Since the rise of cryptocurrencies, the gambling industry has begun to embrace this new technology. There are many casinos for players that accept Bitcoin, Ethereum and other crypto assets. But we are just at the start of a big revolution that is soon to come.
How the users benefit
The players certainly have a few benefits: Cryptocurrencies offer anonymity that traditional fiat currencies can’t. Transactions with crypto can be done 24/7 and are not dependent on office hours of banks.
How the casinos benefit
Besides from being an early mover leveraging a disruptive technology, casinos that accept crypto benefit from something else: Lower transaction fees! The average user might not be aware of the merchant fees that businesses have to pay. But by accepting crypto, the casinos certainly gain some competitive advantage.
The crypto gambling industry has some challenges to face: There may be some regulatory questions as cryptocurrencies are relatively new. Also, users might not be as attached to their crypto balance as they are to the fiat currencies in their bank account. So gambling addiction is another important challenge.
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