Seeing the evolution online casinos have made over the last decade since Bitcoin debuted in the financial markets is amazing. Over the years, online casinos have experienced a pivotal shift from not accepting crypto-payment methods because of how unsafe they were considered to be to making accommodations to multiple crypto-payment methods.
In this article, we will be looking at the we will be looking deeper into the motivating factors that have steered this change.
Why are Online Casinos Now Allowing More Accepting Crypto-Based Options?
While we have acknowledged that more casinos are switching up their payment methods to accommodate more crypto-based options, it is important to get into the root cause.
Increasing Adoption of Crypto by Players
Typically, online casinos are in the business of ensuring their customers stay satisfied and, as such, are always looking out for the best way to tap into their needs. The lockdown era (2020) saw a significant boost in the worth of cryptocurrencies, particularly the most valuable ones – Bitcoin and Ethereum. The price of Bitcoin shot up from $10,000 in June 2020, to a record high of about $68,000 in November, 2021.
The consistent upward movement between 2020 and 2021 saw a growing interest in all solid cryptocurrencies, and it was no surprise many attempted to tap into that wave, seeing the potential returns promised. In late 2021, it became quite obvious where the interest of the bulk of casino enthusiasts lie. As such, it wasn’t far-fetched that casinos began being more flexible to accommodate crypto-based options to make their platform more appealing to the overwhelming crowd who were interested in crypto.
Speedy Payment Processing
For many casino players, the culture of waiting days before a withdrawal with traditional payment methods to be processed was becoming less and less palatable. Most players were looking for payment options that could offer them the perk of swift processing of withdrawals. This luxury is one of the few perks afforded its users.
With cryptocurrencies, players can have their cash out reflected in their wallets within hours. As such, it comes as no surprise it has become the most preferred withdrawal option at varying casinos.
Low Transaction Fees
Another unsavoury disadvantage with using traditional banking methods at online casinos, especially for high rollers is the exorbitant fees charged on transactions. This eats deep into the bankroll of the player and even their winnings. However, with crypto payment methods, the gas fees charged per transaction is almost negligible, making it a more favourable option when compared to regular payment methods at casinos.
Available at All Countries
Due to the stringent gambling laws in specific countries, especially in many states in the United States, players are very limited by the payment options they can use. This is because they are simply made unavailable to their locations.
However, with crypto payment methods, players do not have to be bothered about how they can make payments at a casino, because they are widely available across all countries. So long as the casino accepts crypto and the player has a wallet with that particular cryptocurrency, everything will be easily accessible for such players.
What is the possibility of a complete transition to crypto-only casinos?
Licensed online casinos already have a vast selection of cryptocurrencies like Bitcoin as payment options alongside traditional methods. While a complete transition to crypto-only casinos is unlikely in the near future, players can still capitalise on the benefits of using digital currencies at modern crypto-friendly sites.
For example, FreeSpino offers a wide selection of new crypto slot games that allow deposits and withdrawals using Bitcoin and other cryptocurrencies. This provides players with extra privacy, lower fees, and faster payout speeds compared to traditional payment methods.
Crypto Implementation in Casinos is Here to Stay
As far as there continues to be an uptrend in the adoption of cryptocurrencies among the masses, online casinos will constantly compete to provide more crypto-based payment methods. The next step is the industry would be the introduction of crypto bonuses, which some casinos have already done.
