Twenty years ago, it was impossible to predict how far technology would come in such a short time, completely changing the online gambling world. In the span of a few years, online venues have advanced in all areas, from design and special effects to improved communication and payment options.
One of the main changes that occurred in the online gambling market is the appearance of cryptocurrencies as payment options, starting with Bitcoin and progressing to all types of currencies people use nowadays, including Ethereum. Crypto casinos provide players with a quick, secure, and private way to play all their favorite games.
Exactly how did crypto casinos change gambling? Why do people prefer this payment method? And what does the future hold? In this article, we will try to answer all those questions. Are you ready ot discover why you should give crypto casinos a try?
When Did Cryptocurrencies Enter the Online Gambling Market?
It all started with the appearance of Bitcoin in 2009. At the time, nobody thought that the digital currency created by Satoshi Nakamoto would change the way we complete online transactions in such a drastic way. It didn’t take long for people to understand how valuable Bitcoin could be, and within a few years, thousands of people all around the world were using Bitcoin – and other cryptocurrencies that popped up along the way – to complete transactions.
The first recorded use of cryptocurrencies in online casinos took place in 2011, and only a year later, Satoshi Dice was invented – the first blockchain-based game ever. That started a whole new trend, and in no time at all, more and more crypto casinos began appearing.
What Are the Advantages of Crypto Casinos Over Other Gambling Venues?
There are many reasons why people prefer cryptocurrencies over other, more traditional, payment options.
- Processing Speed – Many crypto transactions are completed much faster than regular payment options. There is no need for you to wait 2-3 business days for your bank to approve your payment, so you can complete any purchase or add money to your casino account in a matter of minutes.
- Anonymity – Since crypto transactions use wallet addresses when processing a specific purchase request, your personal information is not involved in the process, thus reducing the risk of scammers getting hold of your banking info. In addition to that, the entire blockchain technology is designed to reduce the chances of fraud, as every transaction that is added to the chain is time-stamped and is linked to hundreds of other transactions. That makes it practically impossible for others to tamper with the previous transactions.
- Lower transaction costs – Every time you withdraw cash from your account, your bank or e-wallet charges you a small fee for their services. When it comes to crypto payment options, the transaction fees are usually much smaller, making it more lucrative for players to choose crypto casinos over other options.
What Does the Future Hold for Crypto Casinos?
While the value of cryptocurrencies changes constantly (which is not unusual for any currency, but some might say that the value of cryptocurrencies is a bit more volatile), it still remains one of the strongest currrencies out there.
Experts believe that with time, new cryptocurrencies will emerge and will become as widely used as Bitcoin, Ethereum, and Litecoin. Stablecoins might gain even more traction as they are, in fact, more stable in value.
In addition to that, we might see the integration of special loyalty systems that will allow players to participate in the management of online gambling platforms, thus increasing player engagement and responsibility.
Overall, it seems as if the future of crypto casinos is brighter than ever, as more and more people around the world choose this payment method as their main tool for online transactions.
