Created in 2009 by a Japanese man whose face no one has ever seen, Satoshi Nakamato, Bitcoin has completely turned online payment methods upside down. This virtual currency, or cryptocurrency, has the advantage of being entirely decentralized, and therefore not dependent on traditional banks. Very popular with individuals who have skyrocketed its value, Bitcoin has also attracted the attention of online casinos, which are increasingly offering it as a payment method.
Between the possibilities of instant payouts or growing your winnings after cashing them in, Bitcoin has many advantages for players as well. But the Igaming sector, and in particular casinos using crypto-currency, is still in its infancy. Hence the need to also take into account the disadvantages it presents, especially its volatility.
But in fact, crypto-currencies and especially bitcoin, are now part of the life of Canadians in 2019. On the web, its use has become common. In the world of online casinos, this digital currency allows making transactions, purchases and bets online in order to try to win money through slot machines or gaming tables. However, this is not equal to all structures, and various authorities do not follow this route. At a time when online casinos are trying to accept a maximum of payment methods for player deposits and withdrawals, a growing number of platforms are allowing cryptocurrencies. Very trendy, virtual currencies can now be used to play slot machines and table games.
Cryptocurrencies Take Over Online Casinos
Unless you haven’t turned on the Internet, television or radio in over 6 years, you’ve probably already heard about crypto-currencies and their incredible potential. Cryptocurrencies have become an integral part of online gambling establishments. Currently, there is a multitude of casinos that accept bitcoins, guaranteeing optimal entertainment. All you need is a web browser or applications for your Androids or iPhones to play online from no-download portals.
Behind this concept, there are virtual currencies that do not really have any physical existence. In other words, don’t expect to touch any coins or banknotes since your money is only accessible on an account thanks to identifiers that you must keep safe. And yet, you will play and win in real money, with virtual currency and virtual games.
Beyond their form, virtual currencies have another particularity: they are not subject to any control, whether it comes from a bank or a government.
In recent months, Bitcoin, in particular, has been a global success. It must be said that those who wanted to democratize it have been able to highlight its real advantages, namely allowing financial transactions to be carried out anonymously for users and not paying any bank fees when making payments for companies.
Add to that, the soaring price of Bitcoin during 2018 and all the ingredients were there for this virtual currency to take hold. But it has managed to bring with it other cryptocurrencies given that LiteCoin, Ethereum or even Ripple are also appealing to a growing number of users.
However, until recently, there was a brake on this development since few websites, except those in the DarkNet which thugs used to launder their money, accepted payment in bitcoin. Today, many e-commerce platforms, even famous ones, have taken up the idea, which has helped to democratize cryptocurrencies in our everyday lives.