What is Cryptocurrency?
It’s 2022, and if you haven’t heard of cryptocurrency yet, we can only assume you’ve been cryogenically frozen for the last ten years. Digital payment systems are all the rage now, and internet currency like Bitcoin offers users an alternative to traditional currencies. The internet is expected to enter a new phase in which virtual reality becomes the main medium in the future, and cryptocurrencies will be a vital type of payment in this era.
The online casino industry adapted to cryptocurrencies when they first emerged, and operators in the business can clearly see their potential. If you’re still unsure about what Bitcoin and its competitors are exactly, read on to find out more.
Bitcoin Sparked a Cryptocurrency Revolution
The first-ever cryptocurrency was released in 2009 and initially seemed like an internet fad that nobody took seriously. This was, of course, Bitcoin, which is now a global phenomenon with a market cap of more than $600 billion at the time of writing. Back in those early days, it was relatively worthless and used only by IT experts and coders as a novelty. One person famously spent 10,000 BTC on a pizza, which would have cost $3.8 billion in today’s exchange rate.
Bitcoin has surged in popularity because it offers an alternative to traditional banking methods, which are overseen and run by governments. The blockchain of Bitcoin and other digital assets is a decentralized ledger that verifies itself and can’t be tampered with by external forces.
After Bitcoin started to gain traction in the mid-2000s, other digital coins began to crop up alongside it. There are now thousands of smaller cryptocurrencies, all vying for attention. There could be a battle to see which one gains supremacy above the others. However, the most likely scenario is that numerous cryptocurrencies will exist alongside one another and serve slightly different purposes.
Why Cryptocurrency is Ideal for Online Casinos
When Bitcoin started to gain traction, forward-thinking industries sought out ways to integrate it and get ahead of the curve. The online casino sector has always been adaptable to changes in the wider technological landscape, and some casinos started to accept Bitcoin payments. There are now thousands of online casinos that use cryptocurrency as one of their main selling points, while others offer it as one of their many options for transactions.
One of the main reasons why cryptocurrencies are ideal for online casino players is because people often log on to sites based in different countries to their own. By topping up their accounts with crypto, players can avoid paying exorbitant fees that usually come with international transfers. On top of that, cryptocurrencies offer great security, which is seen as one of the most important factors when playing at an online casino.
For some people, cryptocurrency is the future of the financial industry, and it will one day render current methods of transaction obsolete. While they are still seen as risky investments, online casino players should keep an eye on Bitcoin and other cryptocurrencies and see how they progress in the years ahead.
The information on the site is for entertainment and education purposes. Visit www.responsiblegambling.org to help you talk about responsbile gambling practices.
