In 2009, Satoshi Nakamoto unveiled his newly-developed concept to the world. A form of currency that exists solely online and whose veracity can be confirmed through the proof-of-stakes system. Due to the cryptography involved in creating this new form of currency, the name cryptocurrency was chosen. And Satoshi named his creation Bitcoin.
Only a few years later, online casinos became a mainstream occurrence. While these websites have existed since the early 21st century, they only grew in popularity around the mid-to-late 2010s. Interestingly, this was around the same time that Bitcoin and other cryptocurrencies gained mainstream appeal as well. So, it was only a matter of time before the two were brought together.
How Can You Start Gambling with Cryptocurrency?
In recent years, the online betting world has been introduced to so-called cryptocurrency casinos. The concept is exactly what it sounds like. Online websites, where players can choose from a variety of games associated with casinos or betting. They can then wager and play these games by making deposits and withdrawals with cryptocurrency.
So, if you are looking to start betting with cryptocurrency, go through the numerous cryptocurrency casinos, find the one that sits right with you, and create an account so you can start your journey. Just remember to take every precaution you can to stay safe and bet responsibly.
How to Deposit with Cryptocurrency?
Depositing with cryptocurrency is not in any way different than depositing with FIAT money. The process is really simple. First thing is first, though, you must own a cryptocurrency that the website you’ve chosen accepts.
What you need to know about crypto casinos is that only about 1% of all cryptocurrencies available online right now are accepted by these websites. The reason for this is that cryptocurrencies’ sudden surge in popularity during the mid-to-late 2010s led to the creation of hundreds of different cryptos, most of which were not worth giving a second glance.
So, if you are going to bet online using crypto, you first must discover what the best cryptocurrencies right now are. Once you’ve done that, just look at which ones are accepted by the website you’ve chosen to play with. Once that is done, all you have to do is click “deposit” and start playing your game of choice.
What is the Future of Online Casinos and Cryptocurrency?
During the early creation of online betting, many people had doubts about these newly-created websites. However, with time, betting online developed, became a lot better and safer, and thus also became a lot more popular to the point that, nowadays, a lot more people are ready to play online than they are willing to go to land-based establishments.
The same thing can be said about crypto casinos right now. While many people doubted their worth for a time, they are already growing in popularity and are being embraced by more and more betters. In fact, many FIAT-currency-based online casinos have already been adding options for Bitcoin or Ether deposits on their websites.
If we were to follow this trend (and there is no reason not to) and pair it up with the fact that cryptocurrency, in general, is becoming a lot more popular and mainstream in 2022, then there is really no reason not to believe that crypto casinos are the future of online betting.
How did Crypto Betting Become So Popular?
From 2009 to 2014, Bitcoin was not met with much success. In fact, very infamously, the first ever Bitcoin transaction involved a programmer named Laszlo Hanyecz paying 10,000 BTC for two slices of pizza. Nowadays, that amount would equal almost half-a-million dollars.
In 2014, Bitcoin got its first major boost, exceeding $1. However, it was not until the late 2010s and early 2020s that Bitcoin (and other cryptocurrencies) broke through into the popular mainstream. With many people becoming embroiled in the world of crypto trading, online casinos began hopping on the bandwagon.
What first started as betting websites just accepting cryptocurrency soon turned into crypto-exclusive betting websites, where players could make deposits and withdrawals using nothing but Bitcoin, Ether, Tether, and other popular cryptocurrencies today.
Will Crypto Still be a Thing in Online Casinos?
Most experts predict that cryptocurrency’s popularity will only continue to grow in the future. If that is indeed the case, there is no reason to assume that the crypto-betting industry will die down. In fact, it is much more likely that crypto-based casinos will only continue to grow in popularity and appeal in the future.
The Benefits of Using Crypto for Casinos
We talked a lot about how cryptocurrency became popular in casinos. But the real question many of you will have is, “Why should I use cryptocurrency at online casinos?” Well, the reason is that cryptocurrency comes with quite a few benefits. Let’s take a look at some:
- Quick / instant payments: Thanks to the nature of crypto (the peer-to-peer system, to be specific), both deposits and withdrawals made with crypto are instant. This helps players get a faster and more enjoyable, streamlined experience.
- Privacy: Bitcoin (and other cryptos) provides a higher degree of privacy than using regular FIAT currency.
- Security: Because of the anonymity Bitcoin provides, betters don’t need to worry about sharing their information with online websites. This means less anxiety over your personal info being stolen.
How Safe is it to Use Crypto for Online Casinos?
There are certain risks to consider when betting with crypto. Firstly, because crypto is entirely digital, you are at risk of being hacked and losing all your assets. In order to minimize the risk of this, you should consider investing in a really good crypto wallet, which will keep your crypto assets safe.
However, when it comes to protecting your personal info, using crypto is certainly the best option. Due to its anonymous and decentralized nature, you don’t need to share any info with the websites. Instead, all that is necessary is to make a deposit and a withdrawal.
Crypto casinos are becoming a lot more popular. If you’ve always had an interest in gaming and you are a crypto collector, you can try your hand at many websites available today. Just remember to bet responsibly and take any precautionary measures you can to stay safe.
This article was written in collaboration with online slot experts.