At this point, we can all see how even the oldest representatives of online gambling have begun to turn into crypto casinos and offer cryptocurrencies as one of the methods of depositing or withdrawing funds from their accounts. What is the cause of this trend, and why are casinos beginning to shift their stance on it? We will look at different aspects.
A Brief History of Cryptocurrencies
The idea of cryptocurrencies is not new; it was raised back in the 1980s. But it was an anonymous bitcoin developer, whose protocol was launched in 2009, who was practically able to implement the idea. The concept of blockchain itself is revolutionary, but at first, it was not popular due to the lack of regulatory bodies and the fear of the instability of the asset in the future. This was the main argument of the opponents of cryptocurrencies at the time.
The Current Situation With Cryptocurrencies
At the moment, cryptocurrencies are still unstable assets with high volatility and a future that cannot be predicted. Some economists from the Austrian school of economics explicitly call cryptocurrencies the ideal embodiment of a completely free market.
So why did crypto casinos start to exist, given the instability and lack of government regulation of all cryptocurrencies as a whole? Let’s look at the reasons.
Quick and Cheap Transactions
Depending on the type of blockchain, the fees are significantly lower when compared to the service fees of banks or other payment systems. For example, TRC’s maximum fee is only $1 for any amount of funds to be transferred, and the typical bitcoin transfer fee is 0.0005BTC, which is significantly less than 3-5% of the total amount charged by large financial institutions like banks.
Every Transaction is Secure
Even in spite of high volatility and significant price spikes every day, blockchain technology has never yet failed its users. The technology itself is an advanced ledger, run not by humans but by machines and algorithms based on hashes and automatic confirmation of transactions.
This works with the automatic confirmation of transactions by means of so-called mining, if we take bitcoin as an example. More modern cryptocurrencies use Proof of Work as block validation, but for the average user, it is not important.
All bitcoin transactions made online are completely anonymous. You will not be able to see the identity of the person sending you the currency, but you will be able to accept it.
Because bitcoin provides players with security, more and more casinos are accepting it as a payment method.
Full Decentralization Support
Unlike physical money, which is centralized, most cryptocurrencies are decentralized. Their worth is not determined by the government or any individual. Instead, demand determines the value of each coin.
The demand for cryptocurrencies has recently surged, but the number of people who can afford to pay for mining facilities is insufficient. As a result, demand has skyrocketed. This results in a rise in the value of assets.
Not only do crypto casinos allow you to win some money on slot machines or table games, but their players also gain greatly from being indirect investors in a promising technology that is growing increasingly pricey.
Another reason casinos choose this payment option is its economic flexibility. Because there are no restrictions on how much money gamblers can transfer to each other. This is what draws potential consumers to adopt this payment method, compelling gambling websites to incorporate it as well.
The influx of crypto casinos at the moment is an obvious factor in the development of not only gambling establishments but the whole economic segment as a whole. It was hard to imagine five years ago that there would be respectable gambling platforms on the Internet that could be based only on cryptocurrencies or support them. Everything is improving, including the economic situation in the world. Most people have begun to be unhappy with constant inflation and the fact that the real value of their finances is controlled by a third party.
Cryptocurrencies are the way out of this system. They are not taxed because they can simply not be traced. Pricing is entirely up to a multitude of investors, not the government. For the average user, small fees and fast transactions are the cornerstones of which cryptocurrencies approach.