Online Cryptocurrency Gambling: Can this Propell the Industry?
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Cryptocurrencies have opened new avenues, be it in financial scenarios or gambling. People have been known to be gambling and betting for ages, even before the currencies were introduced. Although these cryptocurrencies themselves are so speculative that trading them feels quite close to gambling. This opens another possibility, including crypto in gambling. There are numerous casinos worldwide that facilitate this. Some estimates suggest that the crypto gambling industry could be worth $80 billion.
Some suggest that the growth and popularity of cryptocurrency can be owed to gambling, especially poker. A law was passed in the United States in September 2010 banning online poker. Players at the time used to bet huge amounts, and the community was also quite strong. They slowly deviated to crypto gambling, using cryptocurrencies instead of fiat, exploiting a loophole allowing them to play and still be safe from the authorities.
The inception of Crypto Casinos
Casinos have been around for ages, a place where games and slot machines were placed for people to come, enjoy themselves and gamble their pockets out. The first online casino was launched in 1995, and developed by Playtech. It offered basic options, and the time period bound the technology. People would require computers and an expensive yet slow internet connection to play; this limited its adoption and expansion.
Then came smartphones, and anybody, anywhere, anytime, could play desired games. Technology advancements allowed people to play games, gamble, watch sports, and bet simultaneously. As the internet evolved, so did the games; even a live dealer option became available, giving an almost lifelike experience to the users.
In the post-global recession of 2008, the online casino sector gained traction on slippery roads; this was when blockchain and Bitcoin garnered the attention of some investment circles. 2013 saw the launch of the first official crypto gambling website, SatoshiDice; later, it was renamed Cloudbet and is still operational. This was when the crypto market was in its infancy, further limiting the target audience. One cannot pinpoint a timeframe or incident which led the crypto community to lean toward gambling.
Bitcasino- The first Cryptocurrency Casino
In 2014, the first cryptocurrency casino came into existence. It was also the first to adopt Bitcoin as a payment method, which laid the foundation for others to follow. Based in Willemstad, Curacao, Bitcasino offers more than 2,000 games, including popular games like slots, and numerous table games like Black Jack, Roulette, Poker etc., along with live dealer casinos and other additional features.
What Benefits do Crypto Casinos serve?
They have some added benefits when compared to traditional online casinos. Mainly, they provide security and anonymity, thanks to the inherent features of cryptocurrencies. They are harder to hack due to secure blockchain technology, plus the player can be anonymous to other players, further appending that personal and financial information cannot be shared. As no mediator is involved, no extravagant investment in setting up the place is required, and a lower fee is offered.
The Amalgamation of Cryptocurrency and Gambling
Many places around the world prohibit gambling; people from there can easily be here and enjoy gambling without the fear of getting caught. Major currencies accepted in these casinos are Bitcoin and Ethereum. Many local authorities do not have jurisdiction over them, thus creating a loophole to exploit.
The anonymity provides a sense of security so players can focus on the game. Blockchain security provides another circle of security around these casinos, ensuring the website’s safety. Moreover, the reliability and security provided in these places are enough to pull the crowd. Winning can easily be cashed into digital wallets.
One hundred million Satoshi makes one Bitcoin. This means that bets can be placed in the millionth place, which gives the additional benefit of preserving the capital. Placing a smaller bet could make one last longer on the table and still enjoy the game. The amalgamation of online casinos and cryptocurrency provides a scenario where players get the best of both worlds.
Involving cryptocurrency in gambling also opens up the avenue of learning. Players learn about the industry, its nuances, payment methods, etc. They would scout the protocol with easier transactions and lower fees for their benefit. Thus forcing developers to cater to this audience also fuels the required growth in the industry.
Things to Remember
After one decides to play in a crypto casino, a few things must be made clear; first is ensuring that the chosen platform has a high reputation and authenticity. Since venturing into copycat portals could cost dearly. The second step is to confirm that the portal/platform accepts the cryptocurrency you want to play in or you have. It should be noted that not all cryptocurrency casinos accept every currency and token on the planet.
Myths Surrounding these Casinos
They are fairly new to the market, and cryptocurrency is a bit confusing too; due to its complex to the general public. It is obvious that casinos also have to deal with certain myths. Here is an attempt to bust those myths.
Casino Regulations
People believe that as crypto is not regulated, the casinos will not be either. Not every, but the majority of them are registered and licensed by the gaming authorities of Costa Rica and Curacao. They are known to have strict regulations for online gambling operators, thus securing players’ interests. And Cryptocurrency casinos fall under a similar category.
Safety at Casinos
They utilize the same security protocols as traditional online casinos. Websites are encrypted, often Web3 based, and employ state-of-the-art measures to secure players’ data. Unlike traditional casinos, where there are chances of ploys, games and results at these casinos can be verified by independent third parties, thus reinforcing trust in their safety.
Can they be trusted?
Ironically, gambling is a game of luck; people bet millions of dollars hoping to get the right number or perfect set of cards. Still, there are concerns about the trustworthiness of the casino. There are many reputable and trustworthy casinos out there, operating cleanly for years. This helps them garner a solid reputation among their customers.
Do They Propell Cryptocurrency
Gambling is very popular and has been so for ages. People tend to bet on anything, and involving the benefits of cryptocurrency in gambling can prove to be a scenario, best of both worlds. Crypto in itself is complex, and people avoid investing due to this reason, largely affecting the adoption rate.
It is often said that if a complex concept is made fun. it’s easier to learn. In schools and universities, there always was a teacher or professor who would explain complex mathematical or scientific concepts in a playful and fun manner. This helped students understand it, and the majority wanted to explore it further.
Consider the complexity of cryptocurrency being explained in a fun way by involving games. People would come to play, bet using crypto and win or lose crypto in these casinos. In turn, they would learn more about the technology, the application of cryptocurrencies and tokens, etc. This could excite them to learn more about the industry, and in turn, it could increase the adoption rate.
