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The Power of Cryptocurrency and the Impact on Online Casinos

The Power of Cryptocurrency and the Impact on Online Casinos

Cryptocurrency in online casinos has introduced a whole new dimension to gaming in the form of digital types of currency that use cryptographic codes to ensure information security and confidentiality. Although there are a number of similarities with traditional payment methods such as transactions, balances and a payment network, there are many additional benefits such as very low fees and speedy transactions in what is known as block chain technology.

Bitcoin casino use was first introduced by some top level casinos who allowed customers to use this method of payment for online slots. Since then a huge growth in cryptocurrency has been seen in online casinos in the UK and abroad with some governments even backing the move to introduce this innovative new technology into the gambling economy.

However, many people may not realise that there are a whole host of other digital currencies that can now be utilised to make games more exciting and accessible to a variety of players in UK online casinos and which also conform to the 3 pillars of cryptocurrency which are clarity, transparency and security.

CRYPTOCURRENCY: ONLINE CASINOS

New forms of digital currency have recently been developed that can be utilised to make games more exciting and accessible to a variety of players in UK online casinos. Although some have not yet been adopted across the board, there are clear signs that a significant increase is imminent in the gaming industry.

Although Bitcoin is still used widely and is the forerunner of the other cryptocurrencies it is not as popular as it was due to declining value, meaning that an average casino wager equates to just a fraction of a Bitcoin. Add to that the problems some users have in deciphering how much is being spent per bet due to the nature of Bitcoin values which run into strings of zeros after the decimal point, and it is easy to see why other digital currencies are gaining momentum in many online casino UK environments.

Online casino cryptocurrency now includes not just Bitcoin but a multitude of new types of payment methods such as:

  • ETHEREUM: this cryptocurrency is gaining favour in many UK online casinos due to it’s relative stability compared to others that fluctuate more in value. Gamers can hold the currency in Casino Wallets knowing that it will maintain a steady value.
  • ERC20 TOKENS: Many casinos have introduced these tokens which are also Ethereum based and allow for storage in Ethereum wallets and also enhance fair betting. As with some of the other online casino cryptocurrencies they are not yet being used wholesale in all online casinos but are being hailed in some quarters as the next big thing in online casino UK gambling.
  • DASH: This online cryptocurrency is not currently accepted in as many UK online casinos as Bitcoin at present but is ideally suited for gaming purposes. It is easier to understand the values involved and offers more anonymity than Bitcoin so is expected to increase in popularity and use in the future.
  • LITECOIN: Litecoin is also one of the original cryptocurrencies along with Bitcoin casino use and is based on the same principle as Bitcoin but is less costly and has a better block time speed.

FUTURE DEVELOPMENTS

Currently there is an unprecedented growth of cryptocurrencies in online casino use which is set to become more prevalent in the near future.

Bitcoin casino use in gaming is currently becoming less popular but is still the easiest cryptocurrency to come by. However, Ethereum and Ethereum tokens are now much more widely available and have a lot of versatility and consistency to recommend them. Other cryptocurrencies will gradually become widely available as more gamers turn to these methods of payment.

Having greater choice and better value for money can only be a good thing for the future of gaming in online casinos in the UK and will potentially offer customers more flexibility and control than traditional methods of payment.