Over the last few years, the availability of cryptocurrencies casinos has exploded. Just a few years ago, these sites were few and far between, and the ones that did exist were dominated by Bitcoin. These days, players not only have more cryptocurrencies to choose from, but there are also many more sites that accept these options and allow them to be used on everything from real money slot machines to sports bets.
The Catalyst for Change
The reason cryptocurrencies have become so popular is because players are demanding them. More and more players are using these options than ever before and casino operators are heeding their call.
Cryptocurrencies are fast, secure, and much more anonymous than other payment methods. In the early days of Bitcoin casinos, operators doubted whether these features were all that beneficial. After all, why would someone use Bitcoins when they could use a debit card? Why would they go to the effort of joining an exchange, purchasing a non-fiat currency, and then making a deposit when they could just use that purchase method to make the deposit?
Clearly, they underestimated the appeal of these currencies and now, in a desperate effort to prevent history from repeating itself, they are jumping on the bandwagon and accepting multiple cryptocurrency options.
Most casinos get all of their payment services through a third-party provider. They’re not the ones dealing with all the transactions, securing everyone’s details, and working with each individual payment provider. This service is provided by an experienced third-party and is licensed to them in exchange for a small commission and annual fee.
It’s much the same as launching your own eCommerce website. You could accept cheques, create your own secure credit/debit card platform, and publish your bank transfer details. Alternatively, you can work with third-party providers like PayPal, Stripe, Worldpay, and countless others, all of which will offer these services for you, provide you with the security you need, and deal with all customer transactions.
So, the reason so many casinos are accepting cryptocurrencies is not because all these casinos are going to the trouble of adding each individual cryptocurrency, but because the aggregators have embraced cryptocurrencies and instantly pushed these options out to their licensees.
The Introduction of Exchanges
In addition to the third-party providers outlined above, one of the main driving forces behind this new cryptocurrency revolution is the introduction of currency exchanges as a way of making deposits and withdrawals.
Not only do casinos offer individual cryptocurrency wallets, allowing players to move money using their wallet IDs, but they also connect their casinos directly to cryptocurrency exchanges.
In doing so, they can accept pretty much all available currencies. Players simply need to sign up for the cryptocurrency exchange, use their native currency to fund their account, purchase as many different currencies as they want, and then use these currencies to deposit into an online casino.
One of the great benefits of this is that even the most obscure cryptocurrencies can be used to deposit on an online casino. What’s more, if you’re a keen cryptocurrency investor, you can use your online casino or sports book winnings to fund your exchange account, after which you can buy more of your favourite cryptocurrency!
Other Cryptocurrency Options
As noted above, cryptocurrency exchanges allow players to use most (if not all) digital currency options, along with a multitude of fiat currencies. But there are also casinos that accept payments using specific cryptocurrency wallets and offer a more direct service for users of these currencies.
Here are just a few of the most popular currencies currently competing with Bitcoin to reign as the supreme online casino cryptocurrency:
- Ethereum: A unique cryptocurrency that functions more like a network than a single currency. Often said to be Bitcoin’s biggest competitor, ETH has a bright future and is on the rise right now.
- XRP: Although many believe that Litecoin is the third (and even the second) biggest cryptocurrency, that honour actually goes to XRP, also known as Ripple.
- Tether: A somewhat controversial cryptocurrency, but one that also has the fourth largest market capitalization.
- Litecoin: A currency that works in very similar ways to Bitcoin and has a high and rising market capitalization.
- Dogecoin: Although this coin is based on a meme, it has a massive following and is growing very quickly.