The History of Cryptocurrency Gambling
If you acquire gambling bonuses like the Vulkanbet bonus code, you will realise that you can use cryptocurrency as a mode of payment to deposit money. Cryptocurrency is now a common method of payment in casinos, and it is due to its many benefits to the players. To fully understand how it came to be, we need to look back at the history of cryptocurrency in gambling.
The First Cryptocurrency Casino
The first casino that accepted cryptocurrency back in 2014 was Bitcasino. It adopted Bitcoin as its mode of payment or transaction. We have to say that they are bold in doing so. It had only been five years since Bitcoin came to the currency market, yet they took the big step to accept it for gambling.
Since then, other gambling institutions followed. Today, you can find many European and American online casinos that accept cryptocurrency.
Here are some examples:
- Lucky Block
- Mega Dice
The way it works is similar to a typical fiat deposit. Once you have created an account, you can click on the deposit button, and then you see the cryptocurrency option. You must have a cryptocurrency wallet to complete this transaction.
Benefits of Cryptocurrency in Casinos
Many players opt to use cryptocurrency because it is safe. Apart from that, casino players also know that there are other benefits to using cryptocurrency, which we will discuss below.
- Faster Transactions – you do not need to wait for a bank’s approval to make a deposit. After clicking the deposit button, it takes only a few seconds for the transaction to happen. Then, you will immediately see the balance in your casino account.
- No Restrictions – banks and credit cards worldwide are now taking action to restrict casino payments and transactions. They do not allow their customers to deposit in casino sites. With crypto, you will not experience this restriction because it is decentralised.
- Anonymity – cryptos are not entirely anonymous once you use them to transact with real cash. However, you can, to a certain degree, keep your identity secret. With banks, they will keep a record of your transaction. Cryptos are not as accessible to authorities as banks are.
- Safety and Security – cryptocurrencies are safe and secure. All data transmissions and transactions go through some serious level of encryption. It is virtually impossible to hack into a blockchain system.
As you can see, there are many reasons why players now prefer to use cryptocurrency over fiat money when playing in casinos. Traditional banks and credit card systems are too restrictive. Even e-Wallets can impose a ban on casino transactions.
Myths About Crypto Casinos
Now, you may hear a lot of talk about crypto casinos, most of which will tell you something negative about them. As such, we feel the need to dispel these crypto casino myths that are spreading online.
Crypto Casinos Are Not Regulated
This accusation is not true. Online casinos that have a license are regulated. The only difference between crypto casinos and fiat casinos is the type of money they accept.
For as long as the casino has a valid license from the regulator, you can expect that it is fair and that it is legit.
Crypto Casinos Are Dangerous
No, they are not dangerous. They are as safe as they can be. They are even safer than other payment methods. As you know, the crypto-wallet is a long code — nobody can memorize this code, and it is only you, as the owner, who can use that wallet with your password.
What you need to be concerned about is the exchange rate. As you are well aware, the crypto world is highly volatile. The prices can change so quickly in a matter of days. The value of crypto depends on what people think it is worth, so you will have to keep an eye on the prices.
There are people who say that crypto casinos are dishonest. Obviously, this is nothing more than an attempt to malign the character of the casino industry. Every casino that has a license goes through scrutiny, not only by the government but also by third-party watchdogs. As such, you can rest assured that the games are fair and that the regulators are honest.
In time, there is no doubt that cryptocurrency will become the de facto currency that gamblers will use in iGaming. It is cheaper, free of restrictions, and easier to use. Add to that the anonymity, and you have a perfect currency for gambling.
As of now, the most reliable cryptocurrencies are Bitcoin and Ethereum. Although Bitcoin is too volatile, it is not going bankrupt anytime soon. There is a big support for it, that is why. As such, you can rest assured that your investment will not disappear in as little as a few days, like other cryptocurrencies.