A mere 10 years ago, the average consumer was entirely unaware that cryptocurrency existed. It was one of the internet’s best-kept secrets: a way to pay for goods anonymously and securely via electronic payments. Only utilized by the most tech-savvy among us, the rest lived in ignorance of its existence.
More recently, however, this has undergone a dramatic change. With cryptocurrency having burst onto the scene like a lightning bolt, there are few left who have not heard of it, with many having considered whether they too should embrace its economical fees and anonymity to make payments moving forward.
Many have come to the conclusion that they should, investing in bitcoin and other cryptocurrencies in the belief that one day these may replace more traditional methods entirely. Retailers have, naturally, responded to this, with an increasing number now accepting these as a payment method.
Few industries, however, have embraced cryptocurrency quite so heartily as the online gambling sector, with dozens of sites now listing it as a new and convenient payment method. With this trend showing no signs of abating as we move forward into 2020, we look at why the industry is so ready to adopt the tech.
A new and convenient payment method
As most already know, cryptocurrency has a number of key benefits for consumers, including enhanced security, anonymity, and reduced fees. With this triumvirate of upsides, it’s little wonder that it appeals to the more money savvy among us, nor that many retailers are beginning to adopt it as a payment option.
One of the primary drivers of this trend within the gambling industry is that offering an array of payment methods to consumers helps online casinos to stand out from the crowd. As the page we linked to explains, this can be a highly effective way to gain a competitive edge in what is arguably a bursting marketplace.
While some of these outfits deal solely in cryptocurrency, most opt instead to provide a variety of options, so that the consumer feels they’ve been fully catered for and their every need apprehended.
Why does cryptocurrency appeal to online players?
Certainly, those casinos who do accept cryptocurrency as a payment option have reported a notable uptake by players. This is no doubt attributable to the advantages that come along with it – ones that are likely to be of particular benefit to those who frequent online casinos.
One of these is the currency’s enhanced anonymity and security. As with any purchase made online, there is always some small risk of a person’s private details being accessed by thieves and hackers, but this is reduced to almost zero when cryptocurrencies are used.
Indeed, with the player’s personal details remaining both anonymous and highly secure, it is almost impossible for the blockchain to be penetrated or the encryption violated, meaning there is almost no risk of falling victim to online fraud.
On top of this, the spending habits of those who use cryptocurrencies cannot be analyzed by banks or other enterprises in the usual way, meaning payments the consumer makes online will not affect their eligibility for loan products and so on.
Add to this a decrease in fees, and the appeal of cryptocurrency payment methods within the online gambling industry becomes clear.
TDC Note – Just ask Jeff Berwick!