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Are Cryptocurrencies The Future of Online Casinos?

Currencies / Bitcoin Dec 20, 2018 - 11:18 AM GMT

By: Submissions

Currencies

Online casinos and cryptocurrencies have always been well-suited but with new and innovative ideas, cryptocurrencies may revolutionise the way we play further.

Cryptocurrencies and Casino – A Match Made in Cyber Heaven

If you were watching the news late in 2017, then you would have been made fully aware of the Bitcoin Boom. This was when Bitcoin, a previously illegal cryptocurrency (a currency used exclusively online), soared in value in a very short space of time and reached a massive $17,000 in value for each Bitcoin. While the exact reasons for this are unclear, the common consensus is that people were beginning to understand the perks cryptocurrencies. However, long before this, online casinos had already seen this potential and had already incorporated cryptocurrencies into their service.


Cryptocurrencies and Casinos

The reason for this is clear, the concept of online casinos and cryptocurrencies align perfectly. For one, they are both online and so can work in unison with one another very well. Aside from this, they are also super secure and can be used from anywhere in the world without the need to exchange currencies meaning they are also super handy. As well as this, they work perfectly alongside mobile casino sites, as they can be utilised straight from your mobile. This means that carrying numerous credit cards in your wallet or keeping track of account information is a thing of the past and it can all be kept under lock and key on your mobile phone.

Since the Bitcoin boom, cryptocurrencies have become more and more prevalent at online casinos, with some casinos even going as far to base their whole business model around them, which we will discuss later on. While the Bitcoin value has dropped a lot, other new cryptocurrencies have started to emerge, such as Dogecoin, Lithium and Ethereum. Which are now found at various online casinos and are cheaper to buy than Bitcoin and are set to have bright and lucrative futures.  To see what cryptocurrencies are available at your casino, a casino guide is very helpful, such as mobile-casino.ca.

 As well as this, more cryptocurrencies games are being dropped on a regular basis, which means you even get a sense of exclusivity by using these options. There is already a lot to like about cryptocurrency payments, but there are still more and more exciting benefits coming soon.

The Future of Cryptocurrency Casinos

The future of the use of cryptocurrencies is looking very promising for both player and operator alike. There are a few casinos that already work exclusively with cryptocurrencies and allow players to enjoy all the games on their site with only different formats of cryptocurrency. This means that for players out there who want to deal only in cryptocurrencies and move away from traditional formats, they can do so easily. It is likely that more casinos will open their doors with this format and more game providers will provide games that work specifically with cryptocurrencies.

There are also casinos sites popping up that will offer their own exclusive in-house cryptocurrency. As a result, it means that all their games will offer a 0% house edge meaning the player and dealer have a completely level playing field. The way it works is that rather than providing a typical casino experience, they will give their players something they have never seen before. The casinos will still take some money from players who lose, but the main value will come from the cryptocurrencies themselves.

This is based on the theory of Metcalfe's Law As more players invest in the coins to access the 0% house edge, they will cause the value of them to increase, and thus, this will be the backbone of these new casino’s market plan. Although it may seem risky, if it pays off, not only will players get a 0% house edge and the casino will get a nice bit of profit, but it will really showcase the possibilities of what can be done with cryptocurrencies at online casinos.

Overall, while cryptocurrencies are a new concept to many, online casinos are aiming to capitalise on them, with the upshot of this being that the players also reap the benefits. With these benefits not only being safety and accessibility, but also far more innovative casinos if casino providers can implement them in a certain way that can see them move away from the traditional casino format.

By Ronny Martelli

© 2018 Copyright Ronny Martelli - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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