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There are few topics in the world that are as controversial, and as widely discussed as cryptocurrencies right now.The astronomical success of Bitcoin over the last few years has seen a massive rise in cryptocurrencies, and in people investing in them. As an online currency, these virtual currencies are becoming increasingly common in online markets, and the iGaming industry is no different.With technological innovations and evolution at the forefront of the industry, it doesn’t tend to take long for the online casino world to leap at the opportunity to take full advantage of the success of a new innovation.
The stumbling blocks
While some online casinos have taken to cryptocurrencies quickly, others are hesitant, not least because it is still something of a grey area as to whether or not cryptocurrencies are considered as legal tender.This has a flipside though, as many countries do not class cryptocurrencies as real money, which means that betting cryptocurrency doers not classify as gambling, allowing people to gamble with bitcoin, for example, from a jurisdiction in which real money gambling is illegal.
Bitcoin casinosWhat happened next followed the historical trend of the online casino industry, something was tried, it worked, so small sites started to be created which specialised.This resulted in bitcoin casinos, sites that only allowing gambling using bitcoin (and sometimes a few other cryptocurrencies such as Ethereum and Litecoin) allowing for the anonymity and freedom that many feel they receive from using unregulated cryptocurrencies. Many sites are claiming that thanks to blockchain technology, they offer a transparent gambling experience with a 0% house edge, something that definitely appeals to players.What happens next here remains to be seen, but it’s clear that the iGaming world is taking cryptocurrencies very seriously.