The world of online gaming has experienced a renaissance in recent years, with an increasing number of providers looking to improve upon an industry previously tarnished by scandal.
After the poker boom of the early 2000s, there were plenty of providers looking to offer an online poker experience, but it was beset with problems. The New York Times reports how Black Friday changed the direction of the industry in one fool swoop and shook consumer confidence.
It left the poker-playing public in doubt as to the validity and fairness of their games and it took the industry a long time to correct its reputation. Heading into 2020 the damage has seemingly been repaired. Yahoo’s feature on PPPoker outlines how the online gaming world is moving towards a safer experience and cryptocurrency is right at the front of that change. The modern player wants a safe experience, a social experience and one in which they have control, from the games they play to what they play for.
Crypto in online casinos not regulated by banks
The market has evolved, and ultimately it’s had to. Some countries won’t allow online casino sites to offer real money games to players, which is where cryptocurrency can be of benefit. All the usual methods of payment ¬such as Visa and Mastercard, e-wallets like PayPal and prepaid cards such as Paysafecard are regulated by banks. Cryptocurrency is not, but it is very safe and increasingly popular with online casinos.
Indeed, some online casinos are now only offering cryptocurrency payments. These are known as crypto casinos and they’re on the rise. Crypto News reveals that Venezuela is set to launch an outlet in their capital city Caracas, using the state-sponsored petro token although accepting buy-in from other cryptocurrencies.
Cryptocurrencies offer online gamers several benefits: they’re safe and secure which alleviates those fears that seemed prevalent after Black Friday. They can also be used without having to provide the casino with any personal details. Traditionally, slow payments were an issue in the industry, but cryptocurrency payments are fast and anonymous.
Crypto casinos are growing in popularity
It isn’t just the players who see the positive aspects either; crypto casinos are growing in popularity because they offer operators certain benefits. Firstly, there are far fewer crypto casinos around and therefore competition isn’t quite as strong.
Also, with payments being safe and secure, operators find themselves involved in far fewer disputes, cutting down on administration and time. Expenses are lower as there is no requirement for conversion or even regulation, although some are looking to be regulated purely to increase consumer trust.
Because most digital currency casino platforms offer no transaction fees and unlimited daily transactions, it means not only are expenses to the player down, bigger jackpots are offered by the operators.
However, it’s not all positive news, as Coin Rivet states that there are some cryptocurrency casinos that are still indulging in practices that are enough to see them questioned, but they are the exceptions to the rule. Cryptocurrency and in particular bitcoin, is going nowhere. It’s increasingly being used as a method of payment as it is safe, secure and has consumer trust.
With the obvious benefits that cryptocurrency offers such as anonymity, quick deposits and withdrawals and low fees, it is blatantly clear to see why crypto casinos are catching on fast with both gamers and operators.
For the latest bitcoin-related news and outside influences set to impact value this month, check out our article ‘Bitcoin Price Catalysts for February 2020’.