Cryptocurrency, this powerful new method of conducting monetary transactions is not simply relegated to the world of banking but has instead reached all corners of the world. One of the most interesting impacts cryptocurrency has had is within the gambling sector, especially within online casinos.
The Early Years
Pretty early into the lifespan of cryptocurrency, many online casinos saw the potential value that it could offer their clients and ultimately decided to allow their players to transact with Bitcoin on games, such as Slot machines. These weren’t unheard of casinos either, but rather industry leaders such as Oshi and BitStarz.
Cryptocurrency quickly became highly popular amongst the users of online casinos for a variety of reasons, including the immutability of blockchain events, the speed with which transactions take place and the fact there are miniscule fees. Of course, the success that was had with these casinos spurred many other players in the market to consider integrating their services with cryptocurrency tokens as well.
Cryptocurrency And Traditional Gambling
Moreover the traditional casinos are starting to take note of this phenomenon, areas such as Malta – one of the leading hotspots for gambling – have declared that the incorporation of modern technologies such as blockchain are absolutely key for their gambling sector in the future.
In terms of the version of cryptocurrency tokens accepted within online casinos this too has evolved over time. Initially there was a situation where Bitcoin was the only cryptocurrency that was almost universally held up as the standard for cryptocurrency transactions, however, now online casinos accept a wide variety of tokens. Bitbook Has launched its own token with symbol BXK specifically for betting on its platform.
Online Casino Payment Methods
At present online casinos allow a variety of payment methods and cryptocurrencies are just one of the options, however due to the growing rise in security concerns as well as the continued growth in the popularity of cryptocurrencies this could soon change. If one also considers that many countries are now allowing citizens to transact with cryptocurrencies for everyday goods, then it may be possible that in the future cryptocurrencies are the only accepted method with which to pay in online casinos.
Advantages And Disadvantages Of Cryptocurrency
There are, of course, challenges with the use of cryptocurrency, the main one being the education of users on how to make use of cryptocurrencies for payments, especially as the use of token-specific wallets is such a novel concept to many. Yet, the main advantages that stem from a cryptocurrency also align perfectly with the goals of an online casino, namely complete transparency and total security in all areas.
It is for these reasons that Bitbook.ag has created their own token BXK which users can use to play games in the online casino or to place bets within the sports betting section of the platform. Alternatively, one can use Bitcoin on the Bitbook.ag platform, however it does not guarantee the user the same number of special bonuses as with BXK.
The world of online gambling has been greatly affected by the advent of cryptocurrencies and will continue to be impacted by it in the future. The only question is when will cryptocurrencies become the norm within the industry?