The gambling industry has transformed drastically over the past few decades. And online gambling is the major transformation we are witnessing today. The major credit goes to the Internet and technology advancement for introducing us to the convenient and more interesting way of gambling. Wait, but does this end here? Of course not. The online casino industry is evolving continuously with emerging technology trends like Cryptocurrency. This blockchain-powered solution offers casino enthusiasts and gamblers with unique, secured, and unmatched gambling experience. Therefore, casino operators have started adopting this new form of currency.
However, still many people in the online casino industry are doubtful of the usage of digital currency. Is digital currency reliable? Do people really use cryptocurrency for gambling? What makes Cryptocurrency best for online casinos?
There and there are many questions, online casino owners and entrepreneurs are surrounded with. It is time to find answers to all the questions and embrace digital currency to survive the competition.
Being a reliable casino app development company, we have decided to solve your doubts and help you understand the Cryptocurrency trend. This blog will let you know why Cryptocurrency is better than Fiat money for your online casino.
What is Cryptocurrency?
A cryptocurrency is a form of digital currency that can be traded for services and goods. This digital currency works using a decentralized technology called a blockchain.
Several companies have introduced their own currencies, often known as tokens. You can imagine these as you would arcade casino chips or tokens. It requires you to exchange real money for cryptocurrency to access the services or goods.
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How does it Work?
When users perform transactions using Cryptocurrency, each of these transactions is written into a digital ledger. This ledger is copied and placed on a network of computers. In this fashion, the transaction that shows only one copy of the ledger can be flagged, which keeps the ledger safe from being hacked and illegal modification.
Besides security, there are many excellent advantages of Cryptocurrency, which makes it the best payment method for online gambling. Let’s understand these benefits in detail.
Benefits of Cryptocurrency Over Fiat Currency in Online Casino
When Fiat currency is used for transactions in online casinos, there comes the role of centralized authorities. This leads to several verification processes before distributing the money to the respective party. And this causes major delays.
However, when using a cryptocurrency like Bitcoin there is no role of a centralized authority. This means there are rarely any delays. Casino game players can withdraw the needed amount whenever they want for a certain period, from their bankroll. This flexibility of withdrawals entices players to stay on your online casino platform for a long time. Thus, if you are looking to improve the user retention rate, adding a cryptocurrency feature can help.
Traditional banking services charge high fees for storage and transactions. Also, when fiat currencies are used in online gambling, users have to bear extra costs like conversion fees, processing fees, etc. But, cryptocurrency being operated on a decentralized technology and with minimal resources, has lowered overheads. Thus, there are no additional costs for transactions or storage. This clearly makes Cryptocurrency a better option for online casino payments.
Players can be assured to have total value from their cash-outs and winnings using cryptocurrencies. Also, players using cryptocurrency get to enjoy casino games at reduced costs. The lowered costs and maximum winning amount, entice players to keep coming back and also attract new players to your platform.
Almost all digital currencies allow instant transfer, deposits, and withdrawals, which can be hardly achieved with fiat currency. Fiat money when used in online casinos, causes extended waiting periods. But, with Cryptocurrency like Bitcoin, the winnings and cash outs are processed within hours, if not minutes. Of course, fast transactions lead to an improved gaming experience, which leads to better player engagement and retention on your casino platform.
Incentives and Bonus
Online casino operators can use cryptocurrency in several ways to grow their customers and business. One such way is offering incentives to the players who use cryptocurrency. This is a cost-effective strategy, as casinos don’t have to deal with overhead costs caused by fiat currency or other payment modes. They can use this money to reward the players with exciting bonuses.
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Ease of Use
Though online casinos accept cashless payments, the process still seems time-consuming due to the lengthy processes. For example, players are first required to deposit money in their bank account and then transfer it to their online casino account. In some cases, players may also need to convert the currency as per the casino’s requirement. But, Cryptocurrency payment makes the whole process seamless and much easier. The money is already in players’ crypto wallet, which is globally acceptable and can be transferred anytime.
Lack of transparency is the most common issue with many online casinos, which leads to an increased abandonment rate. In the past few years, many online casinos were accused of stealing from players right under their noses, using certain tricks. Also, the myth ‘the house always wins’ was widely popular. However, blockchain and cryptocurrency came as a big savior for the online casino industry, bringing an effective solution to this problem.
When using a digital currency like Bitcoin, both the players and the casino owners have to sign on the payments, which is referred to as a digital signature. This transaction is then documented in a digital public ledger, which ensures transparency and accountability. Every transaction is stored and encrypted, ensuring that no one can breach the set protocols. Players can be assured that their money is secured and safe.
Is Cryptocurrency a Future of the Online Casino Market?
Seeing all the above benefits of Cryptocurrency, it is worth saying that this can be a revolutionary trend for the entire online casino market. Due to the improved transparency, security, and payment speed, more and more gamblers will be adopting the Cryptocurrency payment method. Also, operators have opportunities to attract more players, win their trust, and expand their business. In the future, we will see casinos to have become Crypto-powered.
Want to Develop Cryptocurrency-Powered Casino Software?
Do you also own an online casino business or are you thinking of starting one? If yes, you must not ignore the Cryptocurrency trend. Doing so may cause you to miss out on a huge opportunity for success in this competitive industry. You must consider developing a cryptocurrency-powered casino software or integrating cryptocurrency features into your existing platform. An experienced casino game development company like Betfoc can assist you in either way with top-quality service.