The Importance of Casinos to Cryptocurrencies
Cryptocurrencies have been around since 2009, when the mysterious Satoshi Nakamoto released Bitcoin. Since then, this form of digital money has been one of the most widely talked-about and controversial pieces of technology in the world.
Recently, there has been growing interest in the idea of these coins being used in online casinos. How would this work, and why could casinos become an ever-more important part of the blockchain world?
The Details of the CoinGeek Conference
The subject of cashless casinos was a major talking point at the CoinGeek 2020 virtual conference. With a strong focus on the Bitcoin SV currency, this event was broadcast from London and New York, featuring over 90 speakers and a global audience of over 5,000 attendees.
The presentations made it clear that the organisers feel that esports and online gambling will lead the way in the next wave of cryptocurrency adoption. Part of the reason for this is the fact that these operations tend to be modern, agile and forward-looking.
It was pointed out to attendees that the industry´s regulators would need to be on board with this change, and that the roll-out of blockchain solutions should be in bite-sized chunks, to make it easier for casinos to get on board.
By encouraging casinos to use digital currencies, the blockchain industry could attract a large number of new users, and also increase the number of daily transactions carried out with these coins. There have been no in-depth studies on the impact that bitcoin casinos have on the overall market, but it is believed to be substantial.
Are More Payment Options Needed?
The list of payment options at most online casinos has grown in the last few years. While relatively few of them accept cryptocurrencies, there has been a move towards offering the users a far greater variety of ways of adding or withdrawing cash.
If we look at the example of at the casino online at Royal Panda, we can see traditional methods such as Visa and MasterCard, together with e-wallets like Skrill and Neteller. Zimpler and Trustly are among the options that are described as being mainly popular with players in certain countries.
While the biggest casinos all have a long list of payment methods like this, the more new ways they can offer the more likely they are to keep new and existing members happy. This helps different types of players with varying financial approaches to use online casinos on their own terms.
The Benefits of Using Cryptocurrencies in a Casino
The use of digital tokens like Bitcoin brings a range of benefits for both the casinos and their users. For a start, this is a fast and completely secure way of moving money freely across the planet.
Low transaction fees are also a big attraction for anyone who uses these virtual coins. Anyone who wins when playing at a casino could speedily withdraw the money to their bank account without any fuss and without losing much, if anything, in fees or commission.
One issue to bear in mind is the high level of volatility typically seen with these currencies, which is mainly due to being an emerging market with a high degree of speculation. This means that the amount of money that someone adds to their casino account could be worth a lot more or less in their chosen fiat currency by the time they withdraw it.
As for the casino, if they hold a substantial amount of money in cryptocurrencies, they are exposed to any swings in the market. This could work for or against them, of course.
The use of cryptocurrencies in casinos is still a fairly recent phenomenon, but it is something that we can expect to read a lot more about in the next few years.
Image Source: Flickr
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