Why Online Casinos and their Players are Embracing Cryptocurrencies

Online casinos have, over the decades, amassed millions of players worldwide. An industry now driven by tech, casinos have adapted to player trends over the years and the most successful ones have earned their way to the top by embracing advances in technology. Games are now easy for users to access and play wherever and whenever they like, they are fast and fun, with no complications.

This is not to say that online casinos and their players have not faced challenges. Payment methods are restricted, and some players are rightfully concerned with the security of their data. The introduction of cryptocurrencies has solved many of these problems.

The Growth of Crypto Gaming

Crypto gaming is one of the strongest growing areas of the crypto market: 50% of all current Bitcoin transactions and 60 of the world's most active Bitcoin wallets are related to gambling. The popularity of crypto is spreading further into the roots of the online gambling industry. This is just the tip of the iceberg. Casinos who have embraced cryptocurrencies early have secured reliable, effortless income for years to come. It has also been wholeheartedly adopted by sports betting platforms as well.

Many existing casinos have added it to their existing list of accepted payments, however a new generation of crypto-only casinos has also emerged. CryptoSlots is one such online site. A brand new, innovative gaming site from Slotland Entertainment S.A., it currently offers a host of unique slots and video poker games. Its popularity has struck a chord with players old and new, a welcome addition to the burgeoning crypto scene.

In keeping with the ethics of many cryptocurrencies, and blockchain technology as a whole, CryptoSlots’ values lie in complete anonymity and complete safety, not to mention transactions far faster than most traditional methods of payment. All games are Provably Fair, so each game result can be verified, including in the million-dollar jackpot game.

Benefits for Players

Players who visit online casinos have a plethora of sites to choose from. For years they have been spoilt with choice, and it is important that their needs are met. Traditional payment methods entail often large fees, fees which have heightened in the past few years. By cutting out the middle man, opting for a cryptocurrency such as Bitcoin, Litecoin, Monero, etc., saves money for both casino and player.

With no intermediary bank or payment processor, deposits and withdrawals are not only faster but safer. The player’s data is protected and their money transferred from account to wallet, or vice versa, with little delay.

Bitcoin was, predictably, the first cryptocurrency to make waves in the gambling world. Mirroring many other innovative industries, however, online casinos now accept a wide range of alternative currencies. Although the jury is out on how the crypto landscape will evolve in the following years, it is safe to say that reverting to traditional payment methods will not be the way for players and casinos alike.

Spreading the Word

At the moment there are many novice players who are taking to online casino gaming as a result of their interest in cryptocurrencies. One challenge that some casinos now face is of how to best attract their long-term players to crypto ways. A big misconception people carry is that cryptocurrencies are difficult to use. The truth is that for many it will instead simplify their gambling experience, with the ability to fast transfer funds from account to wallet, and vice versa.

At CryptoSlots this is made all the easier for players, as their deposits are instantly converted to USD in their account. All betting amounts, prizes, etc are in US dollars also - so the site looks just like any other. Crucially, the exchange rate is updated every fifteen minutes at the average rate of the top three exchanges.