4 Reasons Crypto Casino Hype May Be Overblown
As we move towards the future, it’s natural to start looking at new ways to fund our lifestyles. And what are online poker and other casino games, if not the building blocks of said lives? The idea of using cryptocurrencies to play online poker is an appealing one.
And there’s been hype for some time surrounding the use of crypto to fund our digital card game habits. In some corners of the internet, it is indeed fast becoming the preferred payment option, as they are secure, anonymous, fast, tech-based and forward-looking, reports the Inquirer.net.
Those are a lot of positive adjectives to describe crypto as an online poker fund. And they’re all apt and true. But there are reasons for caution around the prospect of crypto becoming the standard across betting and games websites.
Traditional Methods Are Speeding Up
You would think that crypto – with its futuristic feel – would leave old-world payment methods in the dust. (Well, not that old-world – we’re still talking about online transactions, which seemed like ‘the future’ just a few years ago.)
In actual fact, right now, crypto transactions aren’t actually any faster than, say, PayPal in most cases. This is partly because other methods have been scared into quickening up to match the speeds of Bitcoin and the like. As our Crypto Coin Daddy article points out, alternative ways are arising all the time to negate any advantage or increase expediency of the cryptos.
Most People Aren’t ‘Using’
While it seems like everyone and their dog have invested in some form of cryptocurrency, the reality is that the world hasn’t caught up to actually using it as a currency. That is, there are still very few places where you can exchange Bitcoin for services or items. And while some websites are accepting it as currency, people are still far from developing the habit of using it as such. Even if new members begin using crypto, there is little incentive for old hands to change their payment methods. Cryptos will be used for online casinos, and that trend will continue to grow – but not just yet.
It Takes Time
Like all kinds of currency, crypto requires trust to spread its wings. And no matter how quick the online changes are, people are often slower to trust new and exciting trends. The future is bright for cryptos and their everyday usage. So, while the take up might be somewhat leisurely, it looks like online casinos will gradually become more crypto-oriented. According to Poker.org, Bitcoin is already becoming a “popular way to fund an online poker account.” For that matter, we’ve seen some new poker platforms and casinos emerge also, with a focus on embracing Bitcoin from the beginning. It just might take a little while to take over the online casino world.
People Still Deposit and Withdraw Traditionally
In line with that concept of trust – people’s habits around depositing and withdrawing are yet to change. For now, it is merely a new and rather exciting feature. But in the future, we might just be living in a crypto poker world (until a new line of currency is invented).