Cryptocurrency casinos are growing in popularity in recent years. These casinos work just the same as any traditional casino when it comes to the games you can play and bonuses you can win. The only difference is that the payments are made in cryptocurrencies rather than with traditional fiat money.
Online casinos benefit from offering a diverse range of currencies as payment methods. This goes for both crypto and fiat currencies. Many casinos focus on Bitcoin and Ethereum first and foremost. Some allow for dozens of currencies as they become more popular and gain attraction with the players.
Advantages of Using Cryptocurrencies in Online Casinos
Many advantages come from playing in casinos that accept cryptocurrencies. These come from the technology of blockchain that crypto is based on. For many players, the benefits also come from the fact that the tech is still somewhat new, and casinos that offer it are on the cutting edge of things.
Casinos that use crypto as a payment method are secure and private. There’s no need to share any personal information other than your email in order to use these casinos. In today’s online climate, this is becoming an increasingly important feature.
There are also much fewer fees when it comes to depositing and transferring funds to and from a Bitcoin casino account. For players that bet small amounts, these fees can add up and bite into your winnings. Since there are no middlemen or traditional bank structures, the fees can be much lower and players get to keep more of their own funds.
All of these features are susceptible to change since now when Bitcoin is more widely used it will be more regulated as well. This brings a new layer of stability and security to the world of Bitcoin gambling, but it does make it more similar to traditional betting.
The Rise of Casino Sites Accepting Crypto
Casinos were always on the cutting edge of technological development and that was the case with accepting Bitcoin.The first casinos sites accepting crypto were Bitcasino and mBit Casino way back in 2014. Over the years, larger and more popular casino platforms included crypto as one of their payment methods.
There’s an increasing demand for casinos to accept more and more cryptocurrencies alongside traditional fiat payments. Young players are used to the commodity of being able to bet online in a private manner. Casinos that use crypto payments also allow for interesting new games. These include micro-transactions within the traditional gameplay.
New casinos that accept BTC payments only are also popping up, recently. All of these casinos offer the same games, tournaments, and bonus structures you could find in traditional casinos, but with BTC payments.
Popular Cryptocurrencies Accepted by Online Casinos
Bitcoin (BTC) - The pioneer and most widely accepted
Bitcoin is the first cryptocurrency accepted by casinos and most other industries. It’s still the most widely accepted crypto across the board. Some countries (for instance Japan) accept it as legal tender. It has the ability to facilitate both large and small payments and it allows for complete anonymity.
Ethereum (ETH) - Smart contracts and diverse gaming options
Ethereum is often considered to be the most innovative platform. It allows the same features as Bitcoin and it’s almost as popular. Smart contract abilities available with ETH allow the players to verify how fair the games really are. These unique gaming experiences attract new players that want a mix of casino and computer game experiences.
Litecoin (LTC) - Fast transactions and low fees enhance the gaming experience
Litecoin is mostly known for the speed of transactions you can accomplish with it. It’s faster than Bitcoin or any other alternative currently in use. The currency also has the lowest transaction fees. These features have made LTC the second most used cryptocurrency, not only with casinos but in general. Chances are that it will become used even more in the years to come.
Ripple (XRP) - Growing adoption due to its efficiency
Ripple's XRP has gained traction in the online casino sector due to its focus on facilitating rapid, cost-effective cross-border transactions. At this point, XRP is mostly focused on those markets in which traditional banking services aren’t available. It’s a big market. XRP provides a whole new pool of players, who otherwise couldn’t enjoy online casinos.
Factors Influencing BTC Casino Diversity
There are many reasons casinos are trying to include as many diverse payment options including many different cryptocurrencies. It’s a good policy to have since more and more players are looking for casinos that accept BTC payments and that feature games based on crypto.
Having more than one crypto payment option helps the casinos draw as many different players as they can. Players have different preferences when it comes to what they are looking for in a cryptocurrency. Having an option for as many of them as possible increases the pool of players for the casino.
At this point, it’s relatively easy to integrate BTC payment methods into an already existing casino. The fees paid for using these services are much lower than with traditional currencies. Casinos no longer have technical issues with integrating as many currencies as possible.
Competition between Bitcoin-based casinos is getting tough and casinos need to provide as good an offer as they can. One of the ways to do so is to have as many payment options as possible. It’s also useful to take advantage of micropayments available to games that have this payment option.
Benefits of Casino Sites Accepting a Variety of Digital Coins
Casinos that allow for multiple cryptocurrencies cater to different player bases. Some players choose a cryptocurrency based on how popular and well-known it is. Others focus on its safety and security features. Some care about speed and ease of service. Different currencies will fulfill all of these preferences and a casino that allows for many currencies attracts players from all over.
Cryptocurrencies have been shown to be volatile on the market. Their value has dropped and spiked a few times over the years. This may work as an investment strategy but it’s not optimal when it’s used as a form of currency. That’s why many casinos offer more than one currency as a payment option. It’s a way to hedge against the volatility of the market.
There are also rather small cryptocurrency projects that are basically niche interests for a couple of thousands of users. These usually possess some sort of unique feature or can be used to play particular games only. It’s also useful for casinos to offer a few such small cryptocurrencies as a payment option to keep the players loyal and provide an outlet for niche users.
The Future of Bitcoin Diversity in Online Casinos
Chances are that diversity in cryptocurrency casinos will expand in the years to come. Casinos will accept more and more currencies as a way to follow the market and offer what their players are looking for. New currencies will prop up and some of them will go away and that’s already happening for numerous small currencies.
Blockchain technology was already proven to be useful as a way to expand what games can be and how microtransactions are conducted. The user experience is now much improved by the use of blockchain and in the future it will improve even further as new games are developed.
Regulations are already put in place and the world of BTC isn’t the Wild West it was when it first started. These regulations have somewhat changed the industry, but they’ve also made it safer and more mainstream. In the years to come, we will see more of them.
Conclusion
Cryptocurrency diversity is one of the most important features of online casinos. It allows casinos to attract different players and provide a wide array of services. New cryptocurrencies pop up on the market and casinos should rush to add them to their service as soon as they are proven to be safe.
Players using BTC to bet online would benefit from trying out different currencies. That way they can find the ones with the features that suit their gameplay the most. With diverse BTC casinos, you can try many of these within a single establishment.
