What is cryptocurrency? Is it the-phantom-of-the-opera of the modern age or maybe the money of the future? According to financial tendencies on the Web in the last few years, the future of cryptocurrency has arrived earlier than expected and became our present as we speak. Online casinos are well aware of the power of cryptocurrency and are already enjoying the benefits of using it, but can anyone actually predict what is about to come? Let’s try to decipher the clues and give some answers to these questions!
What is Cryptocurrency?
Understanding the basic concepts of cryptocurrencies might seem difficult at the beginning. First of all, most people don’t know that cryptocurrencies showed up as a side product of another invention.
Namely, Satoshi Nakamoto, the mysterious founder of Bitcoin, had no intention of inventing a currency. What Nakamoto managed to do was inventing a decentralized digital cash system.
Bitcoin is a decentralized digital cash system with no server or central authority.
The idea is brilliant. Although Nakamoto was not the first one who attempted to create digital cash, he was the first one who managed to pull it off.
Now, the story behind digital cash is quite simple, even though it sounds complicated. You have a payment network, balances, and transactions. But, unlike traditional payment networks, you have no central server.
That means that every single peer in the network has to have a list of all transactions to check if future transactions are good to go or if they are to be considered a double spend.
To break if further down to even more simple English – cryptocurrencies are nothing more but limited entries in a database no one can change without fulfilling specific conditions.
The Usage of Cryptocurrency in Online Casinos
The enormous popularity of cryptocurrency resulted in its transfer into the online gambling sphere. And much sooner than anyone has expected, top-quality casinos like BitStarz and Oshi allowed their gamers to use Bitcoin for playing online slots.
That alone was enough to give birth to the new era in online gambling. Cryprocurrency is, by nature, a better system for operators and users compared to traditional funding options.
Convenient advantages including no charge backs, extremely low fees and super fast transactions are the reasons why block chain technology has conquered the world of finances.
Cryptocurrency is perfect as a depositing and withdrawing payment method.
The utmost feeling of trust ensured by secured processes of depositing and withdrawing gives reassurance to both customers and operators. Transparency, clarity and security – those are the three pillars of cryptocurrencies.
The number of online casinos that allow using crypto as a payment and withdrawal method is constantly growing. In addition, Malta Gaming Authority just recently made a ‘sandbox test’ of its cryptocurrency controls, which confirmed Malta’s Prime Minister Joseph Muscat announcement from April 2017 that Malta has been working on a ‘national strategy to promote block chain technology’.
What Tomorrow Brings?
Technologically speaking, online gambling industry is often voluntarily used as the litmus paper for tech innovations. It’s no different with cryptocurrencies. An entire army of customers out there is willing to accept the new payment option that addresses many of the challenges they still face today.
Therefore, it would be logical to expect that blockchain and crypto technology will only continue to develop. And, as they develop, they will create a better environment for both customers and operators.
Have any information to share regarding the present or the future of cryptocurrency in online casinos? Your comments are always welcome at our forum, so feel free to share your thoughts.