Considering the multifaceted nature of the cryptocurrency community, it can sometimes be challenging to keep abreast of the latest technological advancements, but crypto casinos seems to gather an increasing amount of visitors that understand the benefits.
When taking into account the growing popularity of digital currencies, with the growth of Bitcoin and Ethereum casinos, it is easy to appreciate why some industry trends may slip through the (digital) cracks on occasion. One recent example can be seen in the rise of crypto-powered online casinos, a fun way to use your crypto during a volatile summer period.
Why Crypto-Powered Casinos Will Rise to the Occasion in 2022
While the team at Crypto Lists always wants to keep abreast of the latest market movements, it is just as important to analyse this sector from a broader perspective. What is the appeal of casinos that accept cryptocurrencies as a payment option? Does this movement signify a long-term trend or a mere flash in the pan? Why might 2022 represent the year when these platforms are noticed by the general public? These are entirely relevant questions for anyone who hopes to remain ahead of the curve. Let us therefore take a closer look.
A Surprisingly Lengthy Backstory
Many followers of Crypto Lists will be surprised to learn that blockchain technologies have been associated with the online casino community since as far back as 2012. At the time, this approach was considered rather revolutionary. Its appeal was therefore limited to those who were already familiar with currencies such as Bitcoin and Ethereum.
The growth rate was relatively slow during the years to follow; due in no small part to the simple fact that most players were not aware of how this form of digital transaction would soon revolutionise the online community. However, things were set to change when the crypto investment market began to rise in popularity. As more traders became involved, it was only a matter of time before virtual casinos learned to appreciate yet another option to enhance their existing POS (point-of-sale) systems.
The Main Benefits of Cryptocurrencies as Payment Options
The most obvious advantage of cryptocurrencies in relation to online casinos is their anonymous nature. The rise of cybercrime and the very real threat of identity theft has caused many casino fans to reevaluate their existing payment methods. Although SSL encryption is now commonplace, there are still risks associated with traditional transactions such as bank and credit card transfers. Cryptocurrencies represent a veritable breath of fresh air in terms of remaining hidden from prying eyes.
Another crucial benefit is directly attributed to the mechanics of blockchain technology. As each transaction is recorded within a decentralised ledger, all nodes within the blockchain must confirm any transfer. This dramatically reduces instances of fraud that might have otherwise occurred. Some other unique attributes of cryptocurrencies in relation to the online casino community include:
Many reputable crypto casinos now offer instant deposits and withdrawals.
Extremely low (if any) transaction fees.
Players will not experience the fluctuations associated with fiat currencies and their exchange rates.
Issues such as phishing and duplicate payments are virtually eliminated.
Furthermore, blockchain technology is relatively easy to integrate into an existing point-of-sale system. This makes cryptocurrencies highly appealing to casinos in regard to their ultimate return on investment (ROI).
Could 2022 Represent the Breakout Year for Crypto Casinos?
The experts at Crypto Lists have been scrutinising this question closely in recent times. Current trends are important to note here, as many major casinos already accept cryptocurrencies as payment options. Some well-known names include:
Assuming that other brands take advantage of such momentum, 2022 could very well represent a watershed year.
How Might the Cryptocurrency Market be Affected?
Let now assume that the number of online casino fans who employ cryptocurrencies as payment options continues to grow. How could this impact the marketplace in general? Perhaps the main takeaway point here involves an increased cognisance of the benefits that these currencies have to offer. It only stands to reason that players may soon become interested in more crypto investing as well. This could add more volume to the cryptocurrency marketplace; perhaps leading to higher levels of volatility as a result of novice short-term trading strategies.
It goes without saying that the team at Crypto Lists will keep a close eye on any late-breaking developments as we enter into the final quarters of 2022. Having said this, it seems likely that cryptocurrencies should enjoy a growing presence throughout the online casino sector.