How Crypto Changed Gambling
The story about cryptocurrencies dates back to 2009, when the first cryptocurrency ever, Bitcoin, was presented to the world.
12 January was the day that changed the course of history. On that day, the world’s first bitcoin transaction was made.
Back then, we were all confused with the new technologies, many were skeptical, but this counts as a typical reaction to changes and new ideas.
Now, 12 years after, many of those skeptics couldn’t picture life without crypto. Bitcoin and its legatees Litecoin, Dogecoin, and others, are used by millions of people around the whole world.
Crypto holds a special place in the hearts of some online traders.
From the mid-2010s, businesses began accepting Bitcoin in addition to traditional currency, online gaming platforms included. Many virtual casinos started to implement crypto to their list of banking options.
How and why does crypto steal so many hearts on such short notice? How do millions of people forget all about traditional monies, and decide to go crypto? To hold digital assets, something they are unable to hold in their hands, put in wallet or back pocket of their jeans?
There are three fundamental reasons why cryptocurrencies are a much better option than credit cards, even e-wallets.
Undoubtedly, the fastest banking method. Deposits and withdrawals with crypto take between 1 and 20 minutes, which is incomparably faster than credit cards and e-wallets, which sometimes need days to be processed.
If you value your privacy – go crypto. When using Bitcoin, Litecoin, Dogecoin, or any other virtual currency, the possibility for your personal data to be exposed is minimal.
Why do some poeple like crypto? The answer is hidden in the word “cheap”. Depositing and withdrawing Bitcoin, for example, is the cheapest possible option for both players and online casinos. This win-win situation lets casinos give out better bonuses and promotions, instead of imposing fees and taxes for placing bets.
Blockchain – The Matter of Confidentiality
As mentioned before, one of the most important things for a passionate consumer of casino games is privacy.
How to keep the data secured, and at the same time, enjoy all the perks of an online gaming platform? The answer is, again, crypto.
Thanks to the most modern method of banking, players can rest assured their data is protected. Virtual currencies are attractive to players because they guarantee confidentiality, fairness, and transparency when transacting across casino platforms.
When firstly appeared, Bitcoin was not considered trustworthy; it put the banking system aside and created a system for itself- blockchain.
No credit card numbers, no verifying, no third-party… just a digital asset that can hardly be connected to your data.
Blockchain for Beginners
Many are still not familiar with cryptocurrencies and how they really work. To make things a bit clearer, we will try to explain how crypto transactions are running in a simple manner.
“A blockchain is a decentralized, distributed, and oftentimes public, digital account book consisting of records called blocks that are used to record transactions across many computers so that any involved block cannot be altered retroactively, without the alteration of all subsequent blocks.” …
…meaning is almost impossible to hack or cheat the system, the wall of privacy is just too high and thick, especially compared with other currencies.
All the transaction evidence, every movement of your assets, is staying inside that highly protected chain.
Crypto and Online iGaming Industry
It came as no surprise…The appearance of crypto made online casinos even more popular. Thousands of people decided to join iGaming platforms after crypto was recognized as a method of payment.
Coin holders who like to gamble saw their chance to enjoy their favorite casino content, while staying far away from the banking systems.
Moreover, the question of speed is a great factor when opting for crypto. The transactions are near-instant, which, for casino players, is a huge deal. Money is spinning fast, and time is becoming a luxury, so naturally, it’s a massive plus to be able to deposit and withdraw within minutes.
The online casino industry did not need a lot of time to understand- if they want to go big, they needed to go crypto. A couple of years after the release of Bitcoin, cryptocurrencies started to be appreciated around many platforms for gaming.
Soon, one after the other, casinos said YES to the modern way of banking. Features arise- crypto bonuses, crypto-only games, and finally… Crypto casinos.
If this article caught your attention and you are interested to check out a list of best Bitcoin casinos, click here.