Cryptocurrency and the online casino industry are a match made in heaven. Both represent the future and how this technology has been used on extremely traditional concepts to bridge the gap. But not all online casinos accept Bitcoin and a lot of people still doubt its legitimacy. There are many uses for Bitcoin that just need further adoption and trust in the cryptocurrency in order to be fully enacted. The iGaming industry often adopts new technology and ways of doing things. So, what needs to happen before online casinos and bookmakers fully adopt cryptocurrency?
Digital Payment Proliferation
The first thing that needs to continue before cryptocurrency is seen as a legitimate alternative to traditional finance, especially in the iGaming industry, is that existing digital payments need to continue to be adopted. We are already seeing this in some sectors, for instance in the sports betting sector. You can check before you join to see if certain sportsbooks in states like Colorado accept alternative forms of deposit payment including prepaid cards and PayNearMe options. These might not be cryptocurrency technology, but they show a willingness to offer alternative forms of payment.
Most retailers accept the basics of PayPal, and use the acceptance of any other kind of digital payment as a differential factor when it comes to standing out in business. Etsy shops, for instance, often allow different payment methods if they suit the person running the shop. Being able to engage with a range of options could help people decide where to give their custom. There are steps in all industries for the proliferation of digital payments, but there is always more that can be done.
Bitcoin Needs to Be Adopted
There are some provisions for online casinos that accept Bitcoin. But there are still some barriers present before cryptocurrency becomes as mainstream a payment method as PayPal is. Bitcoin needs to gain further legitimacy in the mainstream, so that it is seen as a trusted and reliable payment method, so more people exchange the cryptocurrency, and so that the trade volume increases and those who have it begin to spend it more and spread it around.
Some would argue that even if every single online casino accepted Bitcoin, many people who hold Bitcoin wouldn’t spend it. Indeed, there is evidence that those who have Bitcoin prefer to save it and wait for it to continue to rise in value – those who invested early on have benefitted tremendously from the accumulation in value. So, even if Bitcoin was a payment method everywhere, would people even use it? Stories of saving Bitcoin for huge windfalls later might deter people who have the cryptocurrency from actually spending it.
Before Bitcoin and other cryptocurrencies are adopted fully by the iGaming industry, attitudes need to change. The mainstream needs to adopt cryptocurrency and understand it to a greater degree, while digital payments also need to continue to be seen as the norm. Should these continue to happen, there is no reason that Bitcoin doesn’t become one of the most trusted and readily available forms of payment for the online casino industry.