Cryptocurrency transactions, which used to be unusual and used only in tourist areas of the world as a means of payment; nowadays they seem to establish themselves as one of the preferred alternatives in online casinos as well as in land based casinos.
To show the current panorama, we only need to see how this trend seems to be the norm among the best online casinos in Spain; where to carry out a transaction with a credit card or withdraw money in traditional currency (Euros or Dollars), is no longer the main way in which assets move within these platforms.
But why does this happen? Is it a fad or something that is here to stay? In order to be able to properly answer these doubts from many users unfamiliar with cryptocurrencies; we must see the big picture.
Advantages of using cryptocurrencies in casinos
The main advantage of using cryptocurrencies in casinos and in any other type of monetary transaction is: the security that comes with anonymity.
The fact that there are so many layers of security thanks to Blockchain technology as well as the own security provided by digital wallets; and that anonymity is one of those layers of security, makes this type of transaction the best option.
However, there is an advantage that many forget: being able to make international transactions without losing money along the way due to the exchange rate.
Disadvantages of cryptocurrencies in casinos
The fluctuation and / or volatility of its value can mean the bankruptcy of any business model. Currently, the price of Bitcoin fell due to a tweet from Elon Musk; while, for the same reason (a tweet from Elon Musk) the cryptocurrency born from a Dogecoin meme, increased its value by 50% in a few hours.
In addition to this, the energy consumption that mining Bitcoins today entails is threatening their existence, so much so that some economists predict that the cryptocurrency bubble is about to burst.
Of course, this last negative point is the most extreme of all, especially since Elon Musk himself and other pioneers of Blockchain technology; They are already working on creating a more effective way to mine cryptocurrencies.
Obviously, this is a race where everyone bets on their own cryptocurrency and their own technology. Who will win? Only time can give us an answer.
Now, despite the advantages and disadvantages of cryptocurrencies as such, Blockchain technology itself is the reason why bettors and companies such as casinos are using this medium for their transactions.
Especially after the NFT boom, which has shown us the way to a new future to protect digital assets.
So much so that Disney +, in an effort to combat piracy, has already announced that they are studying the possibility of using Blockchain technology to protect content on their streaming platform.