The gambling sector continues to grow, adapt, and change constantly. The 90s saw the move from physical casinos to online versions. We could see another shift in our payment methods from traditional to digital currencies such as crypto and NFTs (non-fungible tokens).
The online casino world is changing all of the time. As new technologies grow, so does the industry. Here is what we expect to see regarding Cryptocurrency and NFT gambling and how they are looking to shape the future of online casinos.
Cryptocurrencies in online casinos
Cryptocurrencies have popularized in recent years, being introduced into people’s everyday lives. An alternative to paper currency, cryptocurrencies are digital currencies based on a decentralized system that uses cryptography to verify transactions. As with the nature of these decentralized currencies, no central authority controls them; you’re entirely free to spend them as you desire.
Even though many modern payment systems are great, they still rely on central authorities that may restrict your access or account, which cannot happen with cryptocurrencies. We’ll examine the pros and cons of cryptocurrency use in online casinos.
Pros
- Fast Payments – Most Crypto transactions take less than an hour to complete.
- Low Fees – Most cryptocurrencies charge minimal fees when transferring large sums of money.
- Security – Blockchain is one of the world’s safest and most secure technologies, making payment security very high.
Cons
- Price Volatility – the volatile nature of the crypto market means that prices fluctuate constantly. This could mean that the cost of something could be more expensive the second time you choose to make a purchase.
- Irreversible Payments – If you send a payment to the wrong withdrawal address or incorrectly, you will permanently lose your crypto. You will lose it as there is no way to reverse the process. This could change in the future with the talks of reversible blockchain payments being spoken about, but it is currently unavailable.
NFTs in Online Casinos
Cryptocurrencies have been around for a considerable time, but a relative newcomer to the scene is the non-fungible token, also known as an NFT. While cryptocurrencies and NFTs are the same in that they are both a form of digital receipt on a blockchain, NFTs are tied to a particular asset, making each unique. If you own two Bitcoins in your hand, both would be worth the same amount, just as if you have two of the same traditional currencies. Cryptocurrencies can be used interchangeably due to this, while NFTs being tied to unique assets means they cannot be used in the same way. There are several benefits and disadvantages to using NFTs for online gambling. Even though they are already seeing great popularity in the Metaverse, let us see the pros and cons of NFTs.
Pros
- Security – As you would find with cryptocurrencies, the technology behind NFTs is said to be equally secure, meaning it is the perfect addition to online casinos.
- Unique Rewards – Through gambling and winning NFTs, you can gain a fantastic asset. Something that you alone own.
Cons
- Nebulous Value – As with any art form, there isn’t a set value for NFTs. The only worth is what someone is prepared to spend. The NFT market moves all the time, meaning that your NFT could be worth a considerable amount more or less over time.
- Irreversible Payments – Just as you would see with cryptocurrency payments, there is no way of reversing the transaction if you make a mistake when you pay for something using NFT.
The Future of Online Casinos with Cryptocurrencies and NFTs
As previously mentioned, the gambling industry has always been a part of human history. With cryptocurrencies, it continues to be on the cutting edge of the newest technologies in a bid to improve the overall experience for all of its players. The current way that online casinos are moving with the times is the acceptance of payment methods such as PayPal, Apple Pay, and many more. In such a short time, this has already become the industry standard, even though the technology hasn’t been with us for a considerable time. It was not so long ago that online casinos had limited payment options. In the future, we can expect more casinos to accept cryptocurrencies and NFTs as payment methods as they become more mainstream.
It has been projected that the popularity of cryptocurrencies and NFTs will grow significantly in the coming years due to the sheer number of benefits offered to players. Large transactions can be completed quickly and securely using these payment methods, with players only paying a small fee. Players will have a better experience if deposits and withdrawals are more accessible, meaning they will have a better understanding both at the casino and at the player’s end.
There is a massive space of potential for cryptocurrencies and NFts to revolutionize how we play online casinos and gambling. Some challenges still need to be overcome, but these have serious anticipation of resolution in the coming years as the technology continues to grow. When the technology has finally fully matured, the benefits supplied to its users will be substantial, with the expectation to be more and more casinos offering cryptocurrencies and NFT gambling as part of their systems.
