It is no secret that in recent years, the value of cryptocurrency has fallen. A lot of the value in crypto, particularly Bitcoin, was based on the idea that it would eventually become a legitimate currency. Unfortunately, that didn’t quite pan out the way people hoped it would, at least for now.
However, certain cryptocurrencies are still alive and kicking, with Bitcoin being one of the most popular. Some businesses have made a huge push toward accepting crypto too. Casinos are one of the big industries here. But can casinos be the industry that manages to revive some interest in crypto? Let’s take a look.
The push from online casinos to accept crypto
It is only in the last few years that online casinos have started to accept cryptocurrencies. In fact, not only are they accepting crypto as a payment method but many online casinos have completely shaken up their way of doing business to put the focus on cryptocurrency. There are a few reasons why the number of casinos that accept Bitcoin is growing.
- Firstly, many e-wallets (Neteller being the big one here) have made it easier for players to convert cryptocurrency into fiat currency and then back again. Because many online casinos were already working with e-wallets, it became easier to adapt their business model.
- Secondly, online casinos are always trying to stand out from the crowd. You probably already know that there are a lot of online casinos out there. Many casinos believe that if they start to accept crypto, it would be another reason why people would choose to gamble with them.
Online casinos have also been leaning heavily on the idea that cryptocurrency is a very secure, private payment method. Let’s be honest, many people who gamble regularly want to do it on the downlow. But not in a bad way – it is just that as popular as online gambling is around the world, many people frown upon it. Some banks seem to have problems with online gambling, and most people don’t want to deal with any issues it may cause. This is another reason why people are considering cryptocurrencies as a way to gamble.
In the US and Canada, many online casinos have started to accept cryptocurrencies as a way to get around gambling legislation. Again, not in a bad way. It is just that online casinos are starting to become the norm nowadays, and some of the legislation in certain states can be incredibly strict and outdated. Accepting cryptocurrency is the only way that some online casinos can offer their services.
As a result, if you head to most online casinos nowadays, you’ll probably find some way that you can gamble with cryptocurrency. Some will come right out and say that cryptocurrency is accepted on the platform (and there may be special bonuses if you use crypto), and others may have payment methods that allow you to use cryptocurrency – for example, Neteller. But you rarely come across an online casino that doesn’t accept some type of cryptocurrency.
How this could impact crypto going forward
Well, online casinos – and sports betting – are having a major impact on crypto already. It is believed that in the first quarter of 2023, there was a 66% rise in the number of bets placed using cryptocurrencies.
We believe that if casinos continue to experience a rise in the number of people gambling with crypto, other businesses may start to see that there is some interest in certain cryptocurrencies. This may spur them on to accept them and start a revolution online and on the high street.
We are still a long way off from cryptocurrencies, especially Bitcoin, becoming a regularly accepted payment method, but we do believe that casinos are at the start of the transformation. It is only now that people are starting to see that cryptocurrency can become a viable way to pay for goods and services online, especially as e-commerce continues to grow, and who knows where this is going to lead?
When it comes to accepting cryptocurrencies, online casinos have become a leader in the industry. In fact, crypto has become such a popular payment method at many online casinos that the vast majority of online casinos now accept crypto in some form, or even have special bonuses for using it. If the use of crypto continues to rise at online casinos, it could be established as the dominant payment method within a few years.