This is a question that more and more people who are both fans of online casinos and keen advocates of cryptocurrencies are starting to ask. After all, online gambling is an industry that has managed to grow and thrive over the last couple of decades by espousing the new and using technology as and when it has become available.
But, while there is certainly an ever-growing number of dedicated crypto casinos that welcome Bitcoin players, so far there seems to has been a great reluctance on the part of the biggest names in the casino world to take the plunge.
This is all the more surprising as the blockchain technology behind Bitcoin is increasingly being accepted as a valuable tool by many banks and other institutions, as well as for many other purposes.
It also seems like Bitcoin would be the perfect way to pay at online casinos for a number of reasons.
Online casinos rely on the fact that they provide a secure way for players to deposit and withdraw money. So, the safety of using blockchain tech is of an obvious advantage to both parties.
There’s no currency conversion
Online casinos are a global phenomenon that attract different players from all over the world. Often, this can mean dealing in two different currencies and possibly losing out because of the exchange rate. For example, anyone wanting to try out an Irish online casino might need to take into account the conversion of their money into sterling or euros. While the casino itself makes paying easy, by offering a number of different methods, and generous welcome bonuses, accepting Bitcoin would make everything go even more smoothly.
The costs are low
On the part of the casino, bank transactions often cost money which, inevitably, cuts into its profits. But the relatively low costs of Bitcoin transactions would mean lower overheads for the casinos, which they could use the profits from to develop new games, and offer even better bonuses to their players.
Transactions are faster
One of the most common reservations that some players have about online casinos is that it can take a few days to withdraw their winnings. But the speed of Bitcoin transactions would mean that this would never be an issue.
Last, but not least, many players at online casinos would appreciate the anonymity that using Bitcoin provides. This is particularly true at a time when cyberattacks are on the increase, and data shared online might be the target of hackers.
But, despite all these advantages, most online casinos are yet to start adopting cryptocurrencies as a legitimate payment method. It may be that this relatively new way to pay has to gain even wider acceptance before this situation starts to change. Or it could be that there will always be a clear division between crypto and non-crypto casinos. Like many aspects of Bitcoin, it remains to be seen whether the cryptocurrency does gain a genuine foothold in our economy – and there are many people who sincerely hope that it will.