Online cryptocurrency casinos
More than 10 years have passed since the day the alternative to fiat money in the form of digital coins was announced (bitcoin mining and the first online transactions began in January 2009). Initially, the public (especially those people who are far from the concepts of cryptocurrency, peer-to-peer networks and other related terms) was wary of this innovation. But over time, the first cryptocurrency gained value, so-called altcoins began to appear, and the value of blockchain systems began to be viewed from a different angle. Some properties of cryptocurrencies attracted the attention of gambling site owners as well, as anonymity and lack of government regulation complemented online gambling admirably due to prohibition in many countries.
💱The background of online casinos with cryptocurrencies
Nowadays, finding an online casino where you can fund your account with cryptocurrency provides no difficulty. Some establishments combine fiat money payment services with digital coin wallets, others work only with cryptocurrency, while others are in no hurry to add either bitcoins or altcoins to their payment methods.
Some online casinos that specialize exclusively in cryptocurrencies are directing efforts to improve functionality and comfort of players who own crypto-assets and do not mind exchanging some coins for chips to spend their leisure time at gambling entertainment.
There are more and more people who hold the view that this method of payment is the future.
To such an opinion is not too skeptical. Just look at the major stages in the evolution of finance: bones and seashells, precious metals and rare resources, precious metal coins, gold-backed banknotes, and fiat currencies backed by nothing but the power and promises of government.
People choose to exchange valuables and pay for labor in whatever equivalent they find most convenient at the current stage of civilization’s development.
Since the end of the nineteenth century, power over money and its purchasing power has been increasingly in the hands of the powerful, where it remains to this day. Central government apparatuses, big banks, hedge funds, and corporations with capitalizations in the hundreds of billions control the value of fiat money. It is not unusual that mankind started looking for a way out and with the advent of modern information technology, computers and all sorts of gadgets, digital money also appeared based on protocols and networks for data exchange. This is yet another proof that civilization does not stand still and continues to develop, striving for freedom and equality. The characteristics of the first cryptocurrency and a number of blockchain projects created afterwards are aimed at liberation from central administration and edicts that limit the ways of disposing one’s own money.
For those who are not aware of such details and become curious, I recommend to refer to articles on thematic information sites. We will further highlight the main features of decentralization, which played into the hands of gambling on the Internet.
👍The advantages of using cryptocurrencies for online casinos
Online casinos with cryptocurrencies have advantages for both players and owners of gambling resources.
Let’s start with the pros for online casino operators:
- the time to open a virtual establishment with digital coins is reduced from several months to a couple of weeks;
- the cost of opening an order of magnitude less;
- expands the field of activity, allowing you to work in the innovative sphere of the market;
- the popularity of cryptocurrencies grows daily and the number of players who prefer this method of depositing their accounts increases;
- there are no conversion costs;
there is no need to obtain a license, as in the case of fiat payment systems. Such documentation in online casinos on cryptocurrencies is needed only to enhance the reputation among players, but a high level of credibility can also be achieved with honest interaction with customers, thanks to reviews and assessments on independent sites, which will confirm the reliability of the institution;
the absence of intermediaries for the transfer of funds – an important advantage:
Firstly, as one of the measures of the struggle of state authorities with gambling, the requirements to banks and electronic payment systems not to conduct operations with those accounts that are seen in the gambling sphere began to be imposed. Special blacklists were created, and some banks, to please the state financial system, are monitoring to reveal accounts, used for transferring money to casinos and withdrawal of winnings.
Secondly, cooperating with banks and electronic payment systems, casinos are forced to give a percentage of the transactions. This has been repeatedly reported by representatives in communication with users on forums, operating with this as one of the serious items of loss.