Why Cryptocurrency and Online Casinos Are a Match Made in Heaven

Playing real money casino games is on of the things that one could do with their crypto-money, especially if the currency in question is one of the more popular ones like Bitcoin, Dogecoin or Litecoin. Nowadays, there are many casinos that accept cryptocurrency payments. Check this noteworthy page for more information on some of the best Bitcoin casinos out there.

The Historical Development of Cryptocurrencies

The inception and creation of cryptocurrencies is tightly connected with the popularisation of the internet. Come to think of it, we have the internet to thank for many of the latest inventions that made our lives comparably easier and better.

  • The first cryptocurrency was introduced in 1998;
  • In 2009 Bitcoin was introduced, by a person using the pseudonym Satoshi Nakamoto. The Bitcoin was the first decentralised currency and it used the Secure Hash Algorithm 2 as POW function;
  • Two years later, in 2011 Namecoin and Litecoin were introduced;
  • Today there are over 700 different cryptocurrencies and cryptocurrency trade is legal in most of the countries in the world.

Even though cryptocurrencies first appeared towards the end of the previous millennium, the idea of virtually conducted payments has existed long before that. The first cheques were issued as early as the 70s of the 18th century and many think that this is the ‘root’ from which cryptocurrencies later ‘grew’.

Others name a more recent date. The ‘sprout’, according to them, is the introduction of POS transactions back in 1980, which motivated developers and financial experts to broaden their horizons and it ultimately led to the development of cryptocurrencies. Either way, cryptocurrencies in their modern form have been around for almost 20 years. The past 5 years were a period of a major expansion.

Digital currency coins

The Rise of Online Gambling

Online casinos, just like cryptocurrencies, were enabled by the growth of the internet. Slightly older than cryptocurrencies, online casinos are also a product of the crazy 1990s.

  • In 1994 the small island nation of Antigua and Barbuda passed legislation that allowed companies to apply for an online gambling licence;
  • During the same year, the first online gambling software was developed by Microgaming;
  • The first real money online casino game was played in 1996;
  • By the beginning of the new millennium, online casinos were generating revenues over $2.2 billion, by 2008 that amount was $21 billion;
  • In 2013, more than $10 billion were wagered using mobile devices.

As you can see, the history of the two are pretty similar. Both started off as alternatives, of traditional currencies and conventional land-based gambling respectively, but nowadays both are large industries and whose growth shows no signs of stopping.

The online gambling industry nowadays is worth tens of billions and many predict that online gambling will become the dominant form of gambling. The world of online gambling is driven by innovation. After the introduction of live casino games and mobile gaming, we witnessed the emergence of virtual-reality casino games. And that seems to be the future, at least for now.


Advantages of Online Casinos and Cryptocurrencies

Is it at all surprising that two industries whose histories are so similar are now tightly connected?! Nobody should be surprised. Online casinos have advantages over conventional casinos, whereas cryptocurrencies have over traditional currencies. These are the advantages of online casinos:

  • Online gambling is much more convenient as you don’t have to leave your home;#
  • It is possible to play for free before you play for real money;
  • Multitude of payment methods are accepted;
  • There are more available games;
  • You can register an account with multiple operators and see which casino is the best one for you.

These are the advantages of cryptocurrencies:

  • Cryptocurrencies cannot be counterfeited in the way which credit cards and banknotes can;
  • Transactions are carried out immediately, whereas with some traditional methods you’d have to wait for longer periods before the amount appears in the account;
  • Cryptocurrency transactions generally include lower fees compared to traditional transactions;
  • Everyone with an internet access can take part in cryptocurrency trading;
  • The identity of the trader is protected as sensitive information is required to complete a cryptocurrency transaction.

Why Gambling with Cryptocurrencies Is the Best Kind 

Gambling with cryptocurrency is simpler compared to gambling with traditional currency. And we’ve already established that online gambling is simpler than traditional land-based gambling. So, by using cryptocurrency, you’re making thing even simpler.

  • Most cryptocurrencies aren’t considered to be currency. If you live in a country where online gambling is prohibited or severely restricted, like the US, you won’t be able to play real money online casino games. But you will be able to gamble using a cryptocurrency like Bitcoin or Litecoin without any problems;
  • If you have a small amount of Bitcoins lying around, it won’t be of much use to convert them to traditional currency. Instead, you can try your luck at an online casino and then, if you earn more you can convert them and spend them as you please;
  • Depositing cryptocurrency to an online casino account involves a lot smaller fees compared to deposits using traditional currencies via standard payment methods. Some operators even allow feeless transactions;
  • Cryptocurrency deposits and withdrawals are instant, compared to other transactions, especially withdrawals, which may take up to several days or even more;
  • Casinos that accept Bitcoins and other cryptocurrencies often offer far more lucrative bonuses and promotions compared to regular online casinos;
  • Many casino operators that accept cryptocurrency payments use Provably Fair Provably Fair is an algorithm which allows players to check the fairness and randomness of each game themselves. Players have the opportunity to check every game and every hand that they have played. That why they will be certain that they haven’t been cheated on.

As you can see, playing online casino games with cryptocurrency allows faster, more secure and fairer gambling. On top of that, your winning chances are slightly increased, due to the fact that you don’t have to pay any fees on deposits and withdrawals and that you can benefit from lucrative bonus offers. Cryptocurrencies and online casinos are indeed a perfect match.

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Tom Clancy
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