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Future of Cryptocurrency in Online Casino Games and Gambling
Introduction
Unless you have been living under the rock for the past several years, you would be familiar with cryptocurrency, Bitcoin and blockchain technology.
What is cryptocurrency? Is this the currency of the modern age or the money of the future generation? As per the financial tendencies on the internet in the last few years, the future of the digital currency has arrived earlier as expected and occupies an integral part of the lives of humans now.
When it comes to iGaming and online casino gaming, the future is not near; in fact, the future is now. With the increasing popularity, cryptocurrency fever is sweeping around the globe. No other industry apart from gambling has greeted Bitcoin and blockchain technology warmly.
Online casino pretty much aware of the potential and power of cryptocurrency and it is already enjoying its services and benefits. Can anyone predict the future of cryptocurrency in the online casinos and gaming? We are trying to decipher the clues and attempting to answer some of the questions in this post today.
What is Cryptocurrency?
In the beginning, understanding the concepts of this virtual currency might seem confusing. Majority of people are not aware of the fact that cryptocurrency showed up as a side product of another invention.
It is said that Satoshi Nakamoto who is regarded as the mysterious founder of Bitcoin did not intend to create this digital currency in the first place. Ache he wanted to create a decentralised digital cash system and ended up inventing Bitcoin. It is a virtual currency cash system without any central authority or an online server.
The concept behind the decentralised digital cash system is quite simple even though it might look complicated in the first place. It comprises of online transactions, balance and a payment network. However, unlike other traditional payment systems, there are no central servers present over here.
It means that every single peer in the network must contain the entire list of transactions to verify if the future transactions are legitimate or not and whether to consider them for double spending. In layman�s term or simple English, it means that cryptocurrencies are a set of limited entries in the database that no one can change without fulfilling a set of conditions.
Cryptocurrency Usage in the Online Casinos
In the recent times, cryptocurrencies have become extremely popular and have found a place in online gambling and casino sphere. And much sooner to anyone�s expectations, top rated casino sites like Oshi and BitStarz are now allowing players to deposit money in Bitcoin for playing online slot games.
Cryptocurrency has given birth to a new era of payment method and has brought a revolution in the iGaming industry. This digital currency offers a great interface and secure system for the customers as compared to the traditional payment methods. At the same time, there are no processing fees and attracts low costs for the online transactions. All the transactions are transferred immediately without any waiting time.
Since the entire network is secure, it gives a lot of assurance and trust to the customers while making a deposit and withdrawal at the online casino. Security, Clarity and Transparency are the three pillars of this virtual currency.
Lighting Fast Payment System
It allows easy, fast and secure payment at the online casinos without the need for the gamer to give any personal details like home address, bank account number, ID proof and contact number. The player just needs to provide their username and cryptocoin information to get started.
There is no denying the fact that players have a lot of fun playing at the online casinos with colossal jackpot money and other attractive cash prizes. Sadly, the payment system of the gaming industry has been on the slower side, but thankfully cryptocurrency is now slowly banishing the cashout blues. It now allows players to withdraw cash almost instantly without having to worry about anything.
With the passage of time, there is a constant growth of online casinos that accept cryptocurrencies like Bitcoin and Ethereum. Few casinos have not yet welcomed the cryptocurrency with necessary zest and enthusiasm. But it's just a matter of time, and they will embrace the blockchain technology with open arms.
In addition to this, the Malta Gaming Authority recently started a �Sandbox Test� of cryptocurrency controls which was confirmed by the PM of Malta, Joseph Muscat who announced in April 2017 that the country is working on a strategy for promoting the blockchain technology.
Cryptocurrency Allows Players to Remain Anonymous
We are living in the 21st century, and there is no taboo or stigma attached to online casino games any longer. It has now become a leading source of entertainment for people across varying age groups. But it does not mean that gamers should forget about privacy.
Privacy makes the gameplay far more exciting as it helps in building the bankroll away from the glimpse of public eyes. Standard currency casinos had the privacy issues since the beginning as MasterCard, and Visa payment gives complete details about the player history, and there is nothing private.
Bitcoin and other forms of cryptocurrency offer a considerable degree of pseudonymity to the players where they can enjoy their favourite casino games without fearing that anyone is looking over their shoulders. There is complete fun and no judgment whatsoever. Cryptocurrency has undoubtedly brought the sense of privacy and anonymity that has been missing in online casino and the gambling industry for a very long time.
Cryptocurrency is Changing the Course of Game
Technically, the online gambling industry is often voluntarily used as a litmus paper for testing the technical innovations of the industry. It holds true for the cryptocurrency as well. There are a large number of people out willing to accept this new form of digital payment as they are experiencing a lot of problems with the conventional payment methods like Visa, MasterCard, Credit/Debit Card.
Therefore, we can easily predict that the future of blockchain technology and cryptocurrency is quite bright concerning online casinos and will continue to develop and evolve. With continuous changing, it will create a better gaming environment for the operators and players.
We hope that you like this post and you are free to share your thoughts in the comment section below. We would love hearing your thoughts on the existing cryptocurrency and its future in the online gaming world.
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