Cryptocurrency is a digital form of currency that allows people to send and receive money without the need for an intermediary. Other forms of online payment, such as e-wallets or bank transfers, rely on a third party (the e-wallet provider or bank, for example) to facilitate that transaction. Cryptocurrency doesn’t need this, which means you’re free to send your money as you wish, without intervention from anyone else. This is particularly useful for gambling, as some banks and e-wallets limit transactions to online casinos. Therefore, cryptocurrency has grown in popularity to make transactions at online casino.
The development of online gambling
Online casinos started in the mid-90s and quickly became a very popular industry. While the sites were simpler compared to what we have now, people were fascinated by the idea of playing casino games from home. However, many major credit and debit card companies regularly blocked transactions to these online casino sites as they believed them to be scams or unsafe for their users. This led to the rise of e-wallets such as Skrill and PayPal, which would happily facilitate those transactions.
Nowadays, there are plenty of online payment methods to make deposits and withdrawals to and from casinos. For example, you’ll likely see Visa, PayPal, and Apple Pay casino Canada sites, when looking for online casinos. These options are a fast and convenient way to deposit and withdraw money from your account. Moreover, it is very secure, so you can be sure that your money is safe.
How blockchain gambling works
The benefits crypto offers to online casinos include anonymity and minimal fees. Regarding gambling with cryptocurrency, there are two main ways to do it: on-chain and off-chain. Let’s take a closer look at them both.
On-chain cryptocurrency gambling is where all casino games are built on the blockchain. To play, you must connect your cryptocurrency wallet to the site, where you can make bets and receive your winnings. The major benefit of playing at an on-chain cryptocurrency casino is transparency. As the games run on the blockchain, you can look through the game’s records to ensure that it is fair. However, one of the downsides to this form of gambling is that you need to connect your wallet to the site, which is a security risk if the site is not legitimate.
This form of cryptocurrency gambling is the same as any other form of gambling. Instead of fiat currency, you deposit cryptocurrency to the casino site and play the games as you normally would. Then, when you’re ready to withdraw, you request your withdrawal in that same cryptocurrency. This has the benefit that you’re not exposing your wallet to the casino, which means you can only ever lose what you deposit. However, as these games are not on the blockchain, there is a different level of transparency regarding game integrity.
Crypto Casinos in the Metaverse
Cryptocurrency is incredibly popular in the Metaverse, as it’s a great currency for a virtual world. There has been a rise in Metaverse casinos since the integration of cryptocurrency. Some have even designed themselves to look like a Las Vegas casino, giving you a fully immersive experience from your own home.
Metaverse casinos work in much the same way that regular cryptocurrency casinos do. However, one slight difference is that in the Metaverse, you can also use NFTs as a form of currency, giving you even more payment options. You can choose from on-chain and off-chain options, depending on which suits your needs best. These casinos have the same risks and advantages as any other cryptocurrency casino, so always research before joining one.
Cryptocurrency has continued to grow steadily since it was created in 2008 and will keep growing as time progresses. Some online casinos have already started integrating cryptocurrency into their platforms, and those numbers are likely to increase in the future.