After a bumpy beginning, Bitcoin, and other cryptocurrencies like it, are finally gaining real traction within the mainstream consumer base. Cryptocurrency users are no longer seen as subversive, anti-establishment renegades, nor are they necessarily tech savvy entrepreneurs. Millions of everyday people are now finding that cryptocurrency is the answer to many financial issues, not least of which is the question of how to make safe online payments.
A wide range of industries now accept cryptocurrency as a safe payment method, but it was the gambling industry that led the way. A quick look at some of the Indian online casinos at MrCasinova.com, for example, will reveal a whole host of casinos that accept cryptocurrency. And one of the latest trends to emerge is the Bitcoin casino, or Ethereum casino. These are casinos that only accept cryptocurrency as a payment method, and they look set to change the face of online gambling as we know it-perhaps even going so far as to revolutionise the industry as a whole.
A Little History
Before we explore the cryptocurrency casinos, let us take a quick look back at the history of bitcoin. Bitcoin was the first cryptocurrency to make headlines, and its successes and failings have shaped the cryptocurrency landscape. Bitcoin is a decentralised currency that works thanks to technology known as blockchain.
The blockchain technology allows for a safe and secure public ledger that records every bitcoin transaction. So, unlike a bank that keeps of all its financial dealings under lock and key and is closely monitored by a government entity, the bitcoin network runs on thousands of individual computers.
These computers work together to record data and distribute the public ledger that all users have access to. In this way, bitcoin eliminates the need for a middleman, i.e. the bank, and, therefore, can be used without the need for identification verification, credit checks or background checks. You can spend bitcoin however you wish to spend it, and your spending habits will remain private.
Casinos with a Difference
But back to casinos, and the clever entrepreneurs that have begun to use cryptocurrency to change the way casinos function. What we are seeing now is a new breed of casino that no longer sets itself up as an adversary to their customer. Cryptocurrency casinos are marketing themselves as 0% house edge casinos.
This means that when you place a bet at one of these casinos, the outcome of the game will be truly fair because the odds won’t be stacked against you. When the blockchain technology is implemented within an online casino, it allows players to have access to all the gaming data and transaction data that has occurred within the casino’s lifetime. This means that you can check the payout history of any game you choose to play.
If a game is not running fairly and not paying out often enough, it will soon show up on the public ledger. So, not only will you avoid the house edge by playing at a cryptocurrency casino, you can also rest assured that the games you play are safe and fair.
And on top of all that, you will be rewarded with a level of privacy previously unheard of. Your gaming habits will not show up on your credit card statement, for example, and you will not be beholden to your bank’s rules regarding casino deposits and withdrawals.
Everyone’s a Winner
Considering that almost every gambling establishment in the world implements a house edge in all their dealings, you must be wondering how on earth a cryptocurrency casino hopes to make ends meet? Well, first of all, keep in mind that an online casino with a house edge is, in fact, making a whole lot more than simply making ends meet. A casino will still make money from your losses without having to skim extra off the top.
We’re also seeing new cryptocurrencies that are actually using the casino landscape to grow their consumer base. The more people that a new 0% cryptocurrency casino can attract, the more people will begin using the new cryptocurrency. And as the number of users grows, so too does the value of the new currency, which means the casino makes money purely on the increased value of their cryptocurrency holdings.
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