What is cryptocurrency in Online Casino Software? Is it the phantom of the opera of the new age or maybe the money of the future? According to financial tendencies on the Web in the last few years, the future of cryptocurrency has arrived earlier than expected and became our present as we speak. Online casino software are well aware of the power of cryptocurrency and are already enjoying the benefits of using it, but can anyone predict what is about to come? Let’s try to solve the clues and give some answers to these questions!
What is Cryptocurrency?
Understanding the fundamental ideas of cryptocurrencies might seem confusing at the beginning. First of all, most men don’t know that cryptocurrencies gave up as a side result of another invention.
Namely, Satoshi Nakamoto, the enigmatic founder of Bitcoin, had no intention of inventing a currency. What Nakamoto managed to do was creating a decentralized digital cash system.
Bitcoin is a decentralized digital cash system with no central or server authority.
The idea is excellent. Although Nakamoto wasn’t the first one who attempted to build digital cash, he was the first one who succeeded to pull it off.
Now, the story backward digital cash is quite mild, even though it sounds difficult. You have a payment network, balances, and transactions. But, unlike conventional payment networks, you have no central server.
That means that every individual peer in the network has to have a list of all steps to check if future deals are good to go or if they are to be considered a double spend.
To break if further down to even more simple English – cryptocurrencies are nothing more but limited entries in a database no one can change without fulfilling specific conditions.
The Usage of Cryptocurrency in Online Casino Software
The massive popularity of cryptocurrency followed in its check into the online gambling field. And much earlier than anyone has expected, top-quality casinos like Oshi and BitStarz allowed their gamers to use Bitcoin for playing online slots.
That alone was enough to give birth to the new era in online gambling. Cryptocurrency is, by nature, a better system for operators and users compared to traditional funding options.
Convenient advantages including no chargebacks, meager fees, and super fast transactions are the reasons why blockchain technology has conquered the world of finances.
Cryptocurrency is perfect as depositing and withdrawing payment method.
The whole feeling of trust ensured by secured methods of depositing and withdrawing gives reassurance to both operators and customers. Clarity, transparency, and security – those are the three support of cryptocurrencies.
The number of online casino software that allows using crypto as a payment and withdrawal method is continually growing. Also, Malta Gaming Authority just recently made a ‘sandbox test’ of its cryptocurrency controls, which confirmed Malta’s Prime Minister Joseph Muscat announcement from April 2017 that Malta has been working on a ‘national strategy to promote blockchain technology.’
What Does Tomorrow Bring?
Technologically speaking, the online gambling business is often deliberately used as the litmus paper for tech changes. It’s no mixed with cryptocurrencies. An entire army of clients out there is willing to take the new payment opportunity that addresses many of the challenges they still face today.
Therefore, it would be logical to expect that blockchain and crypto technology will only last to develop. And, as they grow, they will create a better environment for both customers and operators.
Have any information to share regarding the present or the future of cryptocurrency in online casinos? Your comments are always welcome at our forum, so feel free to share your thoughts.