Many people thought that crypto was just a flash in the pan. They believed the bubble would burst as the world began to return to normal after 2020. So, the recent news that digital currencies will enshrine in law might force those people to reconsider their stance.
Online businesses – specifically those that are not directly selling goods – were among the first to embrace digital currencies. In fact, online casinos have been among the first to establish cryptocurrencies like Bitcoin and Ethereum as payment options. As well as the many different casino bonuses that an online platform can offer, being able to fund your account from a source of your choosing was always going to make an online casino more appealing – and there were other reasons that this was the perfect industry for the crypto market.
Online Casinos and Crypto
Online casinos are heavily regulated. It means that they wouldn’t necessarily be the obvious place for this new way of paying. Both physical and online casinos have a duty of care to their customers. Regulatory commissions ensure online casinos follow the imposed regulations.
They need to make their games fair. They also need to protect customers from issues like fraud by ensuring the safety of their personal and financial data. Casinos should ensure that they are preventing criminal activity from taking place online, like money laundering.
Not all online casinos accept cryptocurrency. In fact, there are few well-known places to play that allow players to fund their accounts using altcoins.
The casinos that do allow it, however, are also online casinos. They make use of the blockchain to protect their games, their players, and the whole experience.
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No need to share personal/financial data
Blockchain-based casinos allow players to join games without sharing any of their personal or financial information. They only share the public keys of their crypto wallet. Every transaction on the blockchain is monitored (more about the benefits of this later). This means that, in theory, one can trace every person who uses the blockchain casino. Still, the level of privacy is much higher with a crypto casino. You don’t have to provide personal details in the same way that you do for a regular online casino.
Blockchain games are also provably fair because the platform records every transaction. There can be no question of which card was laid when, who made 21 first, or where the reels landed in a slot game because the ledger shows all.
It also means that every transaction is instant. Whether depositing funds, playing a game, winning the jackpot, or withdrawing earnings, the transactions take place immediately. There is no human interaction at all. Funds transfer with a cryptographic entry on the ledger.
Other Industries and Crypto
Tesla and other companies initially thought that crypto could be a viable currency for purchases. They might have stepped back a bit, but it doesn’t mean that there is no appetite for making it work.
The recent law passed by Oklahoma protects cryptocurrency mining and use in the same way as it does with fiat currency. It demonstrates that there will be a market for the decentralized currency in the near future. It also sets the scene for other states in the US (and other countries around the world) to do a similar thing.
Finance
While top financial institutions might have publicly stepped away from crypto, the blockchain is already an important upgrade for security, privacy, and the speed of transactions. Removing the human element reduces errors. It enables accurate logging and helps with analysis – especially when paired with machine learning.
Blackrock understands that blockchain, tokenization, and cryptocurrency are the future. They have embraced the idea that it is possible to represent real-world assets (RWA) on the blockchain. Users can trade those RWAs as an asset fund. Moreover, they also created a way for crypto to become a serious investment option, such as exchange-traded funds (ETFs). Those ETFs became the fastest-growing fund of its kind – amassing $13.5 billion of assets under management in just three months.
Spending
It is likely that small to medium businesses will notice the usefulness of crypto – mostly through stablecoins. Tied to the value of a specific fiat currency, sending stablecoins is the cheapest way to make payments, especially across borders. One can avoid intermediary fees associated with card payments.
Coffee shops that pay a 2% on a card transaction fee could accept stablecoins. Businesses can cut out the middleman and line their own pockets without the risks associated with speculative crypto like Bitcoin.
The world is getting more accessible for crypto – and it is going to get better as we head through 2025.
