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Impact of Rising of Crypto-Currency on Online Casinos

Written by: Mustafa Mulla

September 2, 2021

The global cryptocurrency market is at a stage of massive growth with more people trading crypto.

Since 2009 when the first digital currency, Bitcoin was released by Satoshi Nakamoto, market is bullish.

Today, it is to note that we have over 2000 digital currencies globally.

Many startups and new businesses have also come up with several initial coin offering schemes to drive the growth.

Businesses and online shops have also started accepting cryptocurrencies as a means of payment for items purchased. We live in an intentional business world, and according to Bill Gates, the future of money is Bitcoin.

The rise of cryptocurrency took a major turn during the pandemic when meant to manage the pandemic.

Many individuals spent a better time of their time trading in cryptocurrencies. For those who had little or no knowledge about how trading works, they subscribed to buying and stacking alone.

Cryptocurrency is diverse

The beauty of the cryptocurrency space is that whether you’re buying,stacking or selling, there is a lot you can make.

All you need is patience to understand the market working and the intelligence to leverage the volatility of the market.

Worthy of mention is that with the rise of cryptocurrencies comes the establishment of many crypto exchanges globally.

The essence of these exchanges is to facilitate crypto trades by providing a platform for peer-to-peer trading.

Some exchanges also provide for wallet services where traders and players in the crypto space can keep their coins.

Crypto wallets are similar to digital wallets except that they are not as palpable as your regular wallets.

However, the uses are same, store and record transactions carried out with your virtual currencies on these wallets.

Across all sectors of human endeavors, the impact of the rise of cryptocurrencies is visible. Whether it is in the economy, the business sector, or the gaming industry.

Cryptocurrency is playing a huge role in transforming all of these sectors and ease in carrying out various activities.

One major sector that has felt the impact of the rise of cryptocurrencies is the online casino industry.

In recent times, we have seen more people expressing interest in online casinos more than they do in physical casinos.

One major reasons for this increased adoption of online casinos is the ease of playing. You don’t have to leave your home before you can play and earn on these casinos.

You need to have a mobile device and access to the Internet, you can get started with online casinos.

In trying to create a link between the rise of cryptocurrencies and the impact of this rise on the online casino industry, we have to ask an important question – is this impact negative or positive?

Providing a direct answer to this question might be a bit difficult. As such let’s attempt to see both sides of the coin.

The Positive Impact of the Rise of Cryptocurrencies on Online Casinos

The major impact of the rise of cryptocurrencies on online casinos is on the positive side is that it brings about ease using online casinos.

Many people are so technologically inclined that they have been clamoring for the inclusion of cryptocurrencies as a payment method on online casinos for long.

Now that it is here, no doubt more people will start registering with online casinos that allow for it. You can get some of the top casino bonuses presented by New Zealand casinos in crypto.

Another positive impact is the global visibility it gives the online casino industry.

Prior to now, when a physical casino is established, the chances are that it is only those who are in the vicinity of such online casino that may get the chance to play on it.

However, with the impact cryptocurrencies continues to have on online casinos, everyone can play on any casino regardless of the originating country.

The Negative Impact of the Rise of Cryptocurrencies on Online Casinos

A major impact of the rise of cryptocurrencies on online casinos that appears to be on the negative side is the possibility of it resulting in the fall of physical casinos.

When people know that they can make payments on their favorite online casinos in digital currencies, it will increase the adoption of online casinos.

The chances are that when more people adopt online casinos, there will be a massive decline in the physical casino industry.

If something is not done quickly to salvage the situation, we might just be preparing for the eventual shutdown of physical casinos.

In conclusion, while there is still a long way to go regarding the adoption of cryptocurrencies on many online casinos, the little we have seen is a clear indication of a bright future.

In the coming years, it is projected that more online casinos will integrate Bitcoin and other digital currencies into their platform’s operations.

However, to prevent the many fraudulent activities that is prevalent in the cryptocurrency market place, online casinos need to tighten up their security to make themselves more attractive to prospects.

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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