How Will Cryptocurrency Impact Casinos?
Although cryptocurrency was already introduced into the digital landscape as early as 2009, it saw exponential growth after its boom in 2017. Now it is seeing unprecedented expansion and is increasingly becoming considered “mainstream.” Cryptocurrencies are already present in various markets and are even being traded in the same platforms as traditional financial assets like stocks and forex.
Even in the face of COVID-19, it’s market capitalization increased by 300%. In April 2021, the crypto market value officially topped 2 trillion USD.
Because its spread continues to encompass more sectors, it seems that the near future will be seeing every industry embrace the new digital currency. Today, major corporations and local restaurants alike are accepting and adopting it, and demand has soared to a point where coin “mining” has started impacting the world in many significant ways.
Because of cryptocurrency mining, the computer market saw shortages in GPUs and storage drives. Bill Gates has even noted that the massive onslaught of mining across the globe is already starting to affect the planet, with tons of energy being wasted with each transaction – creating another ominous signal for climate change advocates.
As it rears its head in every corner of the world it begs the question: What does this mean for casinos?
Cryptocurrency for Online Casinos
Online gambling is a very lucrative and popular pastime for many and has redefined gambling in the modern world. In the digital landscape, online casinos are rampant and provide much of the same delights that classic physical casinos do, all with the convenience of the web. Traditionally, online gambling still makes use of real money by way of fund transfers across different platforms.
With the introduction of cryptocurrency, many casinos are dedicating their space to blockchain particularly because it offers more privacy and security for players with every transaction.
It is also changing the game, literally, for many popular options on online casinos. The same blockchain technology is already being implemented to ensure fairness for every game, so players know they aren’t being scammed and the system itself is also protected from would-be cheaters.
Speed is another factor, as cryptocurrency payouts usually get accomplished faster and deposits are done more efficiently. This authenticated process is already a godsend for players that usually enjoy random number generator games like slots, roulette, and blackjack.
If cryptocurrency is used to fund poker accounts this could be the key to adjusting regulations in the favor of the players and casinos. Right now, there are a lot of regulations that limit online poker in terms of location. Different regions have specific rules and legalities, and many states in America prohibit online poker altogether.
Since most of the legal restrictions have to do with fund transfers between different jurisdictions, cryptocurrency can easily circumvent that problem because it is separate from traditional banking altogether.
Traditional Casinos and the Future
As for traditional casinos that you see in vacation spots, the future is less concrete. There are still a lot of loopholes and regulations yet to be set in stone for the use of cryptocurrency in on-land casinos, so it remains to be seen whether the major players in this field will make use of the digital medium for their transactions.
That said, the state of physical gambling establishments has already been significantly disrupted, among other entertainment spots, in 2020. Even before this unprecedented shift, one could argue that the progression of the industry was already making way for digital gambling and online casinos to take the spotlight.
Aside from the super casinos that litter major tourist hubs, it’s safe to say that players can expect less offline spots to play in the coming decades.
As rapid digitization occurs, cryptocurrency becomes even more viable to major investors and experts are predicting the age of crypto to come and become a regulated and controlled centerpiece in the world market.