Crypto Casinos: everything you need to know about the latest innovation of the decade

With the advent of the internet, it was inevitable that after physical casinos, virtual casinos would follow (hand in hand with this fierce digitalization that seems to sweep everything away, like a hurricane!). And, almost immediately, we are presented with “crypto casinos,” those that accept the famous cryptocurrencies as a guarantee for bets. No wonder, except for the dizzying speed at which everything has happened!

The advantages of crypto casinos are now well known to almost everyone. But here’s a reminder: thanks to crypto casinos, transactions are even more secure than in traditional online casinos, there are almost no fees, and it all becomes much faster.

From paper to plastic, and from plastic to “blocks

Only a few people still use physical money to go shopping, to go to restaurants, bars, travel agencies, or traditional casinos. The reason is simple: today we mostly use cards and electronic transfers. And if we talk about online casinos, it is physically impossible to play with cash! Plus, today we also have those that operate with cryptocurrencies. It was an expected evolution, but its adoption has been extremely accelerated.

How much time do you think it took, from the explosion of cryptocurrencies in the second decade of this century, to being able to gamble with them? It was much less than expected! These brand new casinos (which soon will not be so new) operate in a similar way to traditional casinos, but transactions are made in cryptocurrencies instead of electronic fiat currencies.

That thing they call BLOCKCHAIN

The “blockchain” is the mother technology behind every crypto casino, as much as cryptocurrencies and “DeFi” (Decentralized Finance) entities. These are changing our perception of money, value, and ways of transferring funds. And the “NFTs” (Non-Fungible Tokens) that are revolutionizing art, copyright, and intellectual property are also the offspring of blockchain.

These casinos offer greater privacy and anonymity because they do not require users to provide personal information. They are not asked for their names, addresses, or phone numbers. They only need an email account and a wallet of (and with) cryptocurrencies to start playing. As security measures, crypto wallets include 256-bit SSL encryption, two-factor authentication, identity verification by various methods, and constant monitoring of user activity to detect suspicious acts.

Crypto-generosity

In terms of prizes, they have nothing to envy their peers, virtual or otherwise: the biggest prize awarded to date was in 2019, when a player won 19.5 Bitcoins (over $280,000 at the time) on a single spin of a progressive jackpot slot. Other notable prizes include one of 11.5 Bitcoins, won in 2018, and another of 259.74 Ether ($50,000 plus at the time).

In short, a crypto casino allows users to play a wide variety of casino games. These can be wonderfully varied, but also tend to include the classics, such as slots, roulette, poker, and blackjack for real money, plus many more, including some inspired by popular culture, as is the case in almost all gambling houses. These casinos offer a safe, convenient, and sufficiently anonymous gaming experience, thanks to blockchain, the decentralized system, and Bitcoin – among the (at least) half a dozen disruptive technologies that are reshaping the world.

When was the term blockchain created?

The history of the blockchain and its technology began in 2008, when a related research article appeared on online discussion forums. The article was titled “Bitcoin: a person-to-person electronic cash system,” and was attributed to Satoshi Nakamoto.

Experts say the blockchain protocol detailed in Nakamoto’s research paper is essentially the same as David Chaum’s. The only substantial difference is the inclusion of Bitcoin’s proof-of-stake consensus mechanism for validating data blocks and coin mining. To this day, most people believe that it was Satoshi Nakamoto who created the blockchain and its technology.

Nakamoto uploaded the blockchain source code to SourceForge in 2008 so that software developers around the world could contribute to the project. The first modern blockchain was launched in January 2009, along with its associated cryptocurrency, Bitcoin.

For a while, it seemed that the Bitcoin project would meet the same fate as DigiCash, the digital currency before it. It took more than two years for Bitcoin to reach the token value of one US dollar. It wasn’t until 2017 that Bitcoin’s value reached €1,000. Since then, the value of the currency has remained characteristically volatile, with an accentuated uptrend.

Nowadays, Bitcoin and many other cryptocurrencies are used for online payments, shopping on the web’s major and most popular platforms, playing at innovative casinos, engaging with crypto games, and much more.

However, for the time being, there are still few companies accepting Bitcoins instead of real money, but slowly more and more venues are opening up to crypto money. What else does the future hold for us? We will only find out by living!

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