There has been a big surge in the number of cryptocurrency casinos that have emerged recently. Every so often, you hear about a new cryptocurrency casino that is making waves in the world of online gambling.
These casinos accept deposits and permit withdrawals in Bitcoins, Litecoins, Ripple, Bitcoin Cash, Ethereum and other popular cryptocurrencies. In this article, we take a quick look at cryptocurrency casinos and the craze behind these currencies that have propelled them.
History of Cryptocurrencies
The growth of Cryptocurrencies is directly connected to the widespread use and acceptance of the internet. As the internet has grown, so have a range of cryptocurrencies.
The very first cryptocurrency was launched in 1998, but it was only in 2009, when Bitcoins were introduced by a person who went under the pseudonym Satoshi Nakamoto. The massive popularity of Bitcoins led to the introduction of other cryptocurrencies as Litecoin and Namecoin in 2009.
Today, there are over 700 cryptocurrencies including those such as Ethereum and Bitcoin Cash, which has hit the ground running from day one. Here’s a quick look at 5 of the most popular cryptocurrencies in 2017.
Why Cryptocurrencies?
Credit card fraud and phishing have become very common. It is not possible to have fraudulent activities like that when it comes to cryptocurrencies. These are much more secure and safer.
With cryptocurrencies, you can carry out transactions instantly. There is no waiting period for the payments to be processed as with traditional currencies.
Any transactions carried out through these currencies will have much lower fees compared to the transactions carried out with traditional currencies.
Cryptocurrencies are very democratic – anyone with an internet connection can have access to them, no matter where they are in the world.
Top 5 Cryptocurrencies 2017
Bitcoin
Bitcoin is worth $4201 as of September 2017, which makes it the most valuable cryptocurrency, as well as the most popular one. Bitcoin prices vary widely – it was worth $903 as recently as in January 2017. It has become a popular method for making payments and online transactions and has a market cap of $69.65 billion. Many online retailers accept it. Today, Bitcoins are also accepted by many online casinos. We have explored the rise of Bitcoin Casinos at length in this article.
Ethereum
Ethereum is a relatively new cryptocurrency which is seen as an excellent alternative to Bitcoins. Currently, it is priced at $292 USD and has a big market cap of $27,692,760,135.7. It is one of the fastest rising cryptocurrencies right now. There are many experts who say that Ethereum will one day overtake Bitcoins in market cap.
Bitcoin Cash
Bitcoin Cash is a recent alternative to Bitcoin, which is worth $529.73 and has a market cap of over $8 billion already. It is one of the fastest rising digital currencies and many experts have high expectations from it. It has drawn a lot of interest from miners and investors.
Ripple
Ripple is a digital currency that is promoted by many banks and financial institutions and hence enjoys widespread acceptability. It is priced at $0.218420 and has a market cap of $8.375 billion. It has recently increased in value by over 500% and is favored by many investors.
Litecoin
Litecoin was introduced only a couple years after Bitcoin and although it has never grown to the extent that Bitcoins have, it is still very popular as a means of online payments and transactions. Litecoin is priced at $65.04 and has a market cap of $468,214,000. The man behind Litecoin is a former employee of Google, Charlie Lee, who has worked hard to make it as transparent as possible.
The Online Casino Industry
Online casinos, much like digital currencies or cryptocurrencies, are a product of the Internet Era. They were first introduced in the 1990s, and have since grown exponentially.
It was the Caribbean nation of Antigua and Barbuda that first legalized the online casino industry by introducing a special gambling license for them. This was quickly followed by the development of a range of software by Microgaming that made online casino games interesting, challenging and fun.
The online casino industry was worth $37 billion in 2015, 45.86 billion in 216 and is projected to grow to $56.05 billion by 2018. It has risen very fast over the last decade and a half and is already a massive industry which attracts tens of millions of players from across the world.
The Rise of Cryptocurrency Casinos
In recent years, there has been a major increase in the use of cryptocurrencies as a mode of payment in online casinos. The rise of Bitcoin casinos, Litecoin casinos and Ripple Casinos has been well documented.
There are today a number of cryptocurrency casinos that accept deposits in a range of digital currencies and allow you to withdraw your winnings in these currencies.
Cryptocurrencies are preferred because they allow you to deposit and withdraw money quickly, are private and confidential and are beyond the purview of banks, financial institutions and credit rating agencies.
Gambling with cryptocurrencies is considered to be much easier and more convenient than gambling with traditional currencies for this reason. There are many reasons for this.
There are many countries such as the United States where it is not easy to gain access to online casinos. Online gambling is frowned upon by the authorities and is restricted in many ways. For one, you cannot use credit cards or debit cards to make a deposit in your account at an online casino. But there are no restrictions to using cryptocurrencies such as Litecoin, Bitcoin and Ripple, to name just a few. You can use these currencies to make a deposit or to withdraw your winnings. You can then use these currencies to buy stuff online or get them converted into a traditional currency of your choice.
A single Bitcoin costs $4,200. Most of us have only a tiny amount of Bitcoins, and it does not make sense to convert them into USD or Euros. It is much better to utilize the Bitcoins by depositing them into your account at an online casino, playing your favorite games and making more money.
Depositing cryptocurrencies into your online casino account is much cheaper and more convenient. You won’t have to deal with the same sort of fees as you would, had you used credit cards or debit card to make the payment. The transaction charges are much lower and the withdrawals are much faster with digital currencies. You can withdraw your winnings in just 12 hours if it’s in Bitcoins or Litecoins, otherwise, it takes 3-7 days had you used a traditional currency for making the deposit/withdrawal.
Cryptocurrency casinos provide much better bonuses and promotions in comparison to traditional online casinos. This is another major point that goes in their favor. They may also provide players with access to the “Provably Fair” algorithm, which allows them to check just how fair or random a game is before trying their hand at it.
Cryptocurrency Casinos vs. Traditional Casinos
There are many reasons to prefer cryptocurrency casinos over the traditional casinos such as those in Las Vegas. Let’s take a quick look at some of the most important points.
Cryptocurrency casinos or online casinos are far more convenient than traditional casinos. You can play as you like from the comfort and privacy of your home.
You will have the option of playing for free if you like. So you can practice as much as much as you need to before playing for money. This is not an option with traditional casinos.
Cryptocurrency casinos accept a multitude of payment methods, including in a range of digital currencies such as Bitcoin, Litecoin, Ripple, etc.
You will have access to hundreds of games and can pick and choose as you like.
