The long production line of cryptocurrencies will continue to grow as they gain more popularity and exposure in society. Many believe that cryptocurrency is still waiting for its ultimate breakthrough moment because it is not universally recognized. More countries and governments are coming around to the idea of letting an ungoverned digital currency loose in their system, and it is not a million miles away from achieving global acceptance. However, for the countries that have allowed cryptocurrency, there is a whole new world of possibilities that companies and industries are exploiting by implementing cryptocurrency, not least in the online casino industry.
A Slow Beginning
Although the first cryptocurrency in the form of Bitcoin was released in 2009, it was three years later that the first online casino introduced Bitcoin as a payment method on its platform. SatoshiDice, named after the creator of Bitcoin, Satoshi Nakamoto, was a trailblazer in this regard and paved the way for many other online casino providers to follow suit. The problem, however, was that cryptocurrency at this time was not even close to being accepted and was illegal in large parts of the world.
The presence of cryptocurrency on SatoshiDice was a sign of bigger things to come, and other cryptocurrencies such as Ethereum, Dogecoin, Litecoin, and XRP Ripple started to follow Bitcoin onto the virtual market.
The Arrival Of The Digital Era
The tech industry was also working behind the scenes in society to slowly transform the world into a more virtual and online space, and we have now fully welcomed the digital era into our lives. For cryptocurrency, the advancements in software and tech were music to its ears, as the increase in online activity meant that cryptocurrency could start spreading its influence over the digital realm. Nowadays, the blockchain technology that powers cryptocurrency is also utilized in financial institutions, schools, and universities for data storage, to name two examples.
Online casinos have jumped onto that bandwagon by merging their gaming platforms with blockchain technology to create a new pathway for players to use cryptocurrency.
More Options Online
The shift from the physical to online also made people’s lives more efficient, and for players of online casinos, other payment options emerged beyond the old-fashioned debit and credit card transactions. An increasing number of online casinos are keeping up with the digital wave, and nowadays, there are more online casino operators supporting the more well-known cryptocurrencies. This has given players a faster way to deposit funds and withdraw winnings due to the absence of a third party in crypto transactions. It is only the beginning, and there are plenty of advantages to having cryptocurrencies in online casinos. We can certainly expect this ripple effect to continue in the coming years.
