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Casinos aren’t a result of the internet; they’ve been around much longer. However, this industry is constantly changing and evolving.
Just a few years ago, online casinos didn’t exist, and now everyone can even play while sitting at home, doing everything through their phone or computer.
This evolution has also brought changes to the industry, driven by the emergence of cryptocurrencies. But how did this come about?
First Things First
What exactly is cryptocurrency? Before explaining how cryptocurrencies are impacting the future of all respectable casino sites around the globe, let’s first define cryptocurrency. There are multiple definitions in the public understanding.
Simply put, it’s a technology that presents us with an entirely new way of looking at money. “Crypto” refers to encryption provided for the security of these modern digital currencies and data transmission in the virtual world.
People acquire cryptocurrencies by buying coins and tokens online on exchanges or by selling a product or service and receiving cryptocurrency as compensation. There’s an arbitrary limit on the total number that can be “mined”.
Governments and banks aren’t entirely sure how to approach this new currency – some see it as a threat, others as an opportunity and a clear example of technological progress. Many believe it can and should coexist with all the traditional, conventional financial tools in use.
What are Crypto Casinos?
Crypto casinos are, in simple terms, casinos that allow users to use cryptocurrencies while gaming. The gaming process itself is the same, except instead of money and credit cards, players use crypto wallets to deposit funds.
Blockchain and Fair Gaming
Blockchain enables transparency for every transaction and game result. All transaction and game result information is recorded on the blockchain, accessible for review by all users. Players can verify the exact game results and the platform’s fairness at any time.
Blockchain can use decentralized algorithms to generate random numbers (RNG), crucial for fair gambling games. These algorithms, known as decentralized RNG, ensure that results are entirely random and unpredictable, eliminating any possibility of cheating.
All transaction and game result data are recorded in blocks and linked by cryptographic hash functions. This makes data changes practically impossible, eliminating the possibility of manipulating results or transactions.
Blockchain provides a high level of security because it’s difficult to compromise the integrity of data stored in blocks. Additionally, players generally have greater anonymity since user data is often stored in decentralized locations, reducing the risk of identity theft or unauthorized access to information.
Gaming in Online Casinos with Cryptocurrencies is Common Practice
As mentioned, cryptocurrencies and their transactions are encrypted. This guarantees anonymity during transactions.
In addition to encrypted currencies, cryptocurrency transactions are extremely fast. With standard bank transfers, players sometimes have to wait several hours, even until the next day for the money to be credited. That’s not the case with cryptocurrencies.
Each cryptocurrency has different characteristics and its place in this market. Some have faster transactions, cheaper transfers, greater popularity, value, and so on. It all depends on what purposes cryptos are needed for.
Here are cryptocurrencies for gaming in online casinos, along with reasons they’re on this list:
- Solana, abbreviated SOL. This might be one of the best cryptocurrencies for gaming – it can process over 2,000 transactions per second.
- Ethereum, abbreviated ETH. This cryptocurrency is slower than Solana – from 12 to 25 transactions per second. Although slower, this cryptocurrency is more widely accepted and known to the public.
- Bitcoin, abbreviated BTC. This is the most popular cryptocurrency that almost everyone has heard of. It’s secure and an excellent option for gaming in casinos.
- Tether, abbreviated USDT. This is a fairly simple cryptocurrency tied to the US dollar. One USDT will always be equal to 1 USD. This makes understanding its value much easier.
For cryptocurrencies to become part of payment methods and influence gaming in casinos, casinos had to accept them as a means of payment. This is precisely why there has been an expansion in the use of these currencies. There’s a large number of casinos that have included cryptocurrencies in their payment options, and there are even online casinos that exclusively offer crypto deposit options.
Cryptocurrencies as a Payment Method in Casinos
Thanks to their popularity and transaction speed, cryptocurrencies quickly became a payment method for many people. After that, they became part of casinos that accepted them and included them as a deposit payment option.
Noone can say for certain that they will remain a payment method, but the fact that there are casinos where deposits are exclusively made through them tells us enough about how present cryptocurrencies are in this industry.
If you’ve become interested after reading this text, there’s no reason to hesitate. Do a bit more research, and you can slowly step into the world of cryptocurrencies and discover what it has to offer.
