Since the creation of Bitcoin by Satoshi Nakamoto in 2009, the world of cryptocurrencies has come a long way. Digital currencies have thus gone from being a mere curiosity to an economic sector which today weighs several hundred billion euros.
Democratization really accelerated with the rise in prices during the famous winter of 2017/2018 when BTC was able to reach a record amount. Recall that in 2010, a man was able to buy two pizzas for 10,000 units of Bitcoin, a value of nearly 80 million euros for this summer of 2020.
The most important cryptos have been able to find their way into the world of classic consumption and some are now used as means of payment with some merchants or online services. This is particularly the case of internet casinos, which did not take too long to seize the benefits of using the famous currencies from the blockchain.
Online casinos couldn’t ignore Bitcoin et al any longer
Unless you are allergic to everything that is happening on the web, you could not have missed the emergence of online gaming sites. Whether it is poker applications that may have benefited from the boom in the practice, or online casinos, the players in this field have developed very quickly in recent years.
If all the generous payments could first be made in traditional FIAT currencies (dollars, euros, yen …), the breakthrough of cryptocurrencies could have given a useful alternative just by the fact of their existence. Indeed, any online service must offer a maximum number of means of payment: credit card, transfer, PayPal … Crypto-currencies, which are part of the life and wallet of millions of people should therefore naturally enter the market. dance.
One of the first complaints that could have been leveled at digital currencies was the lack of confidence they inspired. An assertion that is almost swept away today when we see, for example, the number of French people who would be willing to pay in cryptocurrency. In a few months, brands recognized in France such as Décathlon, Cultura or Boulanger will accept payments in Bitcoin. A giant leap in France, which follows a global movement initiated by several Asian countries.
Universe, security, speed: the reasons behind this marriage of convenience
It’s all well and good to be a part of everyday life, but that doesn’t explain why many online casinos are increasingly using cryptocurrencies.
The first reason for us, but perhaps the least important, is due to certain market logic. Crypto-currencies and online casinos ultimately come from the same universe, that of the virtual. What could be more normal than using Bitcoin known as “digital gold” or Ethernets to be able to play on these platforms hosted on servers all over the world. A kind of logical continuity of this intangible globalization founded by the web in the 90s.
But these are other explanations that will come to explain what one could call a marriage of convenience. Let’s take first the one at the heart of cryptocurrency technology: blockchain. The famous blockchain is a system of distributed databases, verified and secured by cryptography. Many traditional finance organizations are taking a great interest in this new scientific field to limit their risks. So it is this security that is reassuring when sending or receiving money at a mobile or online casino.
Another argument in favor of this merger is obviously linked to the speed of transactions. Indeed, one of the founding principles of cryptocurrencies is their independence from financial heavyweights like banks. This autonomy allows a crypto user to see a certain instantaneity in payments, unlike bank transfers which can take several days. We can also add that transaction fees are often low depending on the type of tokens used.
Finally, let’s not forget one of the characteristics that made cryptocurrencies so successful, their anonymity. A quality also presents in all Bitcoin casinos and other online platforms that accept this type of currency. You will understand, the online casino industry has been booming for several years. And this growth is not about to stop with the arrival of new payment methods like cryptocurrency. All the more so in a world that has experienced a major drag in recent months with all the containment measures that have been taken. Could Bitcoin, Ethereum, or Cardano be the greatest allies of online casinos against those in Las Vegas, Monaco, or Macao?
The future will tell us very quickly.