The Bitcoin is the oldest cryptocurrency and it was the first one to start being adopted by casinos. When other cryptos such as Litecoin, Ethereum and Dogecoin were launched, they also became favorite cryptos in the online gambling world. With the gambling world embracing cryptocurrency, owners of crypto coins could do more than just buy other cryptos. It was even becoming a normal thing to find online players opting to just use cryptocurrency as their main currency.
According to www.Play-casino-online.co.uk, providing reviews of newest UK casinos, Bitcoin cryptocurrency was first used for testing purposes by casinos. The games that players would play using the coin included dice. But over time, casinos included other games such as blackjack. In those early days of adopting cryptocurrency into mainstream gambling, small and startup casinos were the ones venturing out. Some survived while others collapsed over time. It is with the maturity of the casinos and more importantly cryptocurrency market that Bitcoin and other cryptos started being adopted by major casinos.
The changes cryptocurrency has brought into gambling
There has been a lot of change which has come into the online gambling arena since the adoption of crypto as a payment method. Over the years, the casinos which offer crypto gambling are in their hundreds. There are casinos which only deal with cryptos and don’t accept fiat money. The traditional casinos, on the other hand, have been forced to add Bitcoin and other cryptos as a payment option. Almost every other online casino offers crypto payments today, thus completely changing the gambling world.
Some of the main features of cryptocurrency include speed and low transaction fees. Many players who had been using the traditional financial system often appreciate the low transaction cost and the speed which crypto comes with. Much as the security of the users and their money is enhanced with cryptocurrency, there is the risk that one might lose their money. There are hackers who are lurking out there and when they manage to hack an account, they steal everything. The more unfortunate thing is that you often don’t have any recourse. In the traditional financial system, there would be a chance of getting your money back if you alerted the bank about some fishy activity happening in your account.
A decent number of online casinos around the world accept cryptocurrency. In the U.K, players do play with cryptocurrency but the crypto industry is highly regulated. Many of the U.K residents opt to play in offshore crypto casinos. Unlike in the United Kingdom, U.S residents are barred or explicitly cautioned against signing up with a crypto casino.