Cryptocurrency casinos have been around since shortly after Bitcoin made its first appearance. The first genuinely viable form of cryptocurrency, some have predicted a future where Bitcoin replaces cash as we know it worldwide.
Realistically, however, this isn’t something that’s likely to happen in the near future at least.
But this hasn’t quelled the growing popularity of cryptocurrency gaming. With various new forms of cryptocurrency emerging all the time, it’s no surprise that many gamblers worldwide are deciding to experiment. In return, online casino brands are responding with a new wave of Cryptocurrency casinos.
But what is it about cryptocurrency gaming that holds such appeal? Why are major online casino brands like 918kiss investing heavily in cryptocurrency gaming? More importantly, are we genuinely looking at a new era of gambling entertainment in its early stages?
In order to build a better understanding of the subject, we first need to consider both the origins and the basics of cryptocurrency as it stands today.
What Is Bitcoin and How Is It Used in Casinos?
Bitcoin was created by a person under the pseudonym Satoshi Nakamoto in 2009. Like all forms of currency, Bitcoin was created with strictly limited quantities available. The idea being that given enough time, demand would outstrip supply and the Bitcoin would become more valuable. An entirely different approach to currency than conventional cash, Bitcoin exists purely as a virtual currency.
There have been several forms of cryptocurrency to hit the market to date. However, Bitcoin is the only cryptocurrency to have gained significant and growing traction worldwide. For some, the appeal lies in the apparent safety and anonymity of cryptocurrency payments. For others, it’s all about the potential of cryptocurrency as an investment instrument in its own right.
With online casinos, cryptocurrency can be used in largely the same way as any regular form of currency. The player’s account is linked with their cryptocurrency wallet, after which they’re free to wager on the games available. Most major casinos are yet to add support for cryptocurrency, but the number of high quality casinos accepting cryptocurrency payments is growing all the time.
It’s therefore an interesting situation. The vast majority of gamers continue to use more conventional forms of currency, while support for cryptocurrency is growing. Hence, there must be something of genuine value and interest to those making the switch to Bitcoin.
Nevertheless, there are advantages and disadvantages to cryptocurrency that must be carefully considered. Signing up with a Bitcoin casino is easy, but the question remains as to whether it is worth getting involved in the cryptocurrency scene in the first place.Key pros and cons to consider prior to doing so include the following:
Pro: Safety and Security
In terms of transactions safety and general security, there are some who consider cryptocurrency the safest currency of all. This is because it is practically impossible for a cryptocurrency payment to be hijacked, or for the private financial information of the user to be stolen when making (or receiving) payments. If the casino is up to scratch, depositing and withdrawing funds by way of Bitcoin can be exceptionally safe.
Pro: No Transaction Fees
Another benefit to consider is the elimination of transaction fees from the equation. Some casinos charge a set fee on transactions for certain payment types, while others impose commissions that vary from one transaction to the next. Even making and receiving payments by way of PayPal can become quite expensive over time. The difference with cryptocurrency being that the transaction is direct – a transaction directly between you and the casino, with no middleman involved.
It’s also worth considering the anonymity that accompanies cryptocurrency payments. Again, this is partially due to the fact that all transactions are carried out directly between the buyer and the service provider. In addition, little to no private personal information needs to be disclosed to make a cryptocurrency payment. Many online gamers prioritise discretion and anonymity – some of which are finding cryptocurrency to their liking.
Pro: Investment Potential
To date, the value of cryptocurrency has risen exponentially since the time of its introduction. At the time of writing, one Bitcoin was worth approximately £8,100. Even just a year ago, the same Bitcoin would have been worth closer to £4,500. Hence, for those who buy and sell cryptocurrency at the right time, it can be an extraordinarily lucrative investment vehicle. One that has already made some savvy investors incredible amount of money.
Con: Volatile Market
Despite the above, it’s also possible for the value of any cryptocurrency to plummet dramatically overnight. There have been instances where just a day or two’s trading have seen the volume of the Bitcoin fall by more than £2,000. The volatility of cryptocurrency is where much of its appeal lies for some, but also represents a risk that must be taken into account.
Con: Uncertain Future
Equally important to consider is the somewhat uncertain future of cryptocurrency in general. On one hand, there are some who predict its rise to total global domination and the extinction of traditional currency. On the other, some believe it to be a passing fad that has no real long-term value. Precisely why the value of cryptocurrency like the Bitcoin has a tendency to swing so violently in both directions. Cryptocurrency in general is also subject to very little formal regulation or legislation – any introduction of which could have a marked impact on its value and viability.
The extent to which cryptocurrency will have an impact on contemporary casino gaming remains to be seen. For the time being, players looking to gamble online using cryptocurrency like the Bitcoin have relatively few options to choose from. Nevertheless, interest in the Bitcoin is spurring the launch of new bitcoin casinos at record pace.
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