Cryptocurrencies have grown primarily because of the progression of the Internet. It’s one of the main reasons why Bitcoin was created in 2009. Safe to say that the introduction of Bitcoin forms the basis of many significant digital inventions in recent years. Undoubtedly, the development of Bitcoin elevated Satoshi Nakamoto to the position of one of the greatest inventors in contemporary times. Nowadays, there are more and more organizations accepting cryptocurrency as their payment method all around the world.
Introducing the History of Cryptocurrencies
With the availability of digital currencies, multiple internet technologies have been created, and the digital world has experienced significant growth in recent times. Notable among areas in which the online world has developed as a result of cryptocurrency is the casino. Every player can currently access an online betting platform from the comfort of their homes and fund their online casino account using cryptocurrency. Check out our explanations on Crypto Casino.
The question is, why are online casinos starting to accept and use cryptocurrency as a method of payment? Surely, cryptocurrency must be offering better values than the previously existing methods of betting. So, what are the values, and how did cryptocurrency casinos begin? Read this article to learn extensively about cryptocurrency as a payment method on online casinos. Enjoy reading!
The Beginning of Crypto Casinos
Historically, the online casino is one of the business niches that joined the internet during its early days in the 1990s. During this period, information technology was developing quickly, and more people are getting access to the digital world.
This led to the introduction of the online gambling casino as well. For instance, in 1994, the first country that legalized gambling worldwide permitted setting up a traditional online casino.
In the same year, the pioneering software for online gaming was released by Microgaming. The first real money online gaming site was announced two years later. During the early 2000s, a sum of $2.2 billion was generated from online gambling. By 2008, the money had increased to $21 billion. After five years, gambling on mobile devices amassed more than $10 billion.
From history, it is apparent that the development of online casinos and cryptocurrency followed a similar path. They brought simplicity and flexibility for the users. With cryptocurrency, every gamer has an anonymous way to bet on an online casino.
Also, contemporary online casinos became a competitive alternative to the land-based betting house. Novelties drive both industries. Likewise, they serve as a reliable means for people to become wealthier. Although the acceptance of crypto led to the redefining of online betting, blockchain casinos take the advancement even further. With the blockchain casino, gaming platforms are becoming more secure to transact funds compared to the previous models.
What are the Benefits of Cryptocurrencies and Online Casinos?
Now that you have seen the relationship between the two industries. It is less challenging to understand the benefits that accompany cryptocurrency technology and online casino. Let’s discuss the advantages of the two concepts individually for better clarity.
Benefits of Cryptocurrencies
Arguably, the most significant advantage of cryptocurrencies is the inability to make a fake copy. Cryptocurrency has survived through different seasons and developmental stages through its extremely tight security. The crypto traders are well protected since transactions are anonymous.
More so, digital currency is available in every region and country. Trading or mining crypto coins doesn’t require any special skill or knowledge; all you need is access to an internet connection.
Another benefit of the crypto transaction is instant processing and ease. Waiting for days or hours before a transaction can be completed is unnecessary. With a few clicks, you’ll receive or send your crypto coins in no time.
Benefits of Online Casinos
Online gambling saves you from the trouble of driving down to a casino. More importantly, regardless of your location, you can always access your online casino account and bet easily. Furthermore, several online betting platforms provide a “demo” that allows players to enjoy games freely.
From there, players who would like to make money can then bet with their real money. Also, online casinos allow multiple payment methods. As a player, you have a chance to choose between hundreds of casinos online. This helps you decide on a platform that offers the most suitable game category or gaming session for yourself.
Cryptocurrency as Gambling Payment Method: Why is it Really Advantageous?
Compared to using fiat currency for betting, crypto-gambling is easier. As suggested earlier, cryptocurrencies cannot be traced by the government or online phishers. Hence, anyone can play games with their cryptocurrencies, regardless of their region. For instance, for those who live in countries where betting with traditional money is illegal, you cannot use credit cards or e-wallets to play. In this case, the only feasible means is to use cryptocurrencies for betting.
If you already have a small or a considerable amount of Bitcoin, you don’t have to convert it into money before you can use it for betting. As a matter of fact, it’s the perfect means of payment in these contemporary times. More so, betting with cryptocurrency saves you from waiting for some hours or days before you can have a successful transfer into your online casino account. Likewise, within a few seconds, you’ll have your earnings deposited into your crypto wallet.
Additionally, most online casinos that accept Bitcoin and altcoins offer more bonuses and promotions to gamblers. Hence, you’ll have extra free cash, giveaway, and promos to enjoy. Besides, much crypto-casinos use Provably Fair, an algorithm that ensures that each game is played with fairness – an added advantage for playing on an online casino that accepts cryptocurrency.
Final Note
With cryptocurrency, every online casino patron can experience a legit, more secure, and quicker means of funding their casino account. Considering that cryptocurrency means of payment saves you from needless fees, it helps you have more funds to play more games and increases your chances of winning. Undoubtedly, online casinos and cryptocurrencies are a match made from heaven!