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There is a lot of buzz around cryptocurrencies and how they can be used in casinos. The number of people who are using cryptocurrencies like bitcoin has exploded since the financial crisis, and is now worth over $11 billion worldwide.
You may think that playing casino games with crypto currency would be easy, but there are many questions you need to ask yourself before you start gambling with this forms of currency. With the rise of crypto currencies, many people are starting to use them as a safer way to bet at online casinos. This is not necessarily a new trend, but rather one that has been gaining momentum and popularity over the past few years. One of the most popular forms of crypto currency for gamblers is bitcoin, which has an estimated value over $10 000 per coin at this time.
Even though cryptocurrencies are being used by many casinos and the use is extremely widespread, many people don’t actually know what they do and what it is. So if you are a gambler and would like to know more, here is what you need to know.
What is cryptocurrency?
These days, everything seems to be moving online, from television, to banking, to gaming, to shopping, anything you could possibly think of. So why not move money online too? Essentially, cryptocurrency is a form of payment for products and services in the online world. this may sound silly because you can just do this from your bank account, but if you dig a little bit deeper, you will find out the cryptocurrency is basically its own form of currency and seen as an investment. This is one of the reasons why many casinos have started using it, and you can see a few examples of these casinos over here. The more popular it becomes the more it is worth, meaning that people who started using cryptocurrency years ago now have multiples of what their money was back then.
The idea behind cryptocurrency is that I uses block chain technology to keep track of transactions make and keep a record of everything that happens. Cryptocurrency was founded in 2009 when the first developers of bitcoin developed this new age technology.
Different forms of crypto currency?
Many people heard of the first every cryptocurrency to be invented; Bitcoin. This is by far the most widely known and most popular cryptocurrency around at the moment. This is because it was considered the original cryptocurrency. Although bitcoin may be the most popular, it doesn’t mean it’s the only cryptocurrency around. There are actually a number of relatively popular ones these days. Next up is litecoin with is believed to be faster and more efficient that bitcoin, and also allows for a coin limit to have much more worth. Ethereum was developed in 2015 that allows application developers for transaction and service fees. ZCash, was built on the same code base as the original bitcoin and one of their biggest selling points is the privacy it offers. Lastly there is Stellar Lumen, which allows for users to send any currency to anyone and they will receive it in their own currency. These are just a few among the many that are now out there.
What are crypto casinos?
Essentially these are just the same as regular casinos except instead of using money from the back, they choose to rather make use of cryptocurrency. At first many casinos were hesitant to make use of this kind of payment because it is still relatively new and seemingly unreliable with the lack of time for feedback, but over the past few years, more and more casinos have discovered that making use of cryptocurrency is better for both the casino and the players and allows for everyone’s personal details to remain private and protected.
Benefits of using cryptocurrency on casinos
Lastly, there are so many different benefits that both players and casinos can get from making use of cryptocurrency instead of just regular currency. These being, anonymity, allowing users to keep their details private, data security, personal safety, and more. On top of all that, one of the biggest benefits is that there are no fees involved in in handing the currency making it a lot more enjoyable by casinos and players alike meaning there is no big loss of money.
