Are Cryptocurrencies & Gambling NFTs the Future for Online Casinos?

Gambling is a market that is constantly moving with the times. We saw this in the early 90s as it moved into online gambling, and we could be seeing it again with a shift towards cryptocurrency and NFT (non-fungible token) gambling. In this article, we’ll be looking at exactly what cryptocurrencies and NFTs are and how they could be the future of online gambling.

Cryptocurrencies in Online Casinos

Cryptocurrencies are a form of digital currency where transactions are verified via a decentralized system using cryptography. As these currencies are decentralized, there is no central authority to control them, meaning you’re free to spend them however you want. While many of the modern payment systems are great, they still rely on a central authority that may limit your access or restrict your account, which cannot happen when using cryptocurrency. Let’s take a closer look at the pros and cons of using crypto in online casinos.

Pros

• Fast Payments – Crypto transactions often take less than an hour.
• Low Fees – Many cryptocurrencies incur negligible fees when transferring large amounts of money.
• Security – Blockchain technology is one of the most secure payments.

Cons

• Price Volatility – The price of many cryptocurrencies is extremely volatile, so the value of the cryptocurrency you put in may not be the same when you withdraw it.
• Irreversible Payments – If you send a payment incorrectly or use the wrong withdrawal address, you will permanently lose your cryptocurrency, as there is no way to reverse the transaction, this may change in the future with reversible blockchain payments. 

NFTs in Online Casinos 

While cryptocurrency has been around for a while now, a relative newcomer to the scene is NFTs, which stands for non-fungible tokens. While NFTs are like cryptocurrencies in that they’re digital tokens existing on the blockchain, NFTs are tied to an asset, making each one unique. If you have two Bitcoin, both are worth exactly the same value and can be used interchangeably: however, each NFT is tied to a unique asset, meaning they cannot be used interchangeably. NFTs are popular in the Metaverse, and people are already using NFTs to gamble, so let’s look at the pros and cons of using NFTs in online gambling.

Pros

• Security – Just like with cryptocurrencies, the underlying technology of NFTs is said to be equally secure
• Unique Rewards – By gambling and winning NFTs, you get to win a unique asset that is yours alone.

Cons

• Nebulous Value – Like art, NFTs don’t have a set value and are only worth what someone is willing to pay for it. The markets for NFTs fluctuate heavily, so your NFT may be worth significantly more or less over time.
• Irreversible Payments – Similar to cryptocurrencies, as of now, if you make a mistake when sending your NFT, there is no way to get it back.

The Future of Online Casinos with Cryptocurrencies and NFTs

‌As we mentioned in our intro, the gambling industry is always on the cutting edge of new technology as it seeks to improve the player experience. Nowadays, an online casino that accepts apple pay, PayPal, and many other payment methods is considered to be the standard, but it wasn’t so long ago that many online casinos had limited payment options. As more and more people adopt cryptocurrencies and NFTs as legitimate payment methods, we can expect more casinos to offer them as payment options in the future.

We expect the popularity of cryptocurrencies and NFTs to grow in the coming years due to the numerous benefits they offer players. These payment options allow players to make large transactions quickly and securely while only paying an insignificant fee. The easier it becomes for a player to deposit and withdraw, the better experience they’ll have, meaning it’s a better experience for both the player and the casino.

Conclusion 

There is huge potential for cryptocurrencies and NFTs to revolutionize the world of online gambling. While some challenges need to be overcome, we anticipate that those will be addressed as the technology develops. Once the technology has fully matured, the benefits of using it will be substantial, and we expect more and more online casinos to offer cryptocurrency and NFT gambling in the future.

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