Furthermore, another interesting development in the industry has been the introduction and usage of alternate payment methods such as cryptocurrencies. What are cryptocurrencies and how have they affected the online casino industry? Read on to learn more about them and about how players can use them to deposit and also redeem the best UK casino bonuses around.
What are cryptocurrencies?
Cryptocurrency is a type of virtual currency that works as a form of exchange. It uses cryptography to verify transactions and to control the creation of new units of a distinct cryptocurrency.
Cryptocurrency is similar to a regular currency with the exception that it’s completely digital, which means that there are notes or coins for anyone to carry around with them. Unlike regular banking systems, cryptocurrency is completely decentralized and controlled by its owners. In this way, this type of currency aims to give control to its users and thus cannot be altered unless specific conditions are met.
Types of cryptocurrencies
Although fairly new, cryptocurrency is growing quickly and this means that the number of cryptocurrencies is increasing too. Below we’ve listed some of the most well-known types of cryptocurrencies that are available in today’s market.
Bitcoin: The cryptocurrency that started it all! Bitcoin was created in 2008 by a group of people under the name of Satoshi Nakamoto.
Ethereum: Launched in 2015, this cryptocurrency is quite different from Bitcoin. Mainly, Ethereum includes a script addition known as Smart Contracts. This provides extra applications for the currency and this allows it to include different kinds of information. Users can send payments as per usual with added functions such as including contracts. In this way, Ethereum has been called the new and improved version of Bitcoin.
Dash: This cryptocurrency was created in 2014 and is a two-tier network. The first tier is made up of miners that work to secure the network and record transactions, while the second tier consists of things called “masternodes”. They relay transactions and enable users to send payments instantly and anonymously, which means payments can be untraceable.
The impact that cryptocurrencies have on the online casino industry
Cryptocurrencies have made quite a name for themselves. Not only are there over 1,000 types of cryptocurrencies in existence but this digital currency is slowly starting to change the way things are done in the online casino industry.
Firstly, using cryptocurrency to deposit benefits casinos because it reduces the time taken to process said deposits as well as transactions costs associated with them. Secondly, using this type of currency has a positive effect on players too because with cryptocurrency there are no middlemen which means that there are no transaction fees whatsoever. Another advantage of using cryptocurrency is that there are higher levels of security as opposed to other payment methods.
How casino comparison sites are useful for learning more about crypto casinos
With cryptocurrency increasing in popularity, many casinos are beginning to offer their players the chance to use cryptocurrencies as an alternate form of payment. In fact, top casino comparison sites are a great way to find the best crypto casinos around. For instance, they can find out which casinos have the best game variety and quality. They can also learn more about loyalty bonuses or welcome bonuses at top crypto casinos. More importantly, however, is that such sites will list which crypto casinos are the safest and most trustworthy.
As we’ve seen, cryptocurrencies have completely revolutionised the way the online casino operates. With cuts in fees for casino transactions as well as anonymity playing a major role too, cryptocurrencies provide a heap of advantages for both players and casinos alike. Although this digital currency isn’t accepted at all casinos, it seems this currency is here to stay and it’s only a matter of time until all casinos accept this unique form of payment.