Cryptocurrencies are currently one of the biggest trends in the business world. They have been gathering attention in the past few years, especially Bitcoin. Today, you can find their traces in every branch and industry. Bitcoin, for example, has even found its use even in the online casino industry.
Digital casinos worldwide are an outstanding source of fun for casino players. They are fast, easy, and accessible – just what players need in these fast-paced times.
As we strive towards more instant lifestyles, it dawned on us that cryptocurrencies fit the pattern correctly. Experts predict they will be our future, and it all started with Bitcoin. Let’s see how Bitcoin influenced the entire online casino industry and changed the way we perceive gaming.
Bitcoin – A Sign of the Future
Bitcoin’s history began in 2008. The creators’ identity remains unknown, but it is known that they go under the name of Satoshi Nakamoto. Bitcoin’s open-source code went public the following year.
As soon as it appeared on the scene, it caused a stir. The simple and yet complex mechanism of Bitcoin still confuses people around the world. Blockchain, a topic not easily understood, stands as one of the most intriguing questions for users of the cryptocurrencies. So, what is Bitcoin? Essentially, it is a decentralized cryptocurrency that allows users to pay for services and products with bitcoins.
When it first appeared in online casinos, the digital currency was not exactly popular. In fact, the beginning of Bitcoin was more than turbulent. Financial experts first predicted the downfall of bitcoin, loss of interest, or an outright failure to deliver consistent value to the market. And indeed, first online casinos operated only with Bitcoin. Bitcoin casinos were mostly lonely on the market, up until a shift in the stock-market brought attention on this cryptocurrency. After that, the rise of Bitcoin started.
Most Popular Cryptocurrencies
Soon after Bitcoin gained popularity, several rivalling cryptocurrencies began emerging around the virtual world. Shortly after online casinos inserted Bitcoin into their offers. Litecoin, one of the biggest rivals of Bitcoin, appeared.
Even though it is one of its most prominent opponents, Litecoin is nowhere near the value of Bitcoins. Moreover, our star gained a different rival much later.
In 2015, Vitalik Buterin introduced the world to Ethereum. Buterin’s displeasure with the limited nature of Bitcoin encouraged him to seek other ways to bring cryptocurrencies more into the focus. His team created a platform that stands as one of the best alternatives in the financial world today. Ethereum is more than just a currency. It’s a platform that allows users to create apps and write code for money management. The platform’s native currency is Ether, which works in a similar way like Bitcoins.
Ethereum is quite popular today, but it is far from being the only option for the users. More than 6,000 digital currencies exist today, including Ripple,Primecoin, Dogecoin, Tether, and many others. However, they are not all used in online casinos. The digital casino industry mostly offers Bitcoin, Litecoin, and Ethereum to the players. You can find a full list of top casinos that offer different currencies for both classic and live casino gambling right here.
The Future of iGaming
So, how did Bitcoin change the online casino industry? Well, the answer is simple – through consistency. Thanks to Bitcoin, a plethora of online casino sites appeared on the market. They offer exclusive Bitcoin deals and offers made explicitly for the users of digital mediums of exchange.
Moreover, the popularity of the first decentralized digital coin made room for other coins to shine. The spotlight expanded to include Ether, Litecoin, and other altcoins for various players. That is why today, so many currencies exist in gaming halls and sites.
And it seems that they will continue with their expansion in the years to come. Digitalized means of communication, trade, and business operations are yet to reach their peak. And with the efficiency, anonymity, and safety of these digital platforms for money transactions, we are looking at a bright future for virtual currencies.
All this began with the first step – trust in Bitcoin. And we will see more of it in the upcoming years.