Bitcoin was launched back in 2009, and the following year saw its first noticeable jump in value. But, it wasn’t until 2011 that the price of the first cryptocurrency started to surge. That year saw bitcoin grow in value by 3,000% in just three months. In November 2021, an all-time high of more than $68,000 was reached, only for it to tumble the next year.
However, bitcoin has spawned a number of imitators, and the main players are starting to be used it in the same way that fiat currencies are. El Salvador became the first nation to introduce bitcoin as a legal currency in 2021, and many commercial websites are accepting crypto as payment today.
Do casinos accept bitcoin and other cryptocurrencies?
Around 8 years ago, the first licensed bitcoin casino appeared online. Since then, many other gaming sites have followed suit allowing an extra payment method for their customers.
As far as traditional casinos go, things are a little bit different. One land-based casino in Cyprus became the first gaming establishment to accept bitcoin a few years back in 2014. Since then, some casinos in Las Vegas have followed suit, but not in the same manner.
If you visit a casino online to play games, you will be able to pay in many ways, sometimes with bitcoin. Yet, in Vegas, even if a casino offers payment by crypto it will be for non-gaming activities.
How are cryptocurrencies used in casinos today?
Casino operators may be keen to allow bitcoin, Ethereum, and other major cryptocurrencies to be used, but so far this has been kept away from the gaming floor. Nevertheless, there are ways in some casinos to use bitcoin.
The most common way for bitcoin to be used in traditional casinos is by the use of ATMs. A few casino resorts also allow bitcoin to be used to book rooms, buy food, and other non-gaming-related services.
Online casinos are a different entity though, and many allow players to use bitcoin for gaming. And in the future, the technology behind bitcoin may be exploited further.
Are online casino operators interested in blockchain technology?
Certainly, many internet casino operators are exploring the tech behind bitcoin. The obvious advantage of allowing payment by bitcoin is to provide more options to the customer. But, there is another advantage that is initially perhaps less clear.
Blockchain technology offers the possibility of decentralized casinos. This means more transparency and increased security. Whether decentralized casinos ever become commonplace remains to be seen.
Are there benefits or negatives for players using crypto for gaming?
Investing in crypto of any type comes with some risks. From the high of November 2021, bitcoin is currently under $20,000.
Bitcoin has been known to jump 5% to 10% in either direction in a very short time. So, there could be a possible risk of volatility. However, with crypto comes a level of anonymity that may be desirable to some players, and potentially faster withdrawals.
It is unclear whether crypto will become used in land-based casinos soon, but the possibility is there. Instead of using physical money, crypto offers a more convenient digital option.
What is certainly happening is that online casinos and many ecommerce sites are embracing what is still a relatively new payment method. The success of this may reside in how bitcoin and its competitors perform during 2023.