In 2020, cryptocurrencies have undoubtedly entered the mainstream. If one were to mention Bitcoin or Ethereum in public, they would no longer be met with confused glances and a perplexed audience. Indeed, the majority of the population are very much beginning to recognize the upsides to these digital payment methods. However, vendors have not always been quite so quick on the uptake. While bitcoin is widely traded, it’s still only occasionally offered as a payment option, but many retailers are beginning to realise their mistake. The online casino industry – which has ever been at the forefront of technological advances – is among the many forward-looking sectors who are leading this charge, with an increasing number of providers now beginning to offer bitcoin as a payment option.
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Why is the online casino sector changing its mind about crypto?
Like cryptocurrency itself, the online casino sector is innovative and unafraid to explore new methods and stratagems. Hugely popular, its audience grows with every passing year, with sites like Paddy Power Bingo offering a range of games and titles for would-be players. One of its many lures is and has long been the flexibility it offers, from ensuring many different entertainment options through to operating around the clock and accepting various payment methods. The latter has always meant that players can pay and receive payments as they wish, but for an increasing number, ticking this latter box can now only be achieved by listing cryptocurrency among a site’s payment options. Given how competitive the industry is, and how much money is in it (the global market is estimated to be worth around $53.7 billion), those who want to stay at the top must, therefore, find ways to ensure continued customer satisfaction, and for a growing number, this means accepting crypto as a valid payment method.
Why do online players want the chance to pay with crypto?
This increasing demand for cryptocurrency leads to an obvious question: why do online players want to have it as an option? For those who are calling for an increasingly diverse array of payment methods, it has much to do with the advantages crypto can offer. Firstly, many are drawn by the fact that these transactions are 100 percent secure, thanks to the direct, peer-to-peer connection they create between the casino and the player. The allure of this is obvious, especially when you consider that any online transaction ordinarily carries some small degree of risk. In addition, many players like the speed of crypto transactions. Taking only milliseconds to complete, such transactions allow players to receive the money they’re owed into their account almost instantaneously, meaning that funds are never tied up in pending exchanges. So, why have these changes not happened already? The answer lies in our reality: that while many casinos and their customers would benefit from having a crypto option in place, there’s not yet high enough demand for such a change to make it necessary for the average online provider. Does this mean it will never happen? Not at all. But does it mean it won’t happen soon? The answer is a little more complicated, for change is certainly coming, but no one can predict quite how soon its arrival is likely to be.