Crypto casinos: Some things to understand

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Crypto assets or cryptocurrencies are a digital medium based on strong cryptography used to secure transactions, provide security for the creation of new units (defining the circumstances of their origin and determining the new owner of said units), and verify the transfer of said assets. using distributed ledger technologies without requiring a central authority; specifically, its protection is protected by Blockchain technology. Bitcoin casinos are now trending and it seems that their future will be “bright”. 

What is the reason for the success of cryptocurrencies?

The widespread use of cryptocurrencies in recent years has seen spectacular growth, largely led by the strong revaluation that its two main crypto assets, bitcoin, and ethereum, have experienced. Dramatic financial movements such as those made by Elon Musk or Tesla have had a lot to do with the shaking of the markets that have caused these strong rises. Elon Musk’s role cannot be ruled out in the skyrocketing value of Bitcoin and other cryptocurrencies.

Cryptocurrencies have gone from being a mere investment to being used today in very diverse and varied services of our day-to-day, such as the use of credit cards in our transactions, means of collection, and payment in our relationships with customers or creditors, etc. Thus, they are increasingly in the crosshairs of the main business activities, which see them as a real alternative for the growth of their respective businesses.

Have casinos adapted to this new reality?

Online casinos have begun to adapt to these advances, in their line of offering more and more alternatives to users in terms of means of payment to use for these and, in this sense, they increasingly use payments in bitcoins and ethereums.

But, although there are many who have not yet opened up to this possibility, some of the platforms that are part of their means of payment have, such as Neteller (which allows the use of bitcoins) or Skrill (which allows the use of BTC, BCH, ETH or LTC), whose electronic wallets do accept them. This methodology is used by some casinos, that, although they do not allow you to bet directly, they do allow you to exchange cryptocurrencies through electronic wallets. 

What advantages can trading cryptocurrencies offer us?

  • Anonymity. Giving you the option of not providing your identity when playing.
  • Speed. Considerably shortening the deadlines in the payments of the prizes to the players, which in some cases take days or weeks.
  • Saving. Reducing commissions for ‘online’ casinos for their transactions.
  • Traceability. Transactions are secured through the blockchain, which inspires more security and transparency.

In short, although in our country there is still the last push to start playing online with cryptocurrencies directly, the characteristics of virtual currencies make us optimistic, since, if not, we could lose competitiveness in a sector so fiercely competitive. One thing is for sure Bitcoin casinos are the future for the global gambling industry, as Bitcoin and other cryptocurrencies are widely used in various fields.

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