How Cryptocurrencies Are Changing the Landscape of Virtual Casinos

Introduction

The year 2009 was the start of many great platforms such as Android, ambitious companies like Kickstarter as well as the inception of Bitcoin (BTC). Created by a user (or group) with the pseudonym of Satoshi Nakamoto, cryptocurrency introduced a payment system that revolutionized the way transactions are managed and stored.

As gambling continued to boom on desktop and mobile, a new way to process secure transactions made perfect sense. To stand out in the casino industry, it is only a matter of time till site owners like Stakers start hosting casinos that use the coin in many internal features.

The convenience of cryptocurrency became a favorable addition to the roster of payment processors due to reasons that included fast transactions and low fees. Americans living in locations like West Virginia can easily find online casinos that offer jackpots to WV players, as well as support for up and coming features.

A Brief Look Into Crypto

Cryptocurrencies operate on the blockchain; a database of records (or blocks) that are linked via cryptography. In simpler terms, these transactions are made up of many blocks that come with their own unique identification and timestamp. To put this in perspective, 1 Bitcoin is equivalent to 1.42 million blocks secured in the blockchain.

Bitcoin

Currently worth more than $67,000 per Bitcoin with a total supply of 21 million. Users can acquire coins through channels such as coin mining or trade. Mining is an expensive process which is why most users opt to trade, stake, or hold.

Ethereum

Coin holders of a minimum of 32 Ethereum (ETH) can manage and create their own nodes. When the coin is staked either on its own or within a pool, it’s used to validate ETH transactions. This translates to coin rewards earned for all participants.

Tether

Tether (USDT) is the first stablecoin to exist which led to the creation of many others such as Binance USD (BUSD) and USD Coin (USDC). The coin is favored by its ability to have an unchanging value. This means that 1 stablecoin remains the value of 1 dollar.

How Crypto Improves Online Casinos

The advent of Bitcoin has led to many positive changes in the online gambling landscape. The new payment processor allows a fairly high deposit and withdrawal amount when used. Fees tied to cashouts are also quite low, however, amounts do vary depending on the variation chosen. Users who prefer to hide their details through anonymous transactions can opt for altcoins like Monero.

The speed and flexibility of cryptocurrency have changed the way online casinos around the world operate. Users can now find gambling sites that have designed their business model around Bitcoin and several altcoins.

The Future of American Online Casinos That Use Crypto

America is a highly developed country that adapts to different kinds of new technologies as they come out. Cryptocurrency is no exception to this fact and has molded a prolific amount of online casinos and games. While these sites continue to grow and expand with features like unique games and trading, crypto regulatory issues are still restricting the US from their advantages.

  • No KYC – There are many websites that already exist without the requirement of KYC (Know Your Customer). This makes it easier to jump right into the action without any strict terms and may be a feature the US will see more of when the laws have amended.
  • VPN – The Virtual Private Network is used to add another layer of anonymity as well as security. While there are only a small percentage of US websites that use this feature, the introduction of crypto that is based on secure transactions can change that.

Conclusion

The introduction of different Satoshi’s into the industry has resulted in plenty of feedback as well as unbiased reports on virtual casinos and their creative crypto features. Overall, cryptocurrency can be seen as a positive change since it sets the bar for many payment options. While time has been good to the value of Bitcoin and many altcoins, the concern about how unregulated and volatile they are is an aspect that cannot be ruled out.