The Impact of Blockchain Currencies at Online Casinos: What Does the Future Hold?
In today’s world, technological advancements are inevitable. As a causality, cryptocurrency has risen since 1983 but has become more implemented in our society in two or three years. More digital wallets are being made and filled with cryptocurrencies such as Bitcoin, Ethereum and XRP. We use these virtual currencies in place of the typical “flat” currency generally used in physical forms such as cash or card. One of the leading online industries affected is casinos and in particular online slots with no wagering requirements. For years now, they have relied on people using their cards to pay to play. But now that people are using cryptocurrency, there will be a shift in how these funds function.
Differences: Flat vs. Digital
Flat currency (cash, credit, debit, etc.) and digital currency (cryptocurrency) are opposites. Flat currency is tangible, controlled by some form of government, and belongs to that same government. Flat currency can be made public and has been a part of numerous crimes such as theft or embezzlement. Whereas cryptocurrency involves the user and the crypto wallet that it resides in and only exists in the virtual world. Crypto belongs to the person who bought it and only that person, making it a private interaction when spending it. Most people use flat currency because it has been around longer, and most forms of income and funds are in that form already. In the US, society revolves around sources of flat currency such as payroll, inheritance, and the value of certain items. A lack of understanding also causes fear and uncertainty of this nuanced way of paying.
Crypto Casino: Benefits and Drawbacks
Using crypto can be daunting, given the knowledge needed to utilize it correctly. Cryptocurrency itself is an investment, and with all assets, we must make wise decisions to have the best possible outcomes. But similar to everything, cryptocurrency can be broken down into pros and cons, so people can know what to expect.
Cryptocurrency is safer than flat currency. A blockchain comes with every purchase using cryptocurrency. When we buy items with a crypto wallet, it creates a block to track the time and date of the sale that occurred; almost like a digital letter or transaction history that’s unique to each sale. Blockchains are a great safeguard from hackers that try to take your bank’s information and get into your account; this way, they would need the specific knowledge of the sale to get any funds from you or your virtual wallet. The time of waiting for a transaction to process is remarkably shorter than any bank. Thus, a person on the go will enjoy the accessibility when playing in an online casino and need their money quickly. Transaction fees are also lower compared to most banks. People will find that more casinos offer cryptocurrencies as a method of payment.
While there are some restrictions on requesting or sending cryptocurrencies like bitcoin, there is no actual law in place that prevents gambling with it. But, given the current popularity rate of cryptocurrency and how fast it is growing, there is a good chance that specific laws will, in the future, set the boundaries and parameters of what people can do with it. The value within it can also be variable and fluctuate depending on the market. Trends will come and go, and with them, the economy will conform to the next item of intrigue. Buying any form of cryptocurrency is a risk since its value depends on the market. Adding gambling to that risk makes it a chance-filled venture, not something recommended for most people.
In the past, we’ve tried to predict what the future will be. Sometimes we are correct in our estimates, and sometimes we have been false. Within civilization, the people are a decisive factor because we determine what we should dislike or enjoy. Cryptocurrency is gaining traction as a reliable form of payment, and if it keeps up this progress, it will become integrated into everyday life. There will be apps to send digital currency to people or to pay for items at the register. People will be able to order food or other items from almost anywhere and pay with it; there’s even a chance it will become a chosen method of receiving money from a job. Online casinos will benefit given the safety of using currency like Bitcoin compared to a credit card. Plus, even if they put a law in place, it will likely try to follow the same gambling laws as flat currency.
The world is still taking time to open up to cryptocurrency. Online casinos will benefit, while the general public will begin integrating it. We can only wait to see what becomes of it and how it will shape our world.