Ever since rapidly expanding, online casinos have been looking for ways to follow trends and meet the players’ expectations. While all the brands were focused on creating platforms that run smooth across different devices, there were those who understood an important user pain point – payment methods.
The biggest names in the industry were always at the forefront of offering a variety of quick payment methods. However, that has changed today. While the big players are waiting for more regulations, smaller online casinos are implementing the latest payment methods, such as crypto. Today, thousands of offshore gambling sites offer this form of payment. Many of them are not on betstop, meaning that Australians with self-exclusion can access them. You can find the most reputable of them on notbetstoppokies.com, and use crypto to make payments on these platforms at the same time. No matter if you’re on the self-exclusion list, you can still enjoy spinning the reels of your favorite pokies.
Using crypto is becoming normal in the online gambling industry, so let’s go over its integration and explore its benefits, and see what the future holds.
Progress of Payment Methods in Online Casinos
Payment methods have greatly changed over the past couple of decades. The first ones were not as secure as what we’re using today due to encryption technologies. Additionally, the creation of e-wallets made things even quicker and safer, but these forms of payment also come with some processing fees and time.
Today, these types of methods are even more secure and some are even faster, but the latest development is crypto. It’s changing the whole world of finance, and the digital gambling industry is no different. Let’s see how it does that.
How is Crypto Changing the Online Casino Industry
The underlying technology behind crypto is called the blockchain. Its unique design allows the highest level of security, meaning that no changes in the transaction records can be made without the approval of the whole community. That means that the whole system is highly secure.
That’s why many businesses globally have started accepting cryptocurrencies as a method of payment. Due to the vast benefits that we’ll mention in another section, this is not a surprise. Right after the e-commerce industry, the casino one was right to follow with the integration of crypto into their platforms. The change is here to stay, as more people are using this form of payment. Numerous industries are changing for the better, as people can make payments almost instantly with minimal costs, without a middleman in between.
Let’s see whether it’s a challenging process for gambling site
Is the Integration of Crypto in Online Casinos Simple?
Like with any other technology, when it’s first introduced, using it is quite challenging. But the crypto world will soon turn 20, and that’s plenty of time for things to become easier. Today, implementing a crypto method to a gambling site is similar to any other payment method. SPecifically developed platforms ensure smooth integration without too much trouble. That’s why we’ll see an increasing number of platforms accepting this type of payment.
All this will make the whole industry even better and more appealing to players around the globe.
What are the Benefits of Crypto Payment Methods?
There are many benefits to using crypto. They are the reason why it’s becoming so popular. Let’s list a couple of crucial ones:
- Transparency – All the transactions are stored on-chain, and anyone can see them. As the whole system is transparent, everyone can see that there are no additional coins or tokens being added to manipulate the price of these digital assets.
- Low fees – Using crypto is cheap. Low processing fees are yet another reason why they’re popular. No matter where the transaction is occurring, you the fee is always the same.
- Quick transfers – Sending money from one wallet to another occurs in a matter of minutes. That’s not something that traditional banking and payment methods offer.
- Anonymity – Nobody know’s who’s the owner of a particular address. Therefore, your money is completely private.
Challenges to Consider
Even though the integration of cryptocurrencies will continue, it will be a massive challenge to go mainstream. Like any other disruptive technology, such as AI in data management, crypto comes with a big learning curve. Integration is quite simple; however, the user also needs to be educated enough to use this form of payment efficiently.
Additionally, the space requires a lot of regulations before it goes mainstream. That’s the reason why crypto casinos are usually offshore ones. All the regulated markets have strict regulations surrounding crypto.
Conclusion
Overall, it seems that crypto is definitely here to stay. An increasing number of countries are planning to use the blockchain to form their own digital currency versions. Therefore, it’s safe to assume that an increasing number of gambling sites will continue integrating crypto into their platforms. As we see more regulations in markets such as Australia, the UK, and the US, we’ll likely see the bigger brands following the same path. We’ll just have to remain patient and wait for the crypto space to go even more mainstream.
