Posted in Industry January 5, 2018
Will 2018 Be the Year of Cryptocurrencies in Casinos?
Many believe that 2017 was the year of cryptocurrency overall, including in online casinos. However, while its popularity has increased, cryptocurrency has not yet become the primary payment method in the online gambling industry. Nevertheless, if its current growth continues, it may become the top choice next year.
Cryptocurrency in Online Gambling: What Drives Its Popularity?
To understand the future of cryptocurrency in online gambling, it’s important to know why it matters. Cryptocurrency is the perfect payment solution for this type of entertainment, and its adoption by online casino operators has contributed to its rise. Bitcoin, Ethereum, and other digital currencies have gained significant momentum because of this.
Here are some reasons why cryptocurrency is ideal for online gambling:
- Decentralization: Cryptocurrency is not controlled by any government or economy. This independence benefits the global and inclusive nature of the industry. Anyone, from anywhere, can purchase cryptocurrencies and use them in online casinos. The flexibility of cryptocurrency allows for unrestricted transfers of any size.
- Tax leniency: As cryptocurrency legislation is not yet well-defined, it is often untaxed. However, it’s important to consider tax laws in your country before using it for online gambling.
- Instant transactions: The blockchain technology behind cryptocurrency enables nearly instantaneous transfers. This is a significant advantage for both players and operators, as traditional online casino payments can take time.
- Security: Despite occasional fraud incidents, cryptocurrency transaction security measures make resolving issues easier. The public nature of blockchains allows transactions to be traced, making it difficult for criminals to go unnoticed.
Which Cryptocurrencies Show Promising Potential?
Bitcoin was the first successful cryptocurrency and continues to lead the pack. However, there are other options relevant to online gambling:
- Ethereum
- Dash
- ERC20 tokens
- Litecoin
The number of casinos accepting cryptocurrencies and the variety of accepted digital currencies are constantly growing. This trend will likely continue in 2018, with more major operators opening up to cryptocurrency transactions.
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Despite Bitcoin’s dominance and predicted increase in value, Ethereum is considered the most promising cryptocurrency for online gambling. Its stability and lower cost per coin make it an attractive option. The speed of Ethereum transactions is also advantageous, ensuring minimal risk of losing money during transfers.
What Does the Future Hold for Cryptocurrencies in Online Gambling?
Predicting the future of cryptocurrency is challenging, given its rapid growth this year. However, it is unlikely that digital cash will fade into obscurity after gaining popularity. The numerous benefits it offers online casinos ensure that cryptocurrencies will continue to play a significant role in online gambling in 2018.
