The buzz around cryptocurrencies has rapidly grown in the last decade. It's gone from people becoming aware of Bitcoin when it hit the mainstream after spending many years underground to many getting involved in the investment side of cryptos, trading, and using them to complete transactions online. Now, more people than ever before are doing the latter; more online platforms want their slice of the pie.
For years, online platforms have stayed with the tried and trusted mainstream currencies out there. And the traditional methods they use to complete transactions. As time went by and the latest technology presented itself, companies were keen to embrace the new, but cryptocurrencies represent something completely different. They’re a different beast working in a different way.
So, there will always be concerns when you’re getting involved with something that represents a significant change. For example, cryptocurrencies are known for being volatile in price and value. Many of them are unregulated as they operate on decentralised platforms too. It’s not all negatives. There are a wealth of benefits, too. But it’s perhaps the concerns that have prevented many operating in the online universe from taking the plunge and becoming a platform accepting of cryptos alongside mainstream currencies.
Cryptocurrencies and the technology powering them have the ability to drive positive change across multiple industries and sectors. And one of these is online casinos. It's more than cryptos just being a way to make deposits and receive withdrawals at gaming platforms because crypto technology such as blockchain can make content provably fair, for example.
And, the online casino industry has gone from there being crypto-exclusive sites out there in their dribs and drabs to a surge in casinos now welcoming crypto players. They even go as far as providing incentives such as bespoke welcome bonuses for new players signing up using Bitcoin and the like.
However, we’re waiting for the larger gambling groups such as your Entains, MGMs, and William Hills to get in on the act. So far, there has been a reluctance by these and others to take a step towards incorporating cryptos into their thinking. But, all these groups and more are making inroads into the US and North American markets. So, it’s just a matter of time until one of the big online casino sites turns its attention to crypto.
And, when one of the larger groups adopts cryptocurrencies into their operations, it will cause a domino effect through the online casino industry. For example, if Entain takes the plunge and cryptos are accepted via brands under their umbrella, such as PartyCasino, rival groups won't want to miss the boat and be left behind.
The same will apply across various sectors where online payments are a thing. There will come a time when cryptocurrencies are too popular to ignore. When this happens, it will make business sense to bring them into play alongside mainstream currencies, with the latter always likely to remain essential.
Blake is a self-made online day trader with a knack for adventure. On his free time, he loves reading and learning new methods in the trading as well as improving his jiu-jitsu skills. He currently resides in New York City.