One of the areas where the cryptocurrency revolution has had its biggest—and arguably most surprising—impact is on the online casino scene. The fintech industry has been overrun with speculation about the long-term use of cryptocurrencies and finding ways to implement it into people’s daily lives, and the online betting industry is one example of where an emergent technology has further revolutionised an already cutting-edge industry. Cryptocurrencies and online betting are a perfect match, and users have flocked to platforms, such as Bitcasino, that support the technology for the ease of use and efficiency of the transactions. This article will give a brief overview of what cryptocurrencies are, how exactly crypto transactions work, how they are changing the industry and what benefits they have for players.
What are cryptocurrencies?
Essentially, a cryptocurrency is a type of digital currency that uses a highly complex form of cryptography for security. Cryptocurrencies (or cryptos for short) are unlike fiat currencies in that they are decentralised systems based on blockchain technology, which is a type of distributed ledger that is enforced and verified by a distributed network of computers. The first, and now most well-known, cryptocurrency was Bitcoin, but now this also includes many thousands of unique cryptocurrencies, the second most popular being Ethereum. This technology allows cryptos to be used as highly secure systems for payments in online transactions.
How do crypto transactions work?
The technology that makes cryptos work as a payment system is called ‘blockchain technology’, which is a type of distributed, decentralised, public ledger. This sounds like a lot of jargon, but the mechanisms behind it are actually quite simple in principle. The ‘blocks’ referred to, are simply a series of digital information stored in a public database, the database being the ‘chain’. These blocks store information about transactions such as dates, times, the value, and who is participating in the transaction. It should be noted that the identities of the participants in the transaction are kept semi-anonymous and are identifiable online by a number or address which is know as a digital signature. Transaction information is then stored in the two respective blocks involved in the transaction and this information is then verified by the network. These have an edge over traditional transaction processing and verification systems as the speed at which the transaction can be processed, verified, and completed is simply many leagues above what a bank or a debit/credit card issuer can manage. It is for this reason that crypto withdrawals and deposits can be so efficient on online casino websites.
How do cryptos work on Bitcasino?
Players on Bitcasino can send cryptocurrency to or withdraw cryptocurrency from their digital wallet. This allows for a quick and efficient transaction, with most being processed in ten minutes or less. Additionally, if players would prefer, traditional currencies can be sent to their Bitcasino account which can then be used to purchase amounts of cryptocurrencies through the website. Bitcasino accepts BTC (Bitcoin), ETH (Ethereum), or SOC, which is a bespoke cryptocurrency for use in the online betting scene.
How are cryptos changing the online casino scene?
The online casino game industry has always focused on innovations be it in website security, game technology, or the methods of transactions. Because of this, when cryptos arrived on the scene it seemed like a match made in heaven, particularly as the casino scene exploded in popularity with the development (and growing ubiquity) of the internet.
Bank transfers, credit cards and debit cards have been used for decades but have run into implementation problems on the internet as the technology supporting them was simply not designed for use in a virtual space. Cryptos, on the other hand, were built from the ground up with this sort of environment in mind. This has had two implications for players. Firstly, the way transactions are verified using the decentralised, open book ledger technology of blockchain means that transactions and payments can be verified extremely quickly. This can happen in a matter of minutes versus several days for traditional transaction methods. For players, this means that withdrawals, deposits, and any other transactions can happen much more quickly than had previously been the case. And secondly, cryptocurrencies offer an unrivalled level of player protection when compared to traditional means. As cryptos are built from the ground up using incredibly complex algorithms and cryptography, the level of security on offer is simply many times beyond what a credit card company can offer. Similarly, as this information is anonymised, but still verifiable and secure, the use of crypto gives players a level of identity protection not previously possible. With these benefits in mind, you would easily think cryptocurrencies were designed specifically for the online casino space!
The casino industry is one that has long been known for its dynamism, embrace of emerging technologies, and emphasis on innovation. In the case of cryptocurrencies, this has certainly been the case and players and platforms alike have welcomed cryptos with open arms. The use of cryptos is a win-win for both the players and the providers as they ensure a fast, efficient, and highly secure way of getting hold of your winnings. Bitcasino has been one of the earliest and most enthusiastic adopters of this new technology, and a range of payment options are available to make use of this incredible technology. With that in mind, click the link to make an account and get playing with crypto today!
Words: Sean McNulty