Over the last two decades, there has been massive growth in two initially unrelated areas, cryptocurrency, and online casinos. There is now a distinct crossover; in fact, they are uniting and working together to bring what could be the most significant change and growth accelerant ever seen. Players can now experience all the thrills of the online casino using cryptocurrency, and there is a comprehensive list of reputable casinos using bitcoin to ensure gamer safety.
Why Has the Online Casino Industry Grown?
Online casinos exploded when the technology needed was able to evolve to the point that they could transform mediocre graphic-based representations of popular casino games into fully immersive real-life experiences that are almost as good as being at the high rolling tables of Las Vegas without having to leave the comfort of home.
Cryptocurrency is a decentralised virtual currency with no ties with financial institutions and is not subject to government control. It uses blockchain technology to ensure that all transactions are secure, transparent, and immutable and are peer-peer transactions with no intermediary. Blockchain is a database that stores each transaction in a block, which is often compared to a fingerprint because each is different. When each transaction is made, it is verified and timestamped and cannot be manipulated.
Confidence is Growing
Initially, there was very little confidence that this virtual currency was little more than a passing trend, and people didn’t take it seriously. All that has changed, and it has proven itself to be a beneficial currency, and the benefit to the users far out way the initial mistrust and scepticism. Cryptocurrency has also received a boost thanks to big names like Elon Musk, Ellen DeGeneres and Bill Gates investing in the currency.
What is Bitcoin
Bitcoin is one cryptocurrency, there are others, including Litecoin, Ethereum and Dogecoin, and they all work in precisely the same way. Bitcoin was the first cryptocurrency and made its foray into the world of casinos some time ago. However, it is only now that they are being adopted by some of the biggest casino operator names, which always raises the profile and makes others follow suit. If things carry on along the current trajectory, there is little doubt that cryptocurrency will have a massive impact on how online gaming evolves in the future.
Cryptocurrency is Secure
Security must be a prime concern for casino operators and the punters that play there. It is vital for an online casino’s reputation that deposit and withdrawal transactions are secure and safe. Any web-based industry that deals in money will attract hackers determined to break in, so the casino must do everything possible to prevent this from happening. Using standard currency also means handing over bank details which means even more data involved in any data breach. Bitcoin transactions offer all the security that casinos are looking for. Each cryptocurrency transaction is recorded in a transparent public record using blockchain technology and cannot be altered or removed.
Convenient and Instant
Virtual currency is also instant; there is no need to wait around for funds to clear, which makes it appealing to the fast-paced world of casinos. It doesn’t matter where the players are in the world or what banking currency their country uses; virtual currencies are unique and disconnected from these traditional money methods making them the perfect solution for payment and deposits. Traditional currencies can also be subject to charges or commissions when exchanging funds. However, cryptocurrency has no fees or commission charges, making it attractive to users.
Cryptocurrency is Anonymous
Anonymity is another positive when it comes to casinos. It takes the pressure off players who may be concerned about how their data is stored, as there is no need to register anything other than your cryptocurrency wallet ID. Many punters want to play anonymously, whether they are working around gambling laws in their country or just keen to keep as much private information as possible off the internet. The anonymity also means that there are no geolocation restrictions or limitations, and the use of a VPN makes it impossible to trace players back to their wallet ID.
The Future of Cryptocurrency and Online Casinos
Many sources claim that bitcoin could well become the only source of financing for online gambling. There are benefits to both the operator and the player, with casinos able to harness a solution that is cost-effective and easy to maintain as they have very little involvement. It is certainly easy to see why so many people are turning to crypto for funding casinos, especially when gambling remains illegal in many places. Those casinos that already use bitcoin are not concerned with the location of players and welcome anyone regardless of the gambling laws in their country.