Introduction: Cryptocurrencies – An Awesome Casino Transformation
As cryptocurrencies become more popular, it’s not surprising that online casinos are one of the few businesses to pick up on this new currency and implement it as a payment system. The cryptocurrency of Bitcoin is probably the most well-known of all the cryptocurrencies, but we do not see it replacing fiat money anytime in the near future.
Nevertheless thanks to cryptocurrencies, we now have online casinos dedicated to this payment method. There are also many new types of cryptocurrency and crypto-coin coming onto the public market place all over the world, and casino brands are not waiting for overall public acceptance. Many new cryptocurrency casinos accept these new coins after a relatively short period for them to gain a grip within the crypto community.
Some more specialist casinos are actually investing heavily in cryptocurrency gaming and so are a great place to try and win the jackpot online. Does this mean that we are looking at a new form of gambling entertainment that is still in its infancy? In order to understand cryptocurrency casinos, we first need to look into the origins of cryptocurrency, and its journey into the more public world of online casinos and gambling.
Cryptocurrencies: What is Bitcoin?
An unknown person operating under the pseudonym of Satoshi Nakamoto created the cryptocurrency we know it’s Bitcoin in 2009. The biggest difference from Fiat currency is that there are only limited quantities available. Unlike regular dollars or pounds which can be printed when needed, Bitcoin will reach a set number of available pieces and that will be that. With an uptime demand which heavily outstrips supply, we can see Bitcoin become more and more available. In fact today we can see the Bitcoin is presently trading at $55,000 a coin. In 2016 it was trading at $780.
Many investors are pouring money into buying up cryptocurrencies in the hope that they keep rising in value, and thereby become an investment instrument in their own right. Another much-touted aspect of cryptocurrencies is their safety and anonymity. To that effect, they are probably best known as the currency for extortionist and drug dealers buying drugs on the Dark Markets.
Bitcoin is Winning The Crypto Race
Though they have been several different types of cryptocurrency in today’s market place, it appears that Bitcoin is the currency that has gained traction worldwide. If you pop into any online casino you’ll see that most of the large players have cryptocurrencies as a payment and withdrawal option on their banking page, along with all the regular currencies. The casino player’s account is linked to the cryptocurrency wallet. The number of casinos accepting cryptocurrency payments is growing at a massive rate and it shows that many online gamblers are actually making a switch from traditional currencies towards gambling with Bitcoin.
What’s interesting is that the number of gamblers using cryptocurrencies is going up at a fairly reasonable rate, yet the number of casinos that are accepting the new currencies is growing at a much faster rate. This means casinos are, in their own way, trying to encourage players to make a switch from traditional currencies to cryptocurrencies. As cryptocurrencies are not taxed and are not visible to the government, we believe this is the underlying cause for this change.
The Pros And Cons of Bitcoin
Obviously, there are both advantages and disadvantages to using cryptocurrency that every would-be casino gambler should consider. Signing up with a Bitcoin casino to win the jackpot is exactly the same process as signing up with a traditional online casino. But the real question is whether it’s worth getting involved in the whole crypto currency scene in the first place. You need to be knowledgeable about wallets and secret keys, as well as knowing how to replenish your crypto wallet and move crypto funds. So without further ado, let’s have a look at some of the positive and negative reasons.
Cryptocurrencies: Security And Safety
When it comes to online transactions, their safety, and general security, many of cryptocurrency’s true believers say that this is the safest currency of all. That’s because it’s impossible for cryptocurrency payment to be hijacked or for private information to be stolen. So making deposits or withdrawals at a reputable online cryptocurrency casino using bitcoin is probably the safest method of all. That’s one of the main reasons we recommend Omni Slots Casino. Not only do they accept Bitcoin but have a huge selection of games to choose from.
No Transaction Fees
Many online casinos were charging a fee for certain types of payment which were often included on top of your withdrawal fees. On the whole, these extra charges or commissions will vary in percentages from one transaction to another, and from one online casino to the next. Even if you use an exceptionally modern payment method like PayPal or Skrill, you’re still going to experience quite expensive charges over time. The thing about cryptocurrency transactions is that they are direct transactions that go between you and the casino, meaning there is absolutely no middleman involved. Thus no need for added fees. keep in mind that any saved money equals more for your bankroll and may increase your jackpot winning chances.
The value of cryptocurrency has been rising exponentially ever since its introduction. As an investment vehicle for those who buy and sell at the right time, cryptocurrencies like bitcoin represents a very lucrative investment vehicle. In fact, there are a huge number of savvy investors who have since become bitcoin millionaires.
Cryptocurrencies: Market Volatility
Though Bitcoin appears to be marching upwards at ever-increasing rates of value, there have been times when it has plummeted dramatically overnight. On some past trading days, the value of the coin has been halved over the course of just a few hours. But on the other hand, though it’s true there is market volatility with the price of Bitcoin now at over $50,000 per coin, the chances of it falling by more than a few thousand dollars are practically zero.
Cryptocurrencies: An Uncertain Future
This applies eventually all cryptocurrencies and their values. True believers predict that the coin will eventually experience total global domination and lead to the extinction of fiat money. On the other hand, there are many Cassandra’s who believe this is just another bubble. One of many that we have seen throughout history and they fully expect bitcoin to take a huge nosedive at some point in the future.
The real question is how society as a whole will take Bitcoin under its wing. And whether the banks will start investing. Remember that with cryptocurrencies there is really no regulation and no formal legislation, and so an introduction of any of these things could impact the cryptocurrencies value with a perceived loss of secrecy and security, which are two of its main selling points.
Conclusion: Cryptocurrencies – An Awesome Casino Transformation
The real extent to which cryptocurrencies may have an impact on the casino gaming scene remains unknown. Right now, players can find the best casino site to play and then gamble using cryptocurrencies like Bitcoin. We believe that Bitcoin does represent the future of currency. Which is one reason we like to use Omni Slots Casino. Another is their huge welcome bonus offer of 150% up to €500 plus 70 free spins.
But what’s slowing the whole process down is the fact that the public finds the use of cryptocurrencies to be difficult to understand and therefore it hasn’t penetrated society as much as it possibly could. But as zoomers and millennials start to take cryptocurrencies more seriously, then we believe that casinos will do so and follow suit.