If you have been following the news at all over the last year, you won’t have been able to avoid talk of Bitcoin and cryptocurrencies. Although they have been around for over a decade, cryptocurrencies came to prominence in the last year as they underwent a massive surge in value, followed by an equally big fall in prices.
However, this sharp rise and fall in the value of cryptocurrencies shouldn’t distract you from the innovations that have been going on behind the scenes in the interim. In fact, in terms of technological innovation, there has never been as much investment into cryptocurrencies and the blockchain technology that they rely on.
Cryptocurrency support is being rolled out across a wide array of industries, and it looks as though in years to come, blockchain technology will feature in all aspects of our lives, both online and offline. Investment in cryptocurrency technology has been particularly noteworthy in the online casino gaming industry, and the majority of online casinos these days have built-in cryptocurrency support as part of their standard offering. In blockchain and cryptocurrency technologies, the online casino industry has found itself a match made in heaven. But what exactly makes the two so well suited? Read on to find out!
What are cryptocurrencies?
Before we go on to talk about why cryptocurrencies and online casino games are so well matched, we should first clarify what exactly they are. In essence, “cryptocurrencies” are digital or virtual currencies that are based on a type of cryptography technology called “blockchain”.
Because of this underlying technology that acts as a kind of decentralised open-book ledger, cryptocurrencies are incredibly difficult – if not nigh on impossible – to counterfeit, which makes them a perfect store of value in the digital space. There are innumerable variations of cryptocurrencies, all based on a similar underlying technology, which can also be specifically developed for set purposes. The most popular cryptocurrencies are currently Bitcoin, Ethereum and Litecoin – though many hundreds more exist and are popularly traded around the world on a daily basis.
Growth of cryptos in the online casino space
It isn’t just the popularity of cryptocurrencies in the online space that has nudged online casinos to support them. The fact of the matter is that they are incredibly useful. Because of this, in the last year, we have seen a massive uptick in support for the technology by online casinos, such that the majority of them now have some kind of cryptocurrency support built in. But why are they so useful for both players and casinos themselves?
Speed of payment
One of the great things about cryptocurrencies is that they are completely decentralised. This means that they exist outside the traditional banking system and don’t rely on a third party to issue them. Bitcoins, for example, can be mined across the network of interlinked coins on the so-called “blockchain”. The practical consequences of this are that they can exist outside the traditional banking system when it comes to processing payments.
Typically, with credit or debit card payments, although transactions can be processed relatively quickly, for the actual money itself to move from one account to another, it takes a number of days – and is usually restricted by the opening hours of the banks themselves. However, with blockchain-based cryptocurrencies, this is not the case as transactions – meaning payments – can be processed completely from start to finish within a couple of minutes across the blockchain.
This is great for the online casino world as payments can be processed near instantly, which means that you can get playing that little bit quicker! Additionally, as no banks are needed in the process, the fees normally associated with these payments are going to be much lower – a double win for players and casinos alike!
Keeping things discreet
Another added benefit of using cryptocurrencies is the level of anonymity that they bring. As Bitcoin, for example, is just assigned to a particular “wallet” address – meaning the place where the amount of cryptocurrency itself gets stored – without any need for personal details such as your name or address, this makes things much more confidential. With conventional bank accounts, your information can be quite easily obtained, which might be a big issue for the security-minded among you. With cryptocurrencies, this is not the case as only your virtual wallet address is needed, meaning that you can play online casino games as much as you want without having to sacrifice your privacy to a bank that keep tabs on what you spend money on through your account.
Another aspect of cryptocurrencies that is often overlooked is how they facilitate payments as a de facto “global” currency. In an increasingly globalised world where players from all over the world can play together using the internet, there is a need to have a currency that reflects this global space. For instance, if a player in Asia wants to sign up to an online casino website based in the UK, they would need to subject themselves to the process of currency conversion, which takes time and costs money.
If that player uses a cryptocurrency such as Bitcoin, however, all they have to do is purchase an initial amount using their local currency, which can be easily sent abroad, or used abroad if desired, without the need to further convert it. This completely does away with the constant hassle of currency conversions, which is a particular pain as they fluctuate so frequently! In this respect, cryptocurrencies are facilitating the global society that we now find ourselves in, and this is particularly true of the online casino space.
Going digital – grab yourself some crypto and get playing today!
If anything in the above article has caught your interest about playing online casino games using cryptocurrencies, then don’t hesitate to head on over to Bitcasino and check out the different kinds of cryptocurrencies supported. Cryptocurrencies are truly a cutting-edge way to play the game, so don’t hesitate and get playing today!
Words: Sean McNulty