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The one thing that drives online casinos is innovation. The ability to change and adopt new technology and payment methods has attracted more players to these platforms. As competition rises, online casinos must provide seamless and speedy payment methods to ensure players don’t wait longer to have a balance in their account to start playing their favourite titles.
Digital currencies have become a currency most refer to as created for online gaming. Its fast transaction nature is an added advantage for players as they don’t have to wait for any special clearance to play their favourite online pokies. The transaction times are almost immediate. So what’s the wait? Why aren’t they already using these digital currencies as the only payment method in online casinos?
Understanding Digital Currencies in Online Casinos
Digital currencies secure transactions and control the creation of additional units through cryptography. They’re decentralised by nature, allowing for private, safe, and anonymous transactions without a traditional banking system.
Here are a few reasons why gamers and operators favour digital currencies
- They have low transaction fees compared to most payment methods, such as credit and debit cards.
- They also eliminate the need for a financial institution or government.
- Players enjoy enhanced privacy and anonymity and can’t be tracked by financial institutions or the government.
- They give players more control over their funds by having different regulations from traditional currencies.
- They allow seamless global transactions with lesser transaction times and charges despite a player or operator’s location.
- Players that opt for digital currencies tend to have bigger and better bonuses.
Why the Delay?
Despite all the advantages of cryptocurrencies to players and operators, there’s still a reluctance to adopt it as the only currency in online casinos. Here’s why:
- Digital currencies are highly volatile, meaning the value of a player or operator’s coins could fluctuate dramatically. This can also be confusing as they won’t know how much they spend or win.
- Older players may find it difficult to process their funds in digital currencies.
- Players are also worried about the safety of their digital wallets and the risks associated with hacking.
Regulating Digital Currency
Despite the tremendous advantages digital currencies offer their users, there are multiple concerns about regulatory compliance, security, and privacy. They lack clarity on how digital currencies can be viewed in different areas. This creates legal and compliance challenges for most online casinos.
Policymakers have cited that digital currencies could bring about a loss of monetary sovereignty and capital outflows. The main concern is that digital currencies aren’t globally systematic, presenting risks to financial stability.
Key Recommendations
- Policymakers recommend that crypto asset service providers be registered, licensed and authorised. The licensing process should also be made clear with designated responsible authorities. The systems should also be well coordinated and well-defined to understand.
- They also recommend that these digital coins be subjected to strict prudential requirements. Since the sun systems already accept them as payment instruments, they have the potential to become widely used. Regulating them will make them look more and more like money.
Game With Ease With These Common Types
Bitcoin: The most popular of all digital currencies. It can be called the pioneer. Users of Bitcoin can purchase goods and services and play in online casinos. There are a lot of casinos that accept Bitcoin.
Monero: It’s not as popular as Bitcoin, but Monero has a unique feature called stealth addresses. Stealth addresses make receiving payments possible without sharing wallet addresses and personal information. This gives players anonymity.
Litecoin: Is almost as famous as Bitcoin and uses the same technologies. Players have the convenience of faster withdrawals with Litecoin because it has shorter transaction times than Bitcoin. The algorithm used in Litecoin is also different from Bitcoin, making it challenging to mine.
Altcoin: Altcoins are cheaper than Bitcoin, Ethereum, and Litecoin, making them a perfect option for players with lower bankrolls.
The Future of Online Casinos and Digital Currencies
The online casino industry continues looking for ways to improve player experience. Cryptocurrencies have allowed them to present players with unique opportunities.
These currencies already offer several advantages that players enjoy and improve their gaming experience. The speed and efficiency make transactions happen almost instantaneously. This is a significant improvement from traditional methods, such as bank transfers.
Currently, having them as the only form of payment within casinos is impossible because some players still prefer traditional forms of payment. Introducing digital currencies as the only currency with an online casino would mean losing such players.
As digital wallets become more popular worldwide, more people will know about them. This means there will come a point when online casinos will weigh if traditional methods are still as valuable as digital wallets, and from then, a decision will be made on whether to adopt digital currencies as the only form of payment.
