Gambling is one of the oldest hobbies that the human race has engaged in. Historians can trace evidence of gambling back to the ancient era. Furthermore, they believe that people have been engaging in games of chance of one sort or another throughout history.
Indeed, one of the most popular ways to gamble has been placing bets on various sporting events, whether the Ancient Olympics, gladiatorial combat, or various sporting events, such as horse racing, cricket, etc., throughout the medieval and Renaissance era.
Cryptocurrency, on the other hand, is a much more modern phenomenon. Though inspired by economic philosophies of the 20th century, crypto was only created in 2009, less than 15 years ago. In that short amount of time, however, the popularity of cryptocurrency has skyrocketed, and today, it is one of the most popular forms of investment.
But how are the two connected, you may ask. Well, one of the biggest developments in gambling is the rise of iGaming (or online gambling), and a huge part of iGaming is the availability of crypto-based deposits.
What are Online Casinos?
To explain what slotxo casinos are, we must first focus on what online casinos are. In the early 21st century, the internet was becoming much more available. This development led to various websites which featured various games. The most popular ones were the websites that allowed one to play poker.
These poker sites eventually developed to feature various games, and some even delved into sports betting. Today, some of the safest betting sites double as online casinos, allowing their users to play their favorite casino games and follow and bet on various sporting events.
The Popularity of Crypto Casinos
Recently, the rise in popularity of cryptocurrency has made it possible for these online casinos/sportsbooks to accept crypto-based deposits, most notably Bitcoin, Ether, Tether, etc. This development has led many online casinos to forgo traditional payment methods altogether. Hence, the rise of crypto-based casinos.
To put it simply, crypto casinos are websites or apps that feature some online gambling games (and sometimes sportsbooks), and that accept nothing but various forms of crypto-based deposits. These establishments have increased in popularity in recent years, prompting many to ask, “why?”
Let us look at a few of the reasons these websites have gained in popularity.
Anonymity
The decentralized nature of cryptocurrency makes crypto-based transactions incredibly difficult to trace. It heavily contributes to the anonymity of crypto casinos. While online casinos emphasize anonymity, using the latest encryption technology to keep your data safe, they still need your data. They need to be sure whose credit card is being used for the deposits and withdrawals.
It is not the case with crypto casinos, as cryptocurrency exists on a blockchain, and its ownership is proven through private keys. Nobody needs to know who you are when playing at a crypto casino.
Options and Diversity
Many online casinos accept only a few forms of FIAT currency (usually dollars, pounds, or Euros). With crypto casinos, the options are much greater. On top of that, unlike FIAT money, cryptos are available widely to people worldwide, meaning that you will not be charged for the exchange fees that plague FIAT-based transactions.
On top of that, the price of crypto is very volatile. A savvy gambler could take advantage of said volatility. It can make quite a larger profit by depositing crypto during its downtime and withdrawing it during its uptime.
Security and Safety
This point somewhat relates to the point about anonymity. Unlike other online casinos, where the players need to provide a name and a bank account, all that is a requirement from crypto-based casinos is the address of your digital wallet. On average, crypto-based casinos are much safer to use, as they don’t have any of your personal information.
Final Thoughts
So, cryptocurrency has had quite a bit of a positive impact on the world of iGaming. Online casinos are becoming much more open to crypto-based deposits and withdrawals. Crypto-only gambling websites are opening up much more frequently, allowing prospective crypto traders to play all of their favorite games using only their crypto earnings.
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