Is Cryptocurrency the future of Casinos?

Dipping a toe in the world of online gambling can be an intimidating endeavour, there are just so many sites to choose from! If you want to play in a bricks and mortar casino your options will be limited by your geographical location, but if you’re looking online you can afford to be a bit choosy and find the site that’s right for you.

Going for big names and looking for the best games possible like the ones you’ll find at Betfair online slots is a good way to go, but sometimes you might have a more specific need when you’re signing up for a casino site that informs your decision. Maybe you’re looking for a site that has a really active live casino section because that’s what you’re most interested in or you might want to go for one with a particularly good app because you tend to use your phone to play. If you’re someone interested in the boom of cryptocurrency, you might be interested in a site that allows you to bet using Bitcoins or other virtual currencies. In fact, casinos are arguably one of the few industries trying to innovate and accept this new form of currency as standard. However, whilst it’s largely been accepted, there is still a long way to go before the virtual currencies can be ready for mainstream use.

The biggest obstacle to the adoption of cryptocurrency, as a gambling industry standard, is probably going to be insurmountable as it’s tied so tightly to the core nature of the medium. For those who don’t know, cryptocurrency is something of an open-source currency. Rather than being backed by a bank, the value is set by the amount being mined with a finite limit on the amount that can exist to increase scarcity. Any transaction that uses cryptocurrency is logged in the blockchain and noted by other miners. Essentially, any transfer is almost instantaneous and can be completely anonymous and untraceable. This makes it perfect for those who value their privacy but has the downside that, if you are the victim of fraud, you are very much on your own when it comes to solving the problem. Traditional payment methods like credit cards and PayPal will offer security and fraud prevention measures that simply can’t exist with cryptocurrency.

For a more detailed breakdown of the pros and cons of each, see below!