Unless you have been living under a rock for the past decade or so, you will have heard about cryptocurrency. Touted as the next big thing in finance, digital currencies like Bitcoin are going to change the way we complete transactions, offering a borderless, decentralized, and anonymous way to buy and sell goods and services.
Of course, that isn’t the whole picture, and even the most die-hard supporters of crypto have to admit that it hasn’t been a seamless process to get the currency accepted. What can be said, however, is that there is some real value in both the digital currency – and the cryptographicalgorithms (the blockchain) that they are built on.
Before we look at crypto casinos that you can play blackjack and poker in , let’s understand a bit more about what cryptocurrencies are.
What is Cryptocurrency?
A cryptocurrency is a digital coin – a piece of data. It does not have a physical presence like a penny or a dollar, for example. It exists specifically in the ‘blockchain’ – a disparate digital network of computers linked by cryptographic algorithms.
Cryptocurrencies are not tied to one specific government or institution, which means that they are not controlled by the banks. The value of each crypto is decided by the price that someone is willing to pay to buy it, which means that the value can go up (or down) very rapidly.
Where allowed, cryptocurrencies can replace fiat (normal) currency to make transactions. You store your crypto in a ‘wallet,’ which is protected by a public key and a private key (basically, an account number and a PIN). You can also buy and sell crypto like stocks and shares, too.
The Blockchain
Even without digital payment tokens, the impact of the blockchain has been immeasurable in a number of ways. Creating a public ledger that cannot be tampered with supports transparency in transactions, and also lends some pretty extreme computing power when it is needed most – whether that is building an enormous database or running an online casino.
Cryptocurrency Casinos
So, how does this tie in with online casinos?
Well, if you already have an account with an online casino, you will know that you have to give a lot of personal information – but with a crypto casino, this doesn’t happen.
The algorithms that are used to create the casino itself are part of the blockchain. Every single transaction that happens is recorded and cannot be changed. All crypto deposits are recorded, all the game results are recorded, and payouts happen immediately without any human interaction needed. For the player, the games are fast, transactions are faster, and it doesn’t really feel all that different to a ‘normal’ online casino.
Why the Rise in Popularity?
With so many billions of transactions taking place online every single day, it is no surprise that new ways of spending and making money need to be found – and this is probably part of the reason thatonline casinos and online gaming have grown in such a massive way since 2020.
According to Mordor Intelligence, the global online gambling market is expected to reach $127.3 billion by 2027 – that is a compound annual growth rate of 11.5%.
Alongside this, the global crypto casino market is predicted to reach $1.6 billion by the end of 2024.
That doesn’t seem like very much, given the new technology, innovation, and inherent interest in crypto and blockchain, but it must be remembered that not everyone is on board with this newfangled currency.
Those who are more measured in their response to crypto mention that the very anonymity that is part of the draw could actually prove problematic –providing a vehicle for money laundering and other criminal enterprises, for example.
The perceived value of the tokens poses a problem, too. There isn’t much that changes value as quickly as crypto, and this can pose a problem when it comes to exchange rates – today, one Bitcoin might be worth $50,000, but tomorrow that might only be $45,000.
With all that aside, the other real issue that many people have with crypto casinos is that they are often not regulated. This means that while they purport to be transparent and open, players are not protected in the same way that they are with a licensed online casino.
If you are interested in joining the rise in online crypto casinos, you will be able to enjoy borderless transactions, with no need to play in casinos based in the same geographical area as you. You’ll have access to fast gameplay and faster transactions, without sharing any personal information at all. Smart contracts on the blockchain will immediately record all transactions and pay out automatically based on game outcomes, so you can just play as you would normally, knowing that your crypto is there when you need it.