How Have Cryptocurrencies Taken Over The Online Casino World?
Friday 10th April 2020
Crypto here, crypto there, you will soon open the fridge to find crypto-related news there as well. The development of cryptocurrencies has been rapid and their invasion could not have gone unnoticed. The trend has revolutionised the way we make payments but also... how we play in online casinos.
According to www.betpal.com which offers a complete guide to the world of online gambling, cryptocurrencies have entered the iGaming industry for good. They are here to stay, making online casino operators shift their operations to the crypto-focused verticals.
How beneficial cryptocurrency payment methods are for players? What are the advantages and disadvantages of using them in online casinos? Read on to find out!
Virtual casinos have come to life due to the development of Internet technology. They were massively introduced in the 1990s, where IT tech advancing faster than ever before. Back in 1994 the top-quality gaming provider Microgaming introduced the first original software for a virtual casino experience.
Not too long after, in 1996 the first real money online gambling platform was launched. At the dawn of the 2000s, online gambling generated $2.2 billion and in 2008 this amount increased to $21 billion. By 2013, the amount of money generated by gambling on mobile devices was over $10 billion.
The crypto journey started in 2008 when the Bitcoin white paper was released by Satoshi Nakamoto. The initial transaction occurred on the Bitcoin blockchain in 2009. After 10 years, the Bitcoin and blockchain technologies have spread across hundreds of business verticals and industries. It surely has not missed the gambling field - in August 2011 the first-ever cryptocurrency-exclusive poker website was launched. Now, almost 10 years later, the crypto casino landscape is way more crowded.
When you decide on gambling, you want to ensure that your money is safe. The technological advancement of cryptocurrencies provides online casinos, as well as software developers with the ability to offer a secure gaming experience. For many players, it is crucial to not disclose their personal information to an online gambling site. Thanks to cryptocurrency transactions, no personal or financial data are shared with anyone and the full anonymity is guaranteed.
What's more, this complete anonymity might be beneficial for other reasons. As cryptocurrency transactions are decentralised, no banks and financial institutions can make any controls of them. In other words, players can easily deposit and withdraw money in online casinos without the involvement of the IRS or different institutions. With no records of profit or loss, your financial statements will not be affected by the gambling activity.
Players using traditional, crypto-unrelated payment methods must adhere to local gambling laws. Meaning, they need to ensure their activity on online gambling websites is done accordingly to the regulations introduced within their locality. In terms of cryptocurrency transactions - this problem does not exist. They eliminate the restrictions put on banking methods.
For this reason, casino enthusiasts are no longer limited by the number of websites operating in their countries but can freely use all online casinos they come across. It is, however, in their very best interest to evaluate the legibility of the chosen platform, as well as verifying its protective measures.
Regardless of where you are in the world, what crypto casino you haven chosen and what game you play - your transactions will be processed instantly. That's the beauty of cryptocurrencies - they can be used rapidly to deposit and withdraw your funds at an online casino, without the need for endless waiting for the website to process the transaction.
Also, as there is no one else between you and the casino of your choice, you will not have to pay any additional fees for either of your transactions. It's fast, secure and free - now you understand why it has become such a revolutionary phenomenon?
So far we have focused on the beneficial impact of crypto for players of online casinos. But what about the casinos themselves? What advantage do they take from operating with Bitcoins and other cryptocurrencies?
iGaming operators can enjoy the control of finances on their side and no other party is involved. With no need of exposing their financials originating from cryptocurrency transactions, they avoid extra transparency. Also, as we have mentioned previously, players from all over the world can play in such casinos and not worry whether they violate the local law. For gambling operators, it is a massive drive for extra revenue.
Knowing that only the sky is the limit, online casinos can generate a profit on the customers from all the corners of this globe. This must definitely be advantageous as they can market a pretty much a countless number of players.
Yes, cryptocurrencies are absolutely fantastic and offer possibilities we would have not dreamt about not more than 10 years ago. But, just like with everything else, not all is gold that glitters. What disadvantages cryptocurrency online casinos can be facing?
Cryptocurrencies are volatile. Their prices bounce up and down regularly, namely because there is no limit of them and the demand for them continues to grow. Although Bitcoin and other cryptos' prices will settle, no one should keep significant savings in cryptocurrencies.
They might have stayed with us for good but, when compared to the history of Internet payments, cryptocurrencies are still fairly a novelty. It is an experimental method, and as this vertical develops, it will eventually become more accessible and easier for the masses to use.
The anonymity that we have previously discussed can actually be seen both as an advantage and a drawback. Some less legitimate players or individuals can try to utilise the power of crypto to proceed with illegal transactions. Yes, including the ones in online casinos. And for this exact reason, we always advise you to double, or even triple check the credibility of an online cryptocurrency casino.