«Cryptocurrency at Online Casinos
At the moment almost all gamblers know what cryptocurrency is. This phantom-of-the-opera is called the money of the future. As far as we can see from the current financial tendencies, the future of this special type of currency has already arrived and become our present. Online casinos already know all the benefits of using cryptocurrency, so they have already been enjoying them. If you want to know all ins and outs of this phenomenon, we are ready to share with you all the info we have.
So, What Is It?
Let’s begin with some basic understanding of cryptocurrencies. When you only start studying information about them, it may seem a bit complicated for you. But that’s only in the beginning. When you go further, you’ll be surprised how easy everything is.
History of cryptocurrencies say that they are nothing but a side result of another invention. Satoshi Nakamoto is considered a creator of Bitcoin. No one has ever seen his face. There’s also a legend, that Satoshi is not one person, but a group of people! Well, whoever Mr Nakamoto is, he (or they) gave the world the first decentralized and digital cash.
Bitcoin is a digital cash with no central authority and no server.
The idea is tremendous. Although there were attempts of creating digital cash before Satoshi, this guy (or this group) was the first one, who gained great success in this sphere.
Here are the components of this system: balances, transactions and a payment network. All those components are also obtained by traditional payment systems, but cryptocurrency has no central server.
What does it mean? It means, that every peer in this network has the whole list of all the transactions in order to check if it’s good or bad to make another one or maybe it will become a double spend. Let’s put it even more simple. Cryptocurrencies are just limited entries in a huge database and no one ever can change it without fulfilling necessary conditions.
How Online Casinos Use Cryptocurrency
The online gambling world simply could stay away from such a huge popularity of cryptocurrency, so it began to support and use it. The first casinos here were oshi and BitStarz. They were the first online casinos to offer their customers using their Bitcoins for playing various games, including online slots.
That was the beginning of the new era in the online gambling world. At the moment cryptocurrency is considered one of the best methods of payment according to opinion of gamblers and operators. It’s much better than traditional payment options, thanks to the following benefits: very low fees, no charge backs and extremely fast transactions. That’s why the whole financial world is conquered by block chain technology.
Cryptocurrency is very convenient for withdrawing and depositing at online casinos.
Both operators and gamblers feel huge trust in the secured processes of payment, conducted via this method. The three benefits of this system are clarity, safety and transparency.
The quantity of online casinos, using this payment method, is growing. What’s more, Mata Gaming Authority and Joseph Muscat, Malta’s Prime Minister, announced that this country is elaborating the national strategy of promoting block chain technology.
What Will Tomorrow Bring?
Online gambling world has always been a good litmus paper for many various technological innovations. The same situation happens with cryptocurrency. A huge army of gamblers is willing to use this new payment method, which reflects contemporary challenges to the financial world.
That’s why we expect the further growth of popularity of cryptocurrencies and cryptotechnology. We hope, that together with their growth they will change the gambling world for the better.