Every day we hear about the growing influence of cryptocurrencies, while the most famous brands like Bitcoin or Ethereum have become household names, familiar to most people around the world. But regardless of the original reason for these digital assets being created, the global uptake as a spending tool is actually surprisingly low.
According to data published recently by The Conversation, usage of cryptocurrencies as currency remains limited, contrary to the ideas and original concept for Bitcoin highlighted by its creator Satoshi Nakamoto. The vision was for “a purely peer-to-peer version of electronic cash” in 2008, based on the opening line of his white paper that was published that year.
But regardless of those intentions, the uptake for general consumer spending with Bitcoin and other cryptos has achieved little progress. In fact, studies and surveys organised by the Reserve Bank of Australia seem to prove this being the case. Numbers for 2023 indicate that less than 2% of Aussies use crypto as an instrument of payment.
Indeed, the most popular online payment methods in Australia are PayPal, “Buy Now, Pay Later” options, plus mobile alternatives including PayID and QR Code. By comparison, people still seem reticent about using cryptocurrencies for most online transactions, despite the growing number of retailers and service providers willing to accept them.
Surprisingly enough, this is most evident in Australia, where great strides have been made to educate and inform people about cryptocurrencies, while many high street and online vendors have embraced the concept in recent years. Nevertheless, adoption among the wider public has not really taken off yet, based on these Bank of Australia surveys held every three years.
But seemingly providing an intriguing contrast, gambling with cryptocurrencies has risen sharply in recent years, and we’re not even talking about risks involved with investments. Increasingly more casinos are accepting Bitcoin and other digital currencies, coining the “crypto gambling” term and expected to be worth around AUS $100 billion by the end of 2023.
As one of the most important regulators in the industry, the UK Gambling Commission has even published guidelines for blockchain technology and crypto-assets in March 2023, providing important information for licensing regulations and crypto payments. This undoubtedly highlights the growing trend of increased use at online casinos.
There have been many unscrupulous casino sites jumping on the Bitcoin bandwagon, without any regulation whatsoever, often disappearing as quickly as they arrive. Despite this issue having raised significant concerns within the iGaming industry, the most reputable and licensed operators are keen to push ahead with cryptocurrency options for their clientele.
Whenever seeking real money casinos for Australians and given that cryptocurrencies are increasingly accepted, both for deposits and withdrawals, ensuring you can fully trust the gambling operator is paramount. Reading trustworthy expert reviews is highly recommended, especially when they honestly give positive and negative appraisals for each site.
Part of the appeal surrounding crypto is the unregulated nature of digital currencies, although when it comes to gambling, the best option is always to play casino games are fully licensed and regulated sites. Doing otherwise adds unnecessary risk to what should be a fun and entertaining activity.
Insofar as the uptake in gambling as opposed to various other consumer activities, perhaps there are lessons that other industries can learn. That being said, the iGaming sector is renowned for innovation, often providing ideas that other consumer-driven businesses eventually follow.
