Online Casinos & Cryptocurrencies
Back in the day, when online casinos started appearing, the gambling industry was changed forever. However, that was not the end of it.
Ever since cryptocurrencies had been introduced to the public, they’ve been taking over every industry, including online casinos. Nowadays, you can play your favorite games like poker, blackjack, and baccarat by paying with your crypto wallet. Many professional casinos, like 7 slots casino, offer the chance of using your crypto funds.
However, the change didn’t results only in sunshine and rainbows. There are many challenges that online casinos will have to overcome before cryptocurrencies become a standard within the industry, which are presented below.
Crypto Benefits in Online Casinos
Before taking a look at the possible crypto issues, it’s important to be aware of all the positives it brings to the world of online gambling and the potential it carries for the future.
Some of the benefits are already getting used daily, and hopefully, more of them will be the result of improving blockchain technology.
Low Transaction Fees
Many online casinos have the issue of high transaction costs. There’s nothing more frustrating than winning your favorite games only to realize that the amount you’ll receive was significantly reduced due to the withdrawal fees.
Not only do cryptocurrencies involve less technical costs, but they’re also processed almost instantly, which is another crucial feature to almost every player out there. Waiting too long to get the payout can be very annoying, which is why cryptos – a great solution for all the problems stated above.
It may take a while until they become a dominant payment method, but it seems that’s destined to happen in the near future.
Safety & Privacy
One of the biggest reasons why cryptocurrencies became such a hit in the financial world was that some of the strongest features of blockchain technology were safety and privacy. These characteristics prevent third parties from knowing about the user’s identity, and they protect personal data like no other tech environment in existence.
When you think about how many hacker attacks happen every year, it’s relieving to know that crypto provides such great protection for your money and information on the internet.
There are dozens of ways the two can be mall used, so although inexperienced players may overlook this trait as less important, be reassured it can be lifesaving at times.
Global Reach
This is the trickiest benefit of all, simply due to its negative side that we’ll discuss in the next section.
Cryptocurrencies are not bound by any country like fiat currencies, which makes them accessible and transferable from any place in the world without any medium participants, like banks, for example.
This means they’re the ticket to a global, multi-billion users market with a limitless number of options. However, there are a couple of issues that arise from this fact alone.
Besides the transactional freedom, the lack of regulations can lead to cryptocurrencies being treated differently in different places, which is not something you desire when it comes to your finances.
Crypto Challenges in Online Casinos
As mentioned, there are some problems with crypto, but they will hopefully be resolved in years to come. Some of the biggest ones are listed below.
KYC Provisions
The abbreviation KYC stands for “Know Your Client (Customer)”, and if required by the country’s laws, it means that the provider of services must collect some mandatory information about the user.
This contradicts some of the crypto’s privacy and security policies, which can lead to casinos not being able to support crypto payments.
Dispute Resolutions Issue
Cryptos’ free nature also comes with a price. Since cryptocurrencies are not regulated by a single governing body, it’s hard to predict the legal and practical outcomes in terms of disputes regarding payments, withdrawals, and other transactions. It can be a deal breaker for most players.
Crypto’s Volatile Nature
The last trait on our list doesn’t concern only online casino players but everyone involved with crypto. They are awesome in some regards, but their monetary value is prone to changes much more easily than the fiat currencies, which can lead to a justified dose of fear within the players’ community.
At the end of the day, there’s no debate that cryptocurrencies will bring a lot of positive changes not just to the online gambling industry but to the whole area of finance as well.
Until then, it’s up to online casinos to balance between the benefits of implementing them in their offers and the potential negatives due to the lack of regulations.
The good news is that all the current issues are technical, so it’s just a matter of time before countries and international monetary institutions find a practical solution for making cryptocurrencies an integral part of global transactions.
