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It is currently estimated that more than 420 million individuals are actively involved in the cryptocurrency marketplace. Of course, it should also be mentioned that businesses have likewise begun to take note of these digital assets as an additional payment option. This is why it should not come as a great surprise that Canadian casinos are beginning to adopt the same stance. What are some of the reasons why crypt-powered gaming platforms could soon become commonplace and what hurdles might online establishments still have to overcome?
The Inherent Characteristics of Cryptocurrencies Themselves
Cryptocurrencies have been viewed as an alternative form of payment since 2009 (when Bitcoin was first introduced). However, these digital assets were nothing more than a novelty in the beginning; only attracting a handful of individuals who were capable of viewing their ultimate potential. These type of currencies nonetheless offer several unique advantages that are particularly suited within the virtual gaming sector including:
- Anonymity
- Rapid transaction speeds
- Decentralisation thanks to the blockchain
- Low (or no) fees
It is now becoming clear why any reputable Ontario Casino is rightly interested in the possibilities. Let us also not fail to mention that the players are likewise becoming cognisant of the cryptocurrency community. As concerns such as online data theft continue to rise, it makes perfect sense that they are growing keen to leverage the unique advantages that cryptocurrencies have to provide.
What Obstacles Will Canadian Casinos Face?
In order to adopt a truly objective point of view, it is just as crucial to point out some stumbling blocks that may need to be overcome before crypto casinos fully take hold throughout Canada. Many experts will argue that the inherent volatility of the marketplace itself is the most profound concern. As seen in recent months, prices of benchmark currencies such as Bitcoin and Ethereum can dramatically increase or decrease within a short period of time. These values will likewise impact the bankrolls of the players as well; an understandable fear.
Another potential issue is associated with the potential for future governmental regulations. Some industry professionals feel that this move will provide much-needed stability to the ecosystem while others believe that it could lead to a massive sell-off (potentially deflating the price of the entire sector).
A final metric to consider instead involves how many players will be ready to adopt a novel payment method that can be somewhat confusing at first glance. Casinos will therefore have to explain certain fundamentals such as how the blockchain works, what “decentralisation” signifies in relation to the crypto markets and how the funds of the players remain secure within a point-of-sale (POS) system.
Although these are certainly formidable challenges, the truth of the matter is that cryptocurrency payment methods are indeed here to stay. It therefore appears as if it will only be a matter of time before the majority of online Canadian casinos become involved in one form or another.
