Crypto Casinos Growing In Prominence With The Rise of Play-to-Earn
Casinos have been around for many years, especially offline ones. However, online ones have become big following the explosion of the internet, which has made gambling a breeze.
While casinos have existed for some time, cryptocurrencies started dominating the airwaves over a decade ago. It was not until recently that other avenues saw the potential of integrating cryptocurrencies with gaming sites, birthing crypto gambling, as it exists currently.
Casinos are synonymous with making bets that carry significant risks. Games like poker and blackjack have dominated the casino space. What crypto brings into the gambling world is diversity in payment systems, especially for die-hard crypto fans who are willing take risks in gambling world.
How Does Crypto Integrate With Casinos?
Cryptocurrencies run on decentralized protocols that have rid any authority of the power to authorize transactions—a feature that makes them attractive in casinos. The blockchain is the heart of crypto transactions that make crypto payments secure and anonymous.
The principle of the blockchain appeals well to many gamblers who want to keep their activities a secret from their wider social circles. The blockchain accords maximum security, as any crypto coin transferred to a slot machine whether online or offline does not have a definite pathway to link the player to the transaction.
Away from the security benefits, crypto earnings offer a bigger potential for more returns. Many casinos permitting crypto staking also provide the winnings in crypto. Meaning that for players holding the crypto winnings, which are usually many times more than the stake placed, there is a possibility of higher returns when the price of Bitcoin increases.
Is Crypto Gambling Sustainable?
The blockchain is the engine that fuels crypto movements, and in the past few years, many companies have entered the blockchain space. The competitive nature of the blockchain industry has pushed down gas fees and other associated fees, making crypto gambling less costly currently than it was many years ago. Some blockchains like Nano charge almost zero for gas fees while relying on representative voting to offer security and other blockchain services.
The crypto space has some issues to deal with. For a start, many gamblers do not know or trust crypto coins as the base tools to transact in online casinos. Cryptocurrencies also have massive daily swings that make them extremely volatile. Their nature might put people off when the value of crypto is at its lowest.
However, the reality remains that crypto assets have existed for over a decade. Some have grown to historic levels that make them hard to disappear overnight. As more technologies continue to center on the blockchain, creating tokens to act as fuel for transactions, many people will continue to adopt crypto gambling.
What Will Crypto Gambling Look Like In The Future?
The future of crypto gambling is taking shape in the numerous online casinos that accept bitcoin staking. Beyond what is there currently, gambling will take a new face in the next decade. The face might be part crypto in the payment aspect and part slot machines as it is today.
People will also play and stake in virtual realities powered by the metaverse, which will be crypto and NFT-dominated to some extent. Sandbox and Decentraland are building metaverses, which already highlight the massive dependence on the blockchain and crypto to buy land or any other asset while in the metaverse. Gambling will take a similar approach.
Big gambling companies and others that will come up as the metaverse grows will buy space in established metaverses and develop their gambling activities in the virtual space for the users. Depending on the type of the metaverse, gambling companies will have to trade using cryptocurrencies because fiat might not be plausible in the metaverse.
Will Gambling go Crypto in the Future?
Top gaming executives are betting on the metaverse as the future of the gaming industry. The gambling industry, which is game dominated, might follow the direction of other non-gambling games. If the bets come true, cryptocurrency will be imperative in making payments in the casino metaverses.