Delving into the World of Crypto Gambling

John Florence
John Florence

Expertise: Financial, Gaming Business, Mergers and Acquisitions.

In the 1990s, a company called Microgaming put all of their effort into creating an online slot game that both seasoned and newbie gamblers can enjoy. The release of said slot would mark the first time online casinos began generating real money. However, it would be a while before online casinos began making a mark on the world, and distinguishing themselves as a legitimate industry. 

In the late 2000s, a person calling themselves Satoshi Nakamoto got a lot of traction online. The main reason for their popularity had to do with a white paper published under the name, titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” The main goal of the paper was to put forth the idea of a new kind of currency, which they referred to as crypto. By 2009, Bitcoin was available to the public.

The Beginning of Crypto Gambling

Much like online casinos, Bitcoin would not get major traction immediately. It had its ebbs and flows to be sure, but for the most part it remained an obscure internet meme, that only the few privy to it understood. That all changed in the late 2010s. 

Internet culture exploded in the mainstream, and a lot of people began discussing things like cryptocurrency and online gambling in public. Understandably, this propelled the popularity of online casinos all over the world. 

A lot of countries began legalizing iGaming, and looking into how they can profit from the market. Even in countries where iGaming is not legalized, residents can still find loopholes that allow them to play. Most countries don’t outright ban playing, but rather ban operating online casinos within the country’s borders.

For example, that is the case in New Zealand. Residents are perfectly free to access offshore gambling websites, whether they are FIAT money-based sites, or crypto casinos. If you are a Kiwi, there are a ton of places where you can find a list of the best New Zealand online casinos, and play your favorite games, like slots, roulette, baccarat, and of course, blackjack. 

With the online casino industry legalized, and cryptocurrency more popular than ever, it was only a matter of time before the two markets collided; which leads us to the main topic, crypto casinos. 

What are Crypto Casinos?

Crypto casinos are exactly what you’d imagine; online gambling websites that focus entirely on gambling using cryptocurrency. Most of these sites operate just like any online casino you would imagine. You create an account, fund it, and then start playing. The one difference is that you are funding it using Bitcoin, Ethereum, Tether, or whatever other cryptocurrency the website may allow. 

However, some also operate on a blockchain. For those that don’t know, ibm Blockchain is an immutable and shared ledgers that one can use for recording and tracking transactions, assets, etc. The crypto market relies primarily on blockchain technology to operate. Indeed, without the technology, crypto would not even exist. 

Other than their involvement with the crypto market, crypto casinos don’t differ much from the standard gambling sites. They host a wide variety of classic casino games, and some may even delve into original gambling games or specialty games. In other words, anyone who understands how to gamble online, will certainly be able to pick up how crypto casinos work. 

The Most Popular Crypto to Gamble With 

One of the biggest questions one will hear when discussing cryptocurrency is, “what are the most popular crypto to gamble with?” Those who are deeply entrenched into both the gambling and crypto markets will certainly know the answer. However, there are a lot of newbies who need guidance and explanation. So, let’s take a look at the most popular crypto to gamble with. 

  • Bitcoin: without a doubt, the king of cryptocurrency, Satoshi Nakamoto’s creation has stood atop the market, pretty much since its inception. For good reason too. Not only is Bitcoin the first crypto, but to this day, many proponents argue that it is the best. With a market value exceeding any other crypto, a lot of fans of digital currency get introduced to the concept through Bitcoin. Understandably, it is the most popular digital coin to gamble with.
  • Etherum: if Bitcoin is gold, then Ethereum is silver. Created in 2015 by a large group of programmers, headed by Vitalik Buterin, Ethereun quickly made a splash in the crypto market. Today, it is the second most sought-after cryptocurrency, with a market value of $2300. Naturally, crypto gambling websites have fully embraced it. 
  • Ripple: the success of Ripple is pretty astonishing. It is, by far, one of the most popular cryptocurrencies, and also, much more affordable than Bitcoin or Ethereum. A single XRP unit costs about $0.50, which makes it unsurprising that it is so popular online. 

The Benefits of Crypto Casinos

We’ve discussed crypto gambling at length. However, we have not mentioned why some might prefer gambling with crypto over FIAT money. With so many websites focusing on the iGaming industry, it is easy to learn more about online and crypto casinos, and the advantages they hold. For your convenience, however, we’d like to share some of the biggest advantages of crypto casinos. 

  • Privacy and Anonymity: the biggest draw of crypto casinos is the increase in privacy and anonymity. Cryptocurrency is decentralized, digital, and nigh-impossible to trace. Meaning, any transaction one makes with crypto is fully anonymous. 
  • Fast Deposits and Withdrawals: one of the downsides of online casinos is that deposits and withdrawals may last a couple of days, as they need to be processed by various companies. That is not the case with crypto however. As crypto is a peer-to-peer cash system, the transactions are direct and much faster than average. 
  • Lower/No Fees: finally, crypto-based gambling does not require any extra fees, or at least requires lower-than-average fees when making transactions. The reason is the same as above. Crypto is a peer-to-peer system, and does not go through any middlemen. So, fees are entirely unnecessary. 

Closing Thoughts

The crypto market has had a profound influence on our culture, as well as our finance. From Bitcoin to memecoins, even the average people now have, at least some understanding of what cryptocurrency is, how it works, and why it is popular. The collision between crypto and iGaming was, therefore, inevitable. 

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