Cryptocurrencies had been warmly embraced by both casino operators and initially many players, for they did allow customers of any casino site to make anonymous deposits into a casino or gambling related site and allow them to withdraw their winnings instantly, too.
However, the popularity of cryptocurrencies has now sadly declined to the point at which there are not that many gamblers using them, and there are many reasons why the popularity of Bitcoin and Ethereum to name just two of the many different digital currencies has reduced.
The one major negative aspect of all cryptocurrencies is that they are very volatile, and in what can often be just a moment’s notice, their values can shoot up but conversely, they can shoot down. As such, this means a player using any of them is always going to be at risk of those volatilities that can massively at times reduce the value of their bankrolls.
Also, buying and selling cryptocurrencies has become very expensive, for there are always going to be fees and charges users of any digital exchange are going to have to pay. So, users face a double whammy of charges when buying their chosen cryptocurrency and when turning them into their own currency, too.
Whilst many ATM’s appeared across the globe that offered Bitcoin and would also allow people to turn Bitcoin into local currencies, the fees charged by them were often excessive and the exchange rate was often much lower than were generally available on digital currency exchanges.
As for whether they will become as popular as they were not that long ago, well it’s probably fair to say that there will always be a market for cryptocurrencies, but it may be now that many gamblers will avoid using them, as there are plenty of other ways they can both fund their gambling site accounts and get paid out their winnings which don’t involve such volatilities.
David is a keen slots player and has spent countless hours playing both online and in land based casinos. He enjoys sharing his knowledge of the gambling industry and keeps a keen eye out for the latest online slot games. Contact him by sending an email to email@example.com.