Is Cryptocurrency the Future of Casinos?
Which do you think is better to gamble with, regular currency or cryptocurrency? Everyone knows novelty is key if you’re trying to stand out in a saturated market. You want potential customers to feel as though they get a unique experience at your site and, with the recent proliferation of cryptocurrencies, particularly Bitcoin, the connection seems obvious. Start a casino which accepts cryptocurrencies and you’ll soon see your market share shoot up. The novelty is certain to wear off but if the cryptocurrency boom continues, you’ll be in a strong position in a few years as one of the first to adopt this new technology.
The logic is reasonably sound, but the question is: Are cryptocurrencies ready to be the prime currency for online gambling?
There are opposing viewpoints, with one of the core elements being security. If you’re playing a casino game online, be it slots, blackjack or anything else, you want to know that your money is secure and that you can get the money out afterwards. With the standard online casino, the process is fairly well understood – you deposit funds in a secure wallet for the site from your bank, you gamble with that money and once you win they transfer the funds back in. The downside to this method, as secure as it is, is that the transfer can be slow. Some transfers can take up to seven days to clear.
The contrast is that cryptocurrencies enable a far faster speed of transfer. As the currency is already digital, having it processed between your account and the casinos can happen in minutes and means any win you make can be with you in a matter of moments. But this speed brings its own assortment of problems. As the money is entirely digital and there’s no central bank behind it, if you find yourself ripped off by a rogue casino, you have no chance of ever seeing your money again. This is compounded by the fact that cryptocurrency has recently been exposed as being not as secure as previously believed with heists occurring all too frequently. The trade-off for speed versus security is a fairly simple one and makes it pretty obvious what you should bet on; slow and steady wins the race after all.
For a more comprehensive breakdown of the pros and cons of both, read on and check out this infographic.