Evidence shows that gambling has been around since at least 2,300 BC, although it almost certainly goes back much farther than that. Of course, gambling has evolved by leaps and bounds since then. One of the most significant advances in gambling’s history occurred in 1638 when the Casino di Venezia opened its doors. This ushered in an age of organized and regulated gambling. Soon, other casinos started to pop up throughout Europe and the rest of the world. There are now thousands of casinos operating around the globe and they rake in billions of dollars.
The gambling industry is known for making use of the latest technologies , and no other technology has impacted gambling as much as the internet has. It’s never been easier or more convenient to indulge in your favorite casino games using your desktop or mobile device. Casinos now literally come to you and they give you plenty of options for making secure deposits and fast withdrawals. This is another area that has been deeply affected by technology. While using credit cards, eWallets, and other money transfer services remain popular, cryptocurrencies like Bitcoin are revolutionizing the way payments are made at online casinos. More and more people understand the many benefits of using online casinos that accept bitcoin. Bitcoin is the gold standard when it comes to cryptocurrency. Still, Bitcoin isn’t the only cryptocurrency that is revolutionizing online gambling. There are well over 2,000 cryptocurrencies circulating in cyberspace and many of them are accepted at online casinos.
Have you ever wondered why using cryptocurrency at online casinos is so popular? There are several reasons. People who use traditional methods such as credit cards and eWallets are usually forced to wait for several days before they can get their hands on their winnings. Many casinos that accept cryptocurrency process crypto withdrawals within minutes. Using cryptocurrency to make deposits and withdrawals is also much cheaper than it is with traditional payment services.
Then there is the high level of anonymity. It’s not complete anonymity, but it’s way more than other payment methods afford you. This is immensely helpful for gambling enthusiasts that reside in countries with strict anti-gambling laws. There is no paper trail. This isn’t to encourage these people to break the law; it’s merely pointing out a fact. One must also consider that many crypto casinos offer really fantastic bonuses.
We already know that Bitcoin is the most widely accepted cryptocurrency at online casinos. Let’s examine a few of the other popular cryptocurrencies that are revolutionizing the gambling industry.
Ethereum
If you are remotely familiar with cryptocurrency, there’s a good chance you have heard of Ethereum. However, you might not know that Ethereum, which was launched in 2014, isn’t only a cryptocurrency. It was initially conceived as a platform for building blockchain based applications. This platform also happens to support a cryptocurrency which, in terms of market cap, is second only to Bitcoin.
Bitcoin Cash
As you would assume by its name, Bitcoin Cash is somehow associated with Bitcoin. Back in 2017, the Bitcoin blockchain was so big that transactions began to take too long. Because of this, Bitcoin forked resulting in the creation of Bitcoin Cash. It is currently ranked among the top 10 cryptocurrencies in market capitalization and value.
Litecoin
While Litecoin doesn’t come close to Bitcoin’s value or market cap, many experts feel that it is poised to compete with the crypto giant. Litecoin has been around since 2011 and is a fork of Bitcoin. One of the biggest differences in the two is that Litecoin transactions are much faster. Litecoin withdrawals at online casinos often take only a couple of minutes to complete.
Dogecoin
Since its launch in 2013, Dogecoin has become a favorite among crypto users who enjoy playing at online casinos. One of the biggest differences between Dogecoin and most other cryptocurrencies such as Bitcoin is that there is no cap on how many Dogecoins can exist. While this results in the value of Dogecoin remaining low, it also means that users aren’t subject to the wild fluctuations in value.
Monero
Many people believe that crypto transactions are completely anonymous. This is a misconception. Some sophisticated ne’er-do-wells could possibly link an identity to a cryptocurrency wallet if they tried hard enough. Monero addressed many privacy concerns when it was created in 2014. Monero might not be 100% anonymous, but the technology it uses makes it a heck of a lot harder for those malicious elements to breach your privacy.
Conclusion
Technology and forward thinking are driving forces behind online gambling and cryptocurrency. Online casinos have played a key role in the rise of cryptocurrency just as cryptocurrency has helped revolutionize online gambling. Both of these relatively new innovations will continue to evolve and their symbiotic relationship will flourish well into the foreseeable future. It’s not a question of whether cryptocurrency will have more of an impact on online gambling moving forward. Instead, it’s a question of how deep the impact will be.