Cryptocurrency has had quite a decade; it wasn’t long ago that it was a payment method reserved for quiet corners of the internet. While the first clear use case emerged in the gaming industry, it was often for small in-game purchases on free-to-play mobile apps. It wasn’t until the middle of the 2010s that casino companies started to explore the genuine potential that they had.
The Rise Of Crypto Casinos
As crypto casinos continue to expand their market share, there are now dozens of different digital assets you can use to play, regardless of the game you most enjoy. Those who play with crypto at Cafe Casino will attest to this; the only key factor that changes with blockchain and crypto is the means by which you deposit and withdraw your funds.
As long as you have a crypto wallet that is funded, you authorize the wallet to connect and confirm each transaction, which is then detailed on the blockchain. If you experience any issues with a withdrawal, a transaction hash is immediately available, which the casino can review and investigate.
From a security perspective, if there is a breach, hackers will often target the wallet of the casino gaming company. In conventional gaming, they often attempt to hoard the personal and financial information stored on file.
Therefore, in the event of a hack, crypto casinos are less susceptible to mass data breaches. However, with more casinos now spending millions of dollars to encrypt data and ensure they are using the highest levels of site security, breaches are rare right across the industry. Always research a provider and any previous issues they may have had before connecting your wallet and starting to play.
Why Transparency Matters
One of the many elements that has gained traction in the casino gaming industry is the immutable blockchain ledger, which effectively acts as a transaction log for all withdrawals and deposits on the blockchain. Although the data is anonymized, the underlying strength and security of the blockchain mean that transparency is arguably the most compelling point for cryptocurrency casinos.
With more companies investing capital and resources in sustainable blockchain ideas, it has become a necessity for any casino that wants to thrive in the modern global environment to offer some form of blockchain or cryptocurrency payment option.
The rise of the internet has led to an abundance of free information sources. In an age where everyone has a digital footprint and, to some extent, a digital presence, transparency and visibility have become integral parts of the industry.
Some people use their online brand to offer one-stop shop resources, the likes of which were previously reserved for books and newsletters. However, many brands now have online newsletters and free sources of information that they attach to their business and brand.
Cryptocurrency casinos are now partnering with affiliate marketers and influencers to appeal to a new audience. As the world of marketing continues to change and adapt to a global audience, the best crypto influencers to follow ensure they put their brand and face behind these products, which again, helps to signpost the types of brands they back, and which influencers have the right marketing approach.
Moving With The Times
Blockchain technology is the underpinning, unique selling point of the power of cryptocurrency. Essentially, it eliminates the need for a bank to be involved in the payment process, and by allowing people to send digital assets directly to each other without the need for a third party, the blockchain does all the heavy lifting.
If there were any issues, if it was not watertight, and if it could not handle billions of transactions a day, then it wouldn’t be a viable option for casinos. The proof is in the pudding. The number of people investing in cryptocurrency is expanding, and this trend is reflected in casinos, which offer one of the clearest use cases for those familiar with cryptocurrency wallets and blockchain technology.
It’s up to casinos to adapt to these consumer changes and champion the power of transparency on the blockchain. Those who stay deeply rooted in conventional payment options, or do not explore the full breadth of potential payment options, run the risk of falling behind. They also run the risk of projecting an image of poor long-term planning and a reluctance to adapt to the changes we’re seeing in the broader global economy, so there’s a lot at stake.
Can Blockchain Take Over?
It’s probably too early to say that blockchain will take over, but there’s a growing demand within the casino gaming community. Transparency is just one element of it; for many crypto gamers, there’s an added interest, as more people invest and trade in cryptocurrency, and a growing number of individuals seek digital payment solutions that do not rely entirely on centralized banks.
In a decade or so, it’s going to be extremely interesting to see how influential blockchain has become in casino gaming, and with the industry growing stronger every year, it’s an interesting time to be involved in these two industries, especially as they grow closer together.
