Has Cryptocurrency Actually Taken Off at Casinos?

By | January 11, 2019

The mysterious payment method known as cryptocurrency has made waves online ever since Bitcoin launched in 2009. While casinos have often offered a variety of different payment methods, they may not have the capacity to accept cryptocurrencies. Are the cryptocurrencies actually taking off as a form of payment? Let’s explore this intriguing currency.

A Brief History of Cryptocurrency

Cryptocurrency is a digital currency which operates entirely online. It has no real-life counterpart like notes or coins and was designed and encrypted to be used for extremely secure bank transactions.

Crypto has been around since 1983 when American David Chaum invented ecash. It hit the mainstream with the launch of Bitcoin and has been a talking point among governments and consumers alike for many years.

Do Any Casinos Accept Cryptocurrency?

Since cryptocurrency was developed to be an online payment method casinos have been slow to adopt it as a way of accepting player deposits.

Many governments around the world look upon cryptocurrencies with a dubious eye, some authorities ban it altogether. Even though the vast majority of cryptocurrency users are using it for valid transactions, there have been the inevitable few which have used it for illegal activities and sullied the reputation of the currency. Many governments are currently looking into how they can impose regulations to give protection to those using the currency.

However, there has still been a collection of Bitcoin-powered casinos crop up on the internet to cater to those who wish to gamble a little of their hard-earned coins. These casinos offer slots and table games just like any other casino and you can even have access to sports betting and other services you can find at traditional online casinos.

Due to the mistrust some governments have towards bitcoin-operated websites, it may be more difficult to access one of these casinos. Players in the United Kingdom, in particular, may run into issues.

Will Any Major Casinos Begin to Accept Cryptocurrency?

While none of the major casinos currently accept cryptocurrency, we can expect them to start to do so once regulatory bodies have finalised the laws surrounding the currency. For now, it would appear that online casinos can be split very neatly into those that are purely for cryptocurrency and those which offer other payment methods like Visa or PayPal.

Most bitcoin transactions take place using a mobile phone and many casinos are looking to expand their mobile optimisation. Cryptocurrencies might be the next step they choose to take when it comes to innovating their sites.

Bitcoin and the other cryptocurrencies have proven to be a big hit online. If you wish to gamble with them then there are plenty of casinos which are exclusively powered by any cryptocurrency of your choice and we think in the future we’ll see cryptocurrencies become more widely accepted, but probably not until the currency becomes more heavily regulated.