Considering the first cryptocurrency was created in 2009, it is difficult to believe there are now a few in existence. At the time of writing, the number of cryptocurrencies being accepted as a form of payment is increasing online and has moved away from the small number previously available. It is estimated over 70% of E-commerce sales will take place on a mobile device in 2021 and as a result, both online merchants and consumers are beginning to turn to cryptocurrency payments.
What does this mean in terms of online gambling? Well, you only have to look at some of the big name online casinos to see how cryptocurrency payments have being introduced to the online casino industry. Mansion Casino is a good example and they have added Bitcoin to their list of payment methods.
The new payment method
Not only are cryptocurrency payments safer than other forms of payment online due to being anonymous, but they are also . We live in a world where people want instant results and by using Bitcoin, that is achievable in terms of online casino deposits. Many iGaming affiliates have benefited from the introduction of Bitcoin to online gambling and Gamblers Pro, an online gambling affiliate founded by Leo Twin, plans to make great strides in the cryptocurrency space in 2021.
However, many critics are citing the negative environmental impact of mining Bitcoin and this is something Twin, CEO of Gamblers Pro has been keen to address. “The ultimate goal is to fuel this mining with renewable energy”, said Twin, before continuing, “That’s where this industry needs to go, and we intend to be an example of how that can be done. We’ve selected a forward-thinking European country for our new mining site for this reason.”
Mining for success
Twin believes that we are currently at the midpoint of a four year cycle of Bitcoin and more people are beginning to learn about the cryptocurrency and accept it as a form of online payment. Discussing the topic, Twin said, “We’ve been building out our and accumulating promising crypto tokens over the past few years. During the bear market, increasing numbers of people counted crypto out. We did not. We bought lots of , connected with investors with a long-term vision, and have been steadily accumulating tokens that we think will do well. The recent price boom has allowed us to book the profits needed to fulfil our long-term vision in this burgeoning industry.”
Having purchased a lot of mining equipment, it appears as though the company are going to be investing in a new mining facility in an undisclosed location plus blockchain-based crypto casino applications. There certainly appears to be a developing market for cryptocurrency casinos and it will be interesting to see if the continued introduction of specialised cryptocurrency casinos online will challenge the dominance of standard casinos, such as Bet365 and Casino.com. This may take some time but Twin believes it will happen.
“Ultimately, this will play out over 20 years. It will take a generation before the full effects of this become apparent, but we intend to be one of the main beneficiaries by proving cutting-edge crypto casino games and developing casino Dapps on both the Ethereum and Cardano blockchains. After a careful analysis and endless meetings with investors, we’ve identified these two as the likely .”
The numbers keep climbing
With recorded profits from the recent resurgence of Bitcoin, Twin now has the funds available to move into the creation of cryptocurrency casinos. In addition to extra cash raised from investors, this will allow the brand to build an initial 10 crypto casinos plus continue their Bitcoin mining operations for many years to come.
Coupled with the environmental impact, as highlighted above, another of the possible stumbling blocks for Twin is the difficulty of using cryptocurrency casino apps for average people. At the time of writing, there are several cryptocurrency casino apps currently available on blockchains such as Ethereum and Tron but the fear is people are not using them because they believe the process plus combination of cryptocurrency and online gambling, is too difficult to master. Twin believes .
What is Cardano?
Cardano is a decentralized public blockchain and cryptocurrency project. It is and the internal cryptocurrency is called Ada. In their own words, “Cardano is a proof-of-stake blockchain platform: the first to be founded on peer-reviewed research and developed through evidence-based methods. It combines pioneering technologies to provide unparalleled security and sustainability to decentralized applications, systems, and societies.”
There is already a selection of online casinos who accept Cardano as a form of payment. Combining instant deposits and withdrawals with no deposit or withdrawal fees, it is easy to see why people choose to use this method and why cryptocurrency casinos could be the future.