The advent of cryptocurrency has made a significant impact across many industries, with the sphere of online gambling being no exception. As digital currencies like Bitcoin, Ethereum, and others continue to gain more mainstream acceptance, their integration for deposits and withdrawals on casino sites, like JustCasino, also grows. This brings notable changes to payment workflows and operations for both operators and players.
Broadening Payment Options
One of the most direct impacts stems from casinos adding cryptocurrency to their cashier systems for payments. Major brands have integrated options to use leading crypto coins and tokens for funding one’s real money account balance. This gives players more flexibility and optionality:
| Cryptocurrency | Supported by Major Brands |
| Bitcoin | Yes |
| Ethereum | Yes |
| Litecoin | Select Brands |
| Ripple | Very Few |
The leading decentralized digital coin, Bitcoin, sees widespread implementation. Support for #2 market cap currency Ethereum also grows. Lower cap alternative cryptocurrencies currently have less integration. More competition leads sites to keep expanding options.
Driving Anonymity and Processing Speed
Two of the main advantages of cryptocurrency payments for players include:
- Anonymity – Blockchain transactions do not require personal information like credit cards. This allows nameless payments.
- Speed – Crypto confirmation times can be very fast, depending on coin type. Leading networks settle in under an hour, much quicker than bank transfers.
When users want to avoid sharing their financial data or want to deposit funds quickly without waiting days, crypto ticks those boxes. This caters to a portion of slots with bonus games players.
However, full legal anonymity is not guaranteed. Sites still implement Know Your Customer (KYC) checks for larger cumulative transactions. This applies anti-money laundering regulations.
Volatility Challenges for Operators
The other side of accelerated value fluctuations with cryptocurrencies brings challenges to operators. With coins able to dramatically gain and lose value day-to-day, this can impact business plans. For example, the USD value of payments and winnings can shift quickly.
Sudden drops also bring withdrawal risks if casinos hold reserves of cryptocurrency. Even players can experience volatility impact if they do not convert crypto deposits to standard currency quickly within their accounts.
Ongoing Monitoring Required
Due to factors like changeable regulation and coin security risks like hacking or fraud, casinos have to closely track news and updates. Providing crypto payment methods requires more hands-on monitoring compared to established mainstays like Visa or Mastercard.
For less technically adept customers, extra instructions or assistance may also be needed for transactions. This can start from the basics of setting up a compatible third-party wallet. User experience friction requires consideration.
The Verdict? Continued Expansion
Despite needing to account for the above volatility and support factors, enthusiast player demand makes crypto integration worthwhile. Large betting sites all provide at least Bitcoin payments already. More niche alternative coin support seems inevitable as adoption spreads.
The added flexibility and advantages around speed and anonymity outweigh the cons for most operators. Players invested in cryptocurrency also represent a distinct and passionate niche to cater to. Supporting crypto allows attracting and better serving this subset of users amid growing competition.
Ongoing innovation around blockchain-based currencies will likely make management and security easier as well. So while crypto brings real challenges compared to traditional financial rails, current momentum points to more casinos integrating Bitcoin and other tokens. Users can expect to use their blockchain balances for real money play for years to come.
