Crypto vs Traditional Online Gaming – Vegas Spins
Written by Matt
Published date · April 22, 2021 | Last Updated · Dec. 14, 2022 | Read Time: 2 mins
The biggest innovation/trend that could take the online casino industry by storm in the remainder of 2021 is cryptocurrency. With the growing popularity of investment in cryptocurrencies and in turn, casinos offering crypto as a payment method. This article will examine how cryptocurrency has affected online casinos up to now and how it will affect the traditional online casino going forward.
Cryptocurrency: All You Need to Know
The cryptocurrency-based online casino market has seen steady growth over the past few years; experts have assessed that gambling orientated cryptocurrencies command a value of around $150 million.
This survey also found that the crypto-based transactions per day have surpassed $3 million, whilst the count of players who prefer using blockchain casinos has exceeded 30,000 on a per week basis.
According to experts, the overall size of the international gambling market is only set to rise further and is set to increase by around $100 billion in the next year. In a recent survey, the size of the crypto gambling sector has eclipsed the entire gambling industry in the last quarter of 2020 by a margin of 6%.
Crypto based online casinos do offer some advantages to players. One of the biggest advantages is that players don’t have to validate their identity before playing. This will allow players to retain some privacy, which is a big plus for those playing in restricted countries using a VPN.
The other major attraction of crypto-based is that it provides players with an added layer of security when playing. This means that players will feel more comfortable playing any of their favourite games offered by these crypto-based casinos. At the moment, the user experience still requires some work, but it’s improving slowly but surely.
The demand for more cryptocurrency-based casinos is rising, and a large number of players are looking for their favourite online casinos, such as Vegas Spins, to pose more of a crypto-friendly approach to the funding methods. Operators are looking into various options to help fulfil these demands.
How Will This Affect a Traditional Casino
The next section to look at how the emergence of crypto-based casinos will affect a traditional online casino such as Vegas Spins.
At Vegas Spins, they offer a variety of classic funding and withdrawal options at their online casino, including PayPal, Apple Pay, Visa and Paysafecard. They also offer different kinds of currencies, including GBP, CAD, EUR and USD.
We believe that traditional transactions will remain for most online casino platforms such as Vegas Spins. Still, now. Currently, cryptocurrencies are slowly replacing some of the most outdated methods. The blackjack players prefer cryptocurrencies as they feel it is better to use as they prefer being anonymous and untraceable.
We think that whilst cryptocurrencies are only going to grow in popularity, they will never replace the tried and tested payment methods such as debit cards and PayPal. The traditional payment methods are easier to use for the average player and allow newcomers to play online casino games without knowing the ins and outs of digital currencies like Bitcoin and Dogecoin.