The online gambling industry is going full speed ahead with cryptocurrency
The time is fast approaching where online gamblers will start pressuring online casinos into accepting Bitcoin and other digital currencies.
With Bitcoin celebrating its 10th anniversary as the world’s first viable digital coin, the time has come for merchants and customers alike to start embracing what may well become the most popular payment method available. By the way, it’s not just Bitcoin that’s advancing as a viable coin. We are also seeing a continuing increase in the popularity of cryptocurrencies like Ethereum, Litecoin, Bitcoin Cash and Ripple.
None of this seems to be lost on the online gambling industry. While the industry has arguably been slow to embrace cryptocurrencies as a viable way for customers to fund their gambling accounts, we are starting to see evidence times are changing. Today, as many as 10% of the world’s online gambling sites are accepting Bitcoin. That represents a growing number of online gamblers that are using Bitcoin to fund their ability to play online slots or other games of chance.
Even more telling that change is coming is the fact there are a number of top software developers like Microgaming and NetEnt that are starting to update its payment platforms to include cryptocurrencies. In all likelihood, these updates will include more than just Bitcoin as a possible banking option. How long will it be before an online gambler will sign onto an online casino site like Gclub and fund their Gclub account with some form of cryptocurrency?
Gambling Industry Developing Own Coin?
It’s still in the rumor stage, but it’s a rumor that makes a lot of sense. There have been recent rumblings that some major players in the gambling industry are looking at the possibility of introducing the industry’s own proprietary coin.
The concept of a given industry offering its own coin as a means of transacting business within that industry is not new. In fact, the genesis of a lot of the new speculative coins hitting the market is indeed industry-specific coins.
In theory, here is how it would work. Online gamblers would need to fund an exchange account. From that account, they would either have to purchase a publicly traded coin like Bitcoin or perhaps the online gambling industry coin would be available on public exchanges. If the customer has to go the Bitcoin path, they would subsequently have access to purchase the online gambling coin from a casino or a closed exchange. Once the coin is in hand, the coin would be easily transferrable between online gambling sites. There’s more than air to this rumor.
What Online Gamblers Want
By all indications, a vast majority of online gamblers are willing to embrace cryptocurrency as the best banking option. First, online gamblers are quite aware of the anonymity benefits they will get by transacting business with a digital currency that only exists on a blockchain registry. They are also aware of the fact that using cryptocurrency to transact business is quick and efficient and offer transactions that carry little to no transaction fees.
The time is fast approaching where online gamblers will start pressuring online casinos into accepting Bitcoin and other digital currencies. Anyone who still believes the crypto phenomenon is nothing more than a fad should watch the online gambling industry for a reality check.
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