There is a natural synergy between cryptocurrencies and online casinos. Some of the central challenges that online casinos face, like fraud, transaction fees, and transaction speeds can all be addressed by using cryptocurrencies. The blockchain technology employed by these currencies means that they are well-suited to online transactions. Not only are the currencies useful to casinos, but other aspects of blockchain technology like NFT, smart contacts and tokens are set to revolutionise the industry.
Rise of crypto in online casinos
Since the launch of Bitcoin in 2009, these currencies have been increasingly used throughout many industries. The first online casino to use crypto was SatoshiDice in 2012. The casino name was a nod to the creator of Bitcoin and blockchain technology, Satoshi Nakamoto. Not only did the casino accept Bitcoin payments, but it also featured the famous Satoshi Dice game. The SatoshiDice casino became very popular and showed other casinos the potential of crypto in this space.
As the variety of cryptocurrencies increased, so did their popularity with players. In recent times, there has been a huge upswing in the number of online casinos that accept these currencies. For example, in Sweden players have a wide choice of many high-profile online crypto casinos. Since a change in Swedish law in 2019, the number of Swedish crypto casinos has increased massively, giving players much more choice and variety in online games. Using crypto for transactions at online casinos in Sweden has become a popular option, due to the currencies’ many benefits.
Advantages of using these types of currency
There are various ways in which this type of currency is very useful to online casinos. Because these currencies use blockchain technology they have multiple benefits that make them a good fit for financial transactions.
One of the major benefits is that blockchain technology makes it very difficult to hack these currencies. The way the blockchain stores and duplicates records across a network of computers means that it is almost impossible to break into the blockchain. Therefore, it is very secure.
Another key advantage of crypto is that transaction records cannot be changed once they are recorded on the blockchain. This means that the history of transactions cannot be changed, so they are traceable.
Anonymity is another aspect of these currencies that players particularly like. There is no need to put in a lot of personal details to create a crypto account. Players can often sign up to them with just an email address. So when they use crypto as a payment method at an online casino, they don’t have to use their personal data or bank details. This gives players more protection online.
Future of cryptocurrency in online casinos
The use of cryptocurrency online is still in its infancy. There are many aspects of this technology that are only just being developed, which will add a great deal of value to the industry. For example, crypto can be integrated into games to be used as an in-game currency, where players can use it to buy and sell game items. Over the coming years, both cryptocurrency itself and blockchain technology are set to bring wide-ranging benefits to the world of online casinos.
Please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. CryptoMode is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.