Digital currencies and blockchain technology have had an immense impact on kasinot across the globe. One of the areas where this impact has been very profound is in the gambling sector – which has also been known for embracing the latest technologies. Gaming operators have always been at the frontlines when it comes to trying out new and innovative technologies all in a bid to keep their customers happy and interested.
That said, it was only a matter of time before cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin among many others made their mark in the gambling industry. All of the features that these digital currencies promise are, without a doubt, very desirable features for gamblers across the world.
The result is a mutually beneficial arrangement where digital currencies get the necessary boost to go mainstream while the gaming operators get a front-row seat as the world ushers in the new age of next-generation digital payments. Naturally, there has to be a framework for this and thankfully its already being implemented in both land-based casinos and in online gambling platforms.
Crypto in Land-Based Casinos
Cryptocurrencies, since their conception, have always been digitized forms of payment. However, nearly everything is digitized nowadays. Still, brick-and-mortar casinos rely greatly on existing systems all of which are based on traditional payment options and fiat currency. Thankfully, there is a solution to this.
Lots of land-based casinos have embraced digital currencies. It is quite common to be able to pay with Bitcoin, Bitcoin Cash, Ethereum or any other digital currency at several dozen land-based gaming facilities. However, this does not mean that these casinos shove them down people’s throats.
Instead, the cryptocurrencies are used alongside other traditional forms of payments. As such, in most of these casinos, your digital currency will be converted to fiat currency which you will then use to play your favorite casino games. It is that easy!
Now, this might not necessarily be the future that most die-hard digital currency enthusiasts envisioned. However, the integration will certainly be a great way for the industry to market itself. Eventually, we might finally get to see mainstream crypto-online retail gambling space being made available but the existing solution is certainly acceptable. The wait might be rather long but thankfully the gears are already in motion which means that we certainly need to get ready for that future.
Crypto in Online Casinos
Online casinos are among the biggest beneficiaries of the digital currency revolution that is currently underway. In fact, it extends beyond just the digital currencies themselves to several other aspects including blockchain applications like smart contracts. The potential of these technologies can be said to be exponential especially because new use cases come up very often.
Initially, online casino sites that accepted digital currencies were considered to be underground gambling sites. This is true to some extent. However, things have since changed and legitimate Bitcoin casinos in the USA especially, have grasped all of the benefits that cryptocurrencies come with.
Today, there are tons of crypto-only casinos that give players a whole new online gambling experience. On the same note, online gaming destinations that existed long before crypto took off have also joined the bandwagon. These ones allow you to convert your cryptocurrencies into fiat which you can then use to bet on the platforms. Just like in the case of most land-based casinos, while there is indeed a growing number of digital currency users, the number of people who still use good old fiat is still pretty hard to downplay.
What the Future Holds
One thing is for sure – the future looks very bright for the world of crypto and payments as a whole. A good number of people and businesses including casinos are quite happy with waiting. Still, it is very impressive that we have gotten to a point where you can participate in this development. Now, if you have any type of digital currency you are assured of finding a gambling facility or platform that will allow you to use it.
There are a few things that, of course, need to be ironed out along the way which is expected of any nascent technology. Its rapid growth should, however, make up for this.
Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk
In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.
CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated.
Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working?
KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering
2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived.
Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on…
IE Option – 91% Profit on BTC Fluctuations in Every 60s
On Thursday, Bitcoin price broke below $6,700 and hit the weekly low to $6,480. Then, it rebounded back above $7,000 again with an increasing rate of 5%. At press time, based on the incomplete statistics, more than $720 million worth cryptocurrency futures contracts have been liquidated in this week. During the strong market fluctuation, investors are learning a hard lesson about the downside of cryptocurrency futures trading with leverage.
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4 things you should know about bitcoin casinos
Bitcoin Casinos are the ideas of innovation, firmly moving towards the goal of disrupting the whole Gambling Industry. Best Bitcoin Casinos are the true trailblazers of the new era of gambling. Their creators quickly recognized all the immense potential that blockchain and cryptocurrencies contained within themselves. Most of the top Crypto Casinos started operating in the first half of the past decade and are quickly moving towards being the dominant force, when it comes to online gambling. There are a couple of key characteristics and advantages that elevate BTC Casinos above the rest of the competition on the market.
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In BTC Casinos anonymity matters
Another amazing benefit of Bitcoin Casinos is the ability to stay completely anonymous during the transactions and gameplay. Thanks to the…