when partnered with other digital entities that share its DNA. Enter online casinos.
Fast Payment Methods Becoming Faster
Compared to land-based casinos, online casino platforms hold many cards with regards to advantages offered to online players. There is the plethora of bonuses that can be activated throughout the week. There is the added portability and convenience created by the power of digital devices to host online casino apps and game play. And then there is the endless choice of slots games, online blackjack, roulette, and poker tables, as well as the latest live casino additions that bring a real-life dealer right to your screen.
However, one aspect that is perhaps of most importance to an online casino player involves finance. Depositing, and activating a bonus in doing so, withdrawing and the time required in particularly are crucial to a player’s experience and although these processes have been accelerated by the use of e-wallets such as Apple Pay, Google Pay, and PayPal, cryptocurrencies are kicking these actions into overdrive.
Not only are transfers made quicker, but the digital DNA possessed by cryptocurrency also allows them to feature on gambling sites without verification at the Daily Star for example. Of course, this is also dependent on the legality of cryptocurrency within a certain country or market, but the flexibility and widespread presence of cryptocurrencies is only a benefit for an online entity such as online casinos.
The Power of Blockchain
The beauty of cryptocurrency lies in the tech powering it. Blockchain technology allows players to make transactions anonymously and have proved to be the fastest way to finance online casino play. The days of debit and credit cards are numbered, with the absence of a third-party in crypto transactions allowing transfers to be made quicker, and with less fees, sometimes none at all.
Blockchain technology involves the forming of blocks of data that are lined up together and work together to achieve verification of information. The chain is transparent to all users, but most importantly for online casino players, these verifications are processed digitally, which in the current world, means much faster processing.
The merging of cryptocurrencies with online casinos has created a new brand of online casino called “crypto casinos.” And with the ability to create numerous bonuses for making deposits with cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin, more individuals are investing in cryptocurrency to power their online casino play.
With greater security and privacy features, cryptocurrency is growing in influence in many other industries. For the online casino space, it has revolutionised the way people finance their online casino action. With the crypto conversation only getting louder, there is surely more to come from this partnership.
