Time to Get Cryptic!
When the cryptic Satoshi Nakamoto introduced the world to Bitcoin in 2008, no one expected the scope of the impact it would have. The decentralised blockchain-based cryptocurrency quickly rose in popularity and soon after, similar currencies also began to emerge. Nowadays, cryptocurrencies have been embraced by various industries, with the online gaming industry being one of them.
Today you can see a lot of online casinos which are fully compatible with Bitcoin, Ethereum, and similar blockchain-based currencies. Technamin’s casino product is also one of them. Before we get into the world of crypto-casinos, let’s first understand some of the reasons why cryptocurrencies are so popular with iGaming customers and operators alike.
Number 1: Safety
Because cryptocurrencies are based on blockchain technology, users are provided with an added layer of security. Payments made with these currencies do not rely on any mediators such as banks, which makes them fast and easy to monitor. This makes these payments safe from any sort of manipulation as they are going directly from the user to the operator.
Number 2: Anonymity
Payments made through cryptocurrencies are completely anonymous. Users do not need to disclose any personal or financial information when making deposits using wallet addresses. This privacy is why most users prefer paying with cryptocurrencies.
Number 3: Less Transaction Fees
Whenever a transaction is made on an online gaming platform, payment service providers require payment processing fees. In the case of Fiat currencies, these fees can amount to a considerable amount of revenue. Cryptocurrency transactions also require fees, however these fees are miniscule compared to fiat processing fees.
Number 4: Rising Interest in Crypto
Numbers clearly indicate that more people are joining in on the crypto trend. The fact that more new cryptocurrencies are being introduced to the market solidifies the popularity even more. This is precisely why online gaming operators are offering crypto payments on their platforms: catering to the demand.
Speaking of demand, let’s take a look at crypto-casinos themselves and why many industry experts believe that they are here to stay.
In short, crypto-casinos are online casinos which allow users to make deposits via cryptocurrencies. They are the natural byproduct of cryptocurrencies and bring with themselves the same anonymity, safety, and convenience which attracts users to these currencies in the first place. These casinos are in essence not that different from regular online casinos. They offer the same content, and what sets them apart is that users can make deposits with cryptocurrencies using only a wallet address.
Aside from the safe nature of the currencies themselves, crypto-casinos also come equipped with responsible gaming features that offer users the safest betting experience and environment. These include RNGs, deposit limits, and the ability to exclude oneself from the platform.
The Future of Crypto-Casinos
With more and more people embracing crypto as part of everyday life, and with the added benefits that these currencies offer both customers and businesses, it goes without saying that crypto-gambling and crypto-casinos are now staples in the iGaming industry. But where does it go from here? The industry is evolving into a more advanced version of itself every day and newer additions such as virtual and augmented reality technology will compliment crypto-casinos perfectly.
While these casinos offer the same games as traditional online casinos, new ones are emerging that are offering games designed specifically for cryptocurrency payments and this is something that we will definitely see more of in the future.
Operators who are looking into expanding their online gaming business should without a doubt opt for crypto-casinos and make cryptocurrency payments available for their users. While some might be tempted to only offer the ever-popular Bitcoin, there are many other currencies out there that users prefer, which is why operators should consider offering more than one cryptocurrency as an option. Technamin offers the most popular cryptocurrencies with our casino solutions that users can choose from, making our product perfect for operators.
Vigilance is Key
While crypto-casinos are safe in general, users should be vigilant about unlawful gaming operations. Luckily, operators can inspire this trust through offers top-notch security and customer service, being transparent with their licensing (most legitimate operators hold licences which verify them, such as the Curacao licence which Technamin holds and can help you acquire) as well as offering popular cryptocurrencies, a large portfolio of popular games, and exciting welcome bonuses/promotions.
Cryptocurrencies are the present and the future of iGaming, and you as an operator should definitely consider joining the trend! At Technamin, we can help you with setting up your online business from scratch. Leverage our casino solution, compatible with popular cryptocurrencies, to give your business the edge it deserves! Contact us today for more information.
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