Description
One of the important factors that players look at when it comes to online casino games is how they could deposit money into their gaming accounts. Fortunately, online casinos offer a lot of options when it comes to payment methods, and players can easily select the best option for them.
In recent years, there has been an increase in the use of cryptocurrencies for online transactions. Online casinos seem to embrace this warmly, as there are now a lot of operators who would process payments made with cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Ripple or XRP.
It doesn't matter if you play a table game with an online casino based in the UK or slot games in India. The transaction with cryptocurrencies has made it easier to access gambling accounts for online players around the world.
A brief look at the history of cryptocurrencies
Cryptocurrencies were created around 2009. Bitcoin is the first cryptocurrency to be made available to the public. It was in 2010 when the first online purchase was made with Bitcoin. Since then, Bitcoin has grown and a few years later, several cryptocurrencies have appeared online, such as Litecoin and Ethereum. However, Bitcoin is at the top and it is also known as the father of cryptocurrencies.
Crypto-gambling started especially around 2013, but not many online casinos adapted immediately. It was indeed in 2017 when there was a boom in the use of cryptocurrencies. This is due to the fact that it was in that year when the value of Bitcoin reached about 20,000 US dollars. It has caused quite a bit of talk on the internet and many companies have started to readapt their use.
Since then, several online casinos would accept it as a payment option. There are even online casinos dedicated to cryptocurrency users, especially called crypto casinos. These are the targeted casinos of crypto users that have not really been played before.
More about Bitcoin gambling
Bitcoin casinos are known to be more generous when it comes to the promotions and bonuses they offer to their players. Such casinos are more willing to offer better bonuses because it is generally cheaper to run an online casino that only accepts Bitcoin or other cryptocurrencies.
For players, using cryptocurrencies in gambling transactions relieves them of the hassle of paying. Since cryptocurrencies are decentralized, it is usually faster to trade with them online. Many banks are very strict when it comes to gambling transactions, especially if the casino is based abroad.
For this, a transaction could take several working days and not all players have the patience for it. They use cryptocurrencies to avoid such problems. In general, it is also a more secure option, as they no longer have to disclose their banking information to casinos if they use cryptocurrencies.
Bitcoin legality
Now, you may be wondering if cryptographic games are legal. The answer to that really depends on where you are, but it's generally in the gray area. In the United States, there are no laws prohibiting or permitting its use. So, basically, you can't deal with cryptographic gaming transactions, especially if they are made with offshore online casinos.
Japan is known for regulating cryptocurrencies. The country has strict rules, however, it is less restrictive when it comes to gambling, and this includes cryptocurrency gambling. Despite the fact that the country regulates the local use of cryptocurrencies, cryptographic games are not yet as popular in the country.
It may seems strange that this is the case in Japan, but it is possible because of what happened to Mt. Gox a few years ago. In 2014, this crypto-based trading platform in Japan went bankrupt and faced the biggest hacking problem in the world of cryptocurrencies.
Nowadays, cryptocurrencies are getting more attention, as more people start using cryptocurrencies. There are over 36 million crypto wallets that have been created since the first quarter of last year, and although there is still no estimate for how many of them there are at the moment, it is likely that this has already grown.
Bitcoin is still alive
The growth of crypto consumers continues, despite the fact that some time has passed since a Bitcoin is valued at anywhere over 15,000 US dollars. Currently, a Bitcoin is valued at about 10,000 US dollars and is still not bad. Bitcoin is also seen as a digital asset that is unstable, but people still use it.
Experts still see that these cryptocurrencies are doing well even after reaching their peak in 2017. It is still possible that it will reach again in the coming months or even weeks. It's really hard to predict, but people are still eager to invest in it.
