Cryptocurrencies are changing the world of tech and finance in a surprising number of ways. One of these is through online casinos, several of which support using cryptocurrencies. In this article, we’ll be exploring the relationship between Cryptocurrency and online casinos in greater depth.
Background: The Rise of Cryptocurrency
It probably goes without saying that cryptocurrencies are currently shaking up the way an enormous range of industries operate. Beyond that, crypto is forcing us to seriously reconsider the role of currency as a concept in our societies, as well as how we handle and process it. Just a handful of years ago, the notion that we would be able to play casino slots with Ethereum would have been unthinkable; now, it’s our reality.
Many of us think of cryptocurrency as a very recent technology, and, in its current form, this is the case. However, as a concept, we can think of crypto dating back all the way to the early ‘80s; David Chaum, an American inventor, came up with the idea of a totally online currency, which he named Ecash.
Ecash never really took off, though; it wasn’t until the development of Bitcoin in 2009 that the idea of a fully digital currency really gained traction or credence. Bitcoin was hardly an overnight success, either. It would be several years before Bitcoin would even be taken remotely seriously by the wider world and for other major cryptocurrencies to begin to emerge.
Nowadays, the cryptocurrency landscape is worlds apart from what it was just 10 years ago. In addition to Bitcoin, which is still easily the best-known example of transactional cryptocurrency, competitors like Ethereum and Dogecoin are attracting more and more attention, not only from those with an interest in the finance sector but an increasingly large segment of the public, too.
In fact, a growing number of national governments across the globe are currently working on developing their own CBDCs, or central bank digital currencies; arguably inspired by the rise of cryptocurrencies, these would allow for the complete digitalization of a number of financial services in the countries where they’re introduced; this would serve not only to make transactions simpler but also give governments a greater level of oversight as far as monitoring tax evasion and fraud are concerned.
Of course, a major factor in the growing importance of cryptocurrency in transactions is a wider, global trend towards digitalization, where and when it’s possible. Consider how the digital office is becoming more and more normalized across the world; something that would have been unthinkable to many prior to the COVID-19 pandemic.
All About Using Cryptocurrency for Gambling
Given the rise of general digitalization across the globe, it makes complete sense that an increasing number of people are turning to the Internet when they want to gamble or bet. Online casinos are on the rise, which gives consumers far more freedom and access to a wider range of odds and games than they would ever have had access to otherwise.
As this trend continues, we can see crypto taking on an increasingly larger role in online gambling. Different online casinos use different cryptocurrencies, with each of them having its own advantages and disadvantages. Below, we’ll be outlining some of the most popular cryptocurrencies to use with online casinos, as well as the strengths and characteristics of each.
Bitcoin
Not much has changed since it was first launched; Bitcoin is still the world’s biggest cryptocurrency. Its significance is the source of plenty of fascination for observers around the world, many of whom love to predict when Bitcoin’s value will either rise or fall.
And Bitcoin can be used for gambling at several online casinos. Being that it’s the most popular and best-known of the cryptocurrencies, gambling using Bitcoin is generally an easier affair than using its competitors.
Ethereum
Ethereum is another of the world’s largest and most popular cryptocurrencies.
One thing that sets Ethereum apart from other cryptocurrencies, like Bitcoin, is the fact that it’s actually far more than just a currency. Strictly speaking, Ethereum is a decentralized platform of software that, among other things, allows for contracts to be signed, as well as the deployment of different kinds of apps.
However, you can use Ethereum to gamble at online casinos, just like you can with Bitcoin.
Other Cryptocurrencies
Bitcoin and Ethereum are far from being the only cryptocurrencies that you can use to gamble with. Online casinos that specialize in crypto will generally accept a wide range of other cryptocurrencies, including, among others, Litecoin, Bitcoin Cash, Binance, and so on.
If you’re planning on gambling with cryptocurrency, it’s important to keep several things in mind. For one, you should ensure that the casino you’ll be gambling at is as legitimate as possible. While there’s nothing inherently shady about using crypto to gamble, it’s probably fair to say that this industry is less regulated overall than more traditional online casinos.
As a result of this, you’ll want to be careful to make sure that your hard-earned crypto or money is indeed going to be paid out if you manage to win big. Before putting any money or crypto into an online casino, make sure you do some research to make sure it’s reputable and reliable.
