All Hail The Rise Of The Crypto Casino

The internet has been one of the most revolutionary inventions the world has ever seen. Its ability to shrink the world has increased the effectiveness of business and improved our ability to connect socially regardless of distance. Nowadays, online casinos that accept cryptowallets are becoming more and more common, with players having the ability to use many crypto currencies to play.

The web has formed a foundation upon which limitless ideas and innovations have been produced, which includes the Blockchain.

Enter The Bitcoin

Bitcoin’s first block (Genesis block) was introduced to the world on January 3rd 2009. It presented the globe with a revolution in financial trading that was finally free of political influence. It offered seamless peer to peer payment abilities that curbed the cost and the red tape involved in fiat currency banking.

In the same manner, in which the internet managed to form a borderless platform for communication and knowledge, the blockchain has managed the same for finances and money trade. Digital money, known as cryptocurrency, enabled people to transact across the world as if they were living next door to each other.

Virtual Currency Is A No Brainer

It was only a matter of time before the world of crypto and online casinos would come together to form a new and innovative brand of entertainment that bypassed so many of the political boundaries and restrictions on gambling. Because the blockchain upon which cryptocurrencies like Bitcoin operate are decentralised their servers cannot be manipulated which means that both player and transaction data is protected.

In May of 2013, Prime Dice launched an online casino that accepted Bitcoin stakes. Its decision to do so was the catalyst for boosting their revenue by $15 million in only 3 months of operation. It wasn’t until January 2013 though, that the very first fully licensed Bitcoin casino operation was launched. The pioneering BitCasino remains one of the prominent names in this exciting new gambling market in addition to brands, such as FortuneJack, Bitstarz, Oshi Casino and Cloudbet.

As discussions and understanding of the value and impact of Bitcoin, Ethereum, Litecoin and other crypto coins becomes more commonplace so has its adoption rate. Many existing online casinos have become crypto wallet online casinos and now include the option to transact in the fiat or crypto of your choice.

The option to receive Welcome Bonuses, Reload Bonuses and of course withdraw your winnings in your preferred cryptocurrency makes gambling in this virtual currency an enticing opportunity for many new punters.

Multiple Built-In Benefits

The reasons why cryptocurrency and online casinos mesh so well is down to the fact that they both offer the public a convenient way to cross borders and make things more accessible to everyone without the interference from the outside world.

The nature of Bitcoin transactions ensures that the player’s identities are kept a secret, as a crypto customer is recognised by their Bitcoin public key alone. With the need for stronger data protection, this allows players who feel more secure when transacting and gambling online.

The costs of each deposit and withdrawal are also greatly reduced, as a borderless currency requires no foreign exchange taxes. Without the need for a middleman, the transaction times are also streamlined to and from the casino, for user convenience.

Cryptocurrencies Are Here To Stay

No matter which way you peel it, we cannot dismiss the fact that cryptocurrency has a massive role to play in the future of the online casino industry. The ever-vigilant Malta Gaming Authority is currently in the process of adding Bitcoin controls to their regulatory controls. This will allow them to regulate Bitcoin wagering and ensure improved levels of player care and operator transparency which can only be a good thing for the market. Crypto casinos are here to stay!