Many online casinos are starting to join those which have implemented the use of crypto currencies such as Bitcoin into their account funding and withdrawal structure, but this appears to be just the beginning as far as crypto technology goes in the casino industry. We can expect a lot more to come as blockchain tech becomes more solid and more widely adopted as the standard to aspire to.
Universal cryptocurrency acceptance
Currently, online casino sites that accept cryptocurrencies such as Bitcoin as funding and withdrawal options are operating in somewhat of a pioneers’ space. It appears is if Bitcoin is here to stay as one of the leading (if not the) leading cryptocurrency of the future, even after the blip it experienced along its developmental trajectory, following its colossal rise in value.
In the very near future, it’s quite possible that every online casino will accept cryptocurrencies such as Bitcoin as a funding and withdrawal option.
Operational-level blockchain technology
Bitcoin as a cryptocurrency is just one example of one implementation of the underlying blockchain technology driving this system of keeping and updating records. As time progresses, it’s quite possible that this underlying crypto technology will be implemented as part of the core tech running online casino sites. It would make perfect sense, because then it brings into focus the next two pointers of discussion and the effectiveness around these, namely real-time accounting of funding and withdrawal transactions, as well as regulatory mechanisms.
Real-time account funding and withdrawal
The allure of cryptocurrencies such as Bitcoin is the disregard for traditionally bureaucratic methods and avenues of moving money, i.e. funding your online betting account traditionally goes through the central banking system, which accounts for many unnecessary delays and added service fees. If online casinos take things a step further, very soon your online betting wallet could be directly linked to your cryptocurrency wallet and thereby make for the facilitation of real-time account funding and withdrawal.
Solid regulatory mechanisms
At the core of what drives crypto tech is the public ledger system of record keeping, something which should draw the attention of online casino regulators. What could be more transparent than blockchain technology as applied to online casinos, thus ensuring regulation that can be verified and referenced accurately?
While the featured discussion-pointers above are more from the point of view of how online casinos are probably going to evolve as crypto technology is more widely adopted, for now, online casinos which accept cryptocurrencies as part of their funding mechanisms are leading the way into the coming paradigm shift. So for now, the Bitcoin-accepting sites listed on resources portals such as SmartCasinoGuide.com don’t quite implement blockchain tech at a technical operational level, neither do they use this crypto tech as part of their regulatory due diligence, but they do indeed accept cryptorcurrency as a funding and withdrawal method.
So basically this is just the beginning of what’s to come, but it does indeed open the online casino market to many people who might have otherwise been limited due to restrictions such as those of their regional banking laws.