As the global financial markets become more and more reliant on technology, the rise of online payment methods has shown that the future of finance could be completely digital. Almost every industry has had to adapt to incorporate new technology, and some have been completely revolutionized.
As well as conducting most of our business online, whether that’s via emails, ordering through websites, or even using entirely online services, our entertainment options have largely been digitized as well. Anyone who remembers having to ‘tune in’ an old television will confirm that the modern approach to on-demand everything would have been completely alien only a few decades ago.
Other forms of entertainment have also been revolutionized by the increasing availability of the internet, including casino gaming. As one of the first sectors to embrace incoming technology fully, casino games were among the first to be digitized.
Video poker and electronic bingo were among the forerunners, making the link between the traditional versions of the games and their online counterparts. Games like poker and blackjack rely on the kind of logic that computers excel at, so it made sense to digitize these popular games, and casino games such as slingo slots are still among the most popular choice with 21st-century gamers.
Gamers as tech early adopters
Gamers, by their very nature, tend to be pretty tech-savvy which makes them more likely than other groups to adopt the latest innovations in that sphere. Whenever advances are made in almost any technological sphere, developers begin using it in their games and gamers get to try out the latest from the world of technological development.
Virtual reality is a futuristic dream that is being realized, bit by bit, with every new advancement in software and hardware that comes out. Gamers have been at the forefront of adopting this technology, using it to get the ultimate immersive experience while playing games designed to transport you to another version of reality.
Gamers have built the market for all things gaming into a multi-billion dollar, international behemoth, and with more than one-third of the world’s population gaming, it’s still set to increase in the coming years. From ergonomic chairs to specially designed smartphones, the gaming market comprises much more than just the games themselves.
Online Payments in online gaming
The fact that gamers tend to embrace new technology is one of the reasons that online gaming has such close links with online payments. While most of the world viewed ‘virtual money’ as something to be wary of, those who understood the technology behind the innovation were a little more likely to consider online payments such a cryptocurrencies as a viable option.
As confidence in crypto grew, so did the link between online gaming and digital banking, and the rise in international online gaming saw players all over the world using sites hosted in other countries. When moving money internationally, players understandably wanted methods that were fast, cheap, and secure.
Cryptocurrencies ticked all those boxes, offering a way to transfer funds between accounts almost instantaneously and with minimal fees. Because of the way the blockchain records each transaction, cryptocurrencies are secure, but they can also be made anonymously which appeals to those who want to keep their personal data safe.
Cryptocurrencies and casinos
Online casinos tend to offer a wide range of payment methods precisely because they know their clientele expects the most stringent security measures to be in place. Casino licensing authorities require their members to maintain high security standards, so players can be assured that they are playing in a safe environment when they transfer money in and out of their casino accounts.
Casinos were among the first online businesses to welcome the use of cryptocurrencies among their players and there are now a number of crypto-only casinos available online. As globalization and online accessibility improve, cryptocurrencies allow players to enjoy the borderless world of virtual finance.
Sending and receiving money internationally has historically been either expensive, insecure, or both, and the days of banking institutions controlling the exchange rates and chargeable fees saw prices for transfers soar. The flexibility and convenience of using cryptocurrencies make them the payment method of choice for an increasingly wide pool of people.
The future of gaming and online payments
As we move closer and closer to complete internet coverage and ubiquitous smartphone usage, the areas where we use technology will grow and expand. Banking and money management have already changed unrecognizably over the last couple of generations, and many experts are predicting that we will continue to explore the potential of online payments including cryptocurrencies for the foreseeable future, particularly in online gaming and related sectors.
The success of the major cryptocurrencies makes them a viable alternative to traditional banking and there are plenty of users that rely on their ability to use cryptocurrencies to enjoy some of their favorite pastimes.
