One of the biggest innovations to hit the online casino industry in the last decade has been, without question, blockchain technology. When it comes to cryptocurrencies and blockchain technology more generally, online casinos have been one of the earliest adopters out of any industry.
In fact, many of these reliable bitcoin casino sites now offer wide-ranging cryptocurrency support as one of their standard payment options, which is in stark contrast to many other forms of ecommerce where cryptocurrency options are sorely lacking.
But why have online casinos and gambling websites supported blockchain technology with such enthusiasm, when the rest of the world has been so slow to integrate this revolutionary digital technology?
There are two reasons for this. Firstly, and more generally, online casinos have always existed on the cutting edge when it comes to technology. In fact, some of the earliest websites that members of the public could access were online gaming and gambling sites. Similarly, when smartphones first burst onto the scene, some of the earliest apps released were developed by casino game developers. The second reason why online casino have adopted blockchain, cryptocurrencies and bitcoin so enthusiastically is simply because of the functionality they offer. As an industry where hundreds of thousands, if not millions of individual transactions are processed each second, there is a real need to have these transactions processed as quickly as possible. And cryptocurrencies such as Bitcoin are potentially the answer to this problem.
It is this combination of factors that has seen online casinos support cryptocurrencies such as bitcoin and Ethereum in recent years. Nowadays, you would be hard pressed to find an online casino that does not offer some kind of cryptocurrency support.
But in terms of how online casinos intend to deepen their integration of blockchain technology and support for cryptocurrencies, what are the most exciting industry developments and innovations that lie waiting for us in 2021?
Increasing transaction speeds: from fast to lighting fast
One of the main reasons why online casinos showed so much support for cryptocurrencies like bitcoin early on in their development, was simply because of the efficiency benefits they offered. Unlike traditional payment methods such as credit or debit cards, which rely on a number of third parties between the casino and the user looking to make a payment – such as banks and card processors – bitcoin transactions can be processed directly between the two parties to the transaction. As more and more bitcoin has been unlocked, mined and entered into circulation, however, transaction speeds reduced somewhat as the network itself grew.
The same has been true of other currencies such as Ethereum. In this time, however, developers have been working away behind the scenes finding new and creative ways to improve the transaction speeds. These efforts have paid off, and several upgrades to the bitcoin network have seen transaction speeds significantly increased. The result of this is that cryptocurrencies like bitcoin are increasingly attractive for both individuals using casinos, and casinos themselves, which immediately benefit from shorter transaction times. As such, one of the most important things to look out for in 2021 relates to a series of planned network upgrades, which will increase the adoption and integration of a range of different cryptocurrencies.
Regulation, compliance and cryptocurrencies
Although you might have thought of cryptocurrencies as primarily a way of paying for goods online, the blockchain technology that underpins popular digital currencies such as bitcoin and Ethereum has a much wider range of potential uses. One interesting use they might be put to, which will be particularly useful for the online casino industry, relates to regulatory compliance. Cryptocurrencies such as Ethereum could be used to develop blockchain based apps, which can be used to verify transactions or the identities of users signing up to online casino platforms. As these processes take place fully online, without the need for intermediaries, they could be completed much more quickly than the traditional methods we currently rely on. This could mean that setting up and fully verifying your account could be completed within a matter of minutes, if not seconds.
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