The emergence of cryptocurrencies has started a new age for gambling. This breakthrough gave the second breath to the casino industry allowing it to gain more players and make the withdrawals and deposits much easier compared to traditional casinos. You can definitely say that crypto has transformed the world of online gambling by making it better and easier to start with.
How did crypto casinos become more popular than regular online casinos? We will try to give you a detailed view on that matter in this article.
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What Is a Crypto Casino?
Before discussing crypto or crypto casinos, it’s important that you’re familiar with blockchain technology itself.
Blockchain allows to store data in so-called blocks. It allows several parties to access and control the data stored in it. Any blockchain records transactions via a chain of blocks. Each block contains a list of transactions that are linked by a cryptographic signature known as a hash.
Cryptocurrency is a digital currency built on one of the blockchains available on the market such as Ethereum, Oasis or Polygon. These currencies are built on a peer-to-peer network that uses a consensus process to verify and validate transactions.
Due to its benefits, cryptocurrencies have become an appealing alternative to traditional currencies. Many businesses have allowed crypto transactions to attract more customers that favor easy and secure payments, including casino businesses.
Casinos that implement cryptocurrencies in their transactions, including Bet999.io Casino, are called crypto casinos. Like traditional casinos, these offer a range of games, such as slots, table games, and live dealer games. They also offer unique advantages, such as quick transactions, a high level of security, and anonymity.
The Emergence of Cryptocurrency
It started in 2008 when an anonymous under the pseudonym “Satoshi Nakamoto” conceptualized the first cryptocurrency as well as the decentralized blockchain behind it. This cryptocurrency is known as Bitcoin (BTC), which everyone must have heard at some point in their lives.
In 2009, Bitcoin began to be distributed. At that time, one Bitcoin was only worth $0.00099. Then, the first known commercial transaction using Bitcoin occurred in 2010.
If we trace it back, several digital cash technologies actually existed prior to the launch of Bitcoin. One notable instance is the ecash protocols invented by David Chaum and Stefan Brands.
Then in 1992, the idea of creating value in a digital money system using computational puzzles was initially presented. This idea was developed in the late 1990s by computer scientist Nick Szabo. He presented the concept of “bit gold.” While bit gold was never launched, it heavily influenced the creation of Bitcoin.
More Cryptocurrencies Introduced
With the rising popularity of Bitcoin, new cryptocurrencies started to emerge. Namecoin and Litecoin were among the first alternative cryptocurrencies to be introduced. They tried to compete with Bitcoin by providing more benefits, such as better anonymity and better transaction speed.
Since then, more and more alternatives to Bitcoin have appeared. Among them, Ethereum, Ripple, Bitcoin Cash, and Binance Coin quickly became some of the most popular. Each of these cryptocurrencies has its own distinct features like cheap transaction costs, closed blockchain, faster finality, etc.
The First Ever Online Crypto Casino
The online gambling industry was not really optimistic of cryptocurrencies. There were regulatory concerns and only a handful of people actually knew how the crypto world works. However, Satoshi Dice took the risk by establishing the first ever online casino that accepted Bitcoins back in 2012.
Being the first Bitcoin casino in the world allowed Satoshi Dice to gain weight in the industry and became very popular gaming site among crypto enthusiasts. Bitcoin deposits and withdrawals made it easier for players to interact with casinos.
Satoshi Dice soon became a leader in the crypto gaming industry. And this case was a big success that paved the way for many other land-based and online casinos to start accepting crypto.
But the year after Satoshi Dice had to permanently block US players due to legal concerns. As of today, Satoshi Dice is still in business and serving clients from all over the world.
The Rising Popularity of Crypto Casinos
Crypto casinos gradually became popular due to many reasons. One of them is because it generally has lower transaction fees compared to traditional payment methods, such as credit cards and bank transfers.
This is due to the decentralized nature of blockchain technology. Transactions in crypto are typically performed directly inside of its native blockchain causing lower rates and faster transaction speed.
Crypto casinos often offer a higher level of cyber security. They allow players to conduct transactions without sharing their sensitive financial data such as credit card number ot PayPal address. Instead, the transactions are handled via a blockchain and never shared with government.
In traditional casinos there’s always the risk of fraud either from casino or client’s side. That risk would be a lot lower when casino games are based on blockchain. This is because blockchain, not a casino itself ensures fairness of the game results by generating a cryptographic hash of the game result before the game is played.
The World of Crypto Casinos Today
The crypto gambling industry experienced a noticeable growth in both new players and overall performance. Each year there’s a few new names entering the market. These casinos often have quite similar set of games like blackjack and roulette but some offer blockchain-based games like decentralized poker.
Now there are more than 2000 gambling sites worldwide and these numbers will likely keep rising. And even more technological advancements are coming with the rise of AR and VR technologies and their incorporation into the gaming process..
The use of cryptocurrencies provides gamers with more exciting and decentralized gaming experience. As cryptocurrencies gain popularity and grow in adoption we can expect more gamers to shift to Bitcoin casinos.