Cryptocurrency has caused a lot of noise in the media for a range of reasons and its influence has stretched over to the world of casinos, betting, and iGaming. But first of all, what is crypto, and why has its popularity exploded in the last few years?
Millions of people around the world now use cryptocurrency for several reasons. The first is the fact that all cryptocurrency is decentralized, meaning everyone has access to the system’s data, isolating the government or any other authorities from it. Essentially, there is no control over it, unlike other national legal tenders that are regulated by authorities. Secrecy is another big motivator for people to convert to cryptocurrency because anonymity is ensured by a variety of encryption mechanisms.
So, how has this linked to crypto taking over the gambling scene as well?
Blockchain technology was first accepted by casinos in May 2012 through the use of Bitcoin (BTC). Since then, other world-renowned cryptocurrencies such as XRP Ripple, Ethereum, and many others have adopted this approach which has led to crypto gambling surging in popularity.
Because a large portion of the world’s nations has a ban on casinos, particularly in Asian countries, users have utilized the perks of decentralization and anonymity to move around this. There will be no record of your cryptocurrency transactions on your bank statement, keeping all actions entirely confidential. This means that gambling with cryptocurrency is accessible to almost everybody, whereas standard currencies are far more regulated.
The option of being able to use Ethereum (ETH), one of the world’s most popular coins when gambling has subsequently led to an increase in online casinos tolerating cryptocurrency. The blockchain means that there is no need to register, prove identity, or any other personal information. This doesn’t only just save time for players, but it also provides more security since there is no concern about personal information being leaked or given out.
The Change of Online Casinos
It is fair to say that online casinos are early adopters of a lot of industry trends and move with the times accordingly. This can be seen with the likes of crypto, live streaming games, safer payments, etc. Casinos such as Neonvegas.com are examples of this and have demonstrated their ability to adapt to modern customs.
Due to the fact that online casinos have kept up with the times so well, there has been a sudden shift in popularity from land casinos being transferred to online casinos. The perks that come with online casinos offer players a lot more options when playing, an example being using cryptocurrency which cannot be used in regular land casinos.
Ultimately, the rapid rise of cryptocurrency within the gambling scene has undeniably skyrocketed and changed the industry for the foreseeable future, giving gamblers far more options when it comes to choosing how they wish to play. However, it is important to be aware of both advantages and disadvantages of playing this way before you decide to stake anything.