We are still witnessing many technological changes. A few of them are related to finances. 20 years ago, most of us only used cash. Over time, banks began to issue more and more payment cards. Then e-wallets and online payment systems appeared. Today, cryptocurrencies are also very popular. In our new article, we will take a look at which and why cryptocurrencies are popular in Polish casinos.
The crypto story
Cryptocurrencies, which are very popular today, have a short but quite extensive history. Bitcoin is the best example – https://nowekasyna.com/casinos/bitcoin. They are digital currencies that use cryptography, the technique of encoding data. New technology made them impossible to counterfeit. Modern cryptocurrencies are decentralized systems based on blockchain technology. In the 80s and 90s, people started thinking about cryptocurrencies. However, it was the development of technology and the financial crisis in 2008 that brought about major changes. Cryptocurrency creators wanted the new financing option to be not only safe but also to hide their identity and not be regulated by the authorities. Anonymity and lack of regulation are two factors that contributed to the success of the first cryptocurrencies.
Many people probably think that Bitcoin was the first. The truth is that Hashcash and Bit Gold came before him in 2008. However, they did not achieve the success that happened to Bitcoin. In the beginning, nothing suggested that it would become so well-known and appreciated. In 2009, bitcoin mining began, the first online transactions were made, and it appeared on the stock exchange. On May 22, 2010, Laszlo Hanyecza bought 2 pizzas from Papa John’s for 10,000 bitcoins. On that day, that many bitcoins were worth just over $20. In the following years, however, BTC and other cryptocurrencies began to become more expensive. In November 2021, 1 BTC was worth over $64,000. So it’s easy to count that at the best moment, those 2 pizzas were worth 640 million dollars!
Today, cryptocurrencies are worth tens of thousands of dollars, you can buy and sell them on stock markets, in e-wallets, pay with them online, and play with them in online casinos. Why are they so popular in online casinos?
Cryptocurrencies in casinos
Of course, the revolution in the financial market could not be avoided by online casinos. Also here, for years, only payment cards or e-wallets could be used. However, the globalization of this industry can be noticed. First, casinos started to bring in many more currencies like PLN, NOK, CZK, TRY, BRL, CAD, NZD, AUD, UAH, which have not been present in casinos so far. Then the first cryptocurrencies appeared in them. They are available in two options for players:
- Classic Online Casinos: You can deposit and withdraw your money at the casino using cryptocurrencies. However, in the casino, you will place bets in classic currencies like USD, EUR, or PLN. In such a situation, the funds on the account will be converted. They usually offer 4, 6 or 8 popular cryptocurrencies.
- Crypto-Casinos: There are casinos where you can deposit funds and place bets with cryptocurrencies. These are crypto casinos that are based on cryptocurrencies. Many of them guarantee support for dozens of different crypto.
Crypto vs other currencies
|Casino availability||Less than 50% of casinos||In every casino|
|Utility||Cryptocurrencies have limited use. Fewer shops, casinos, markets.||FIATs can be used everywhere, in every casino, shop online.|
|Issuance and Governance||Now cryptocurrencies have no fiscal policy. Have no government supervision||This money is linked to decisions made by central authorities|
|Value exchange||Very unstable and vulnerable to manipulation. They can gain and lose 50% in a few days||Much more stable, usually with small decreases and increases.|
Why do people choose cryptocurrencies in casinos?
Many countries, including Poland, enact very restrictive gambling laws. This means that it is illegal to use an unlicensed casino, deposit money, and place bets. This is why many people in casinos use VPNs. It helps to hide your IP address and internet activity. Cryptocurrencies provide an even greater level of security and anonymity. Compared to traditional cash and online payments, the anonymity of cryptocurrencies is much greater. Our address, private and public keys, and transactions do not lead directly to any person or institution. Of course, some cryptocurrencies provide high anonymity, while others at a much lower level. However, compared to bank transfers, e-wallets, by crypto, we do not leave as many traces of personal data.
Some gamblers look at cryptocurrencies in casinos as an opportunity to make double profits. You can win money on slot machines or other games, and then keep these as cryptocurrencies on the stock exchange or e-wallet. Cryptos are known to have highly volatile values. A great example of this is the mentioned bitcoin and 2 pizzas. Winnings in casinos as crypto can therefore be counted as an investment for the future. Maybe BTC or ETH will be worth 100% more in a year or two?
Most popular crypto in casinos
Several cryptocurrencies are usually available in casinos. So we will show the most important of them:
- Bitcoin (BTC): the most famous and the most expensive cryptocurrency on the market, which has been available since 2009. BTC runs on a blockchain and proof of work.
- Ethereum (ETH): second most valuable crypto. Was created in 2015. It is a decentralized, open-source blockchain which is now working on proof-of-stake.
- Dogecoin (DOGE): It appeared in 2013 as a form of a joke. Thanks to Elon Musk, it became very popular. It has unlimited issuance and works as an open-source peer-to-peer digital currency by proof-of-work.
- Litecoin (LTC): It has been decentralized money since 2011. It works based on proof of work. Usually in the top 10 by market capitalization.
- Cardano (ADA): It is another crypto from the top 10 by market capitalization. It appeared on the market in 2017 and works on proof-of-stake validation.
Other popular cryptocurrencies in online casinos are Tether (USDT), Binance Coin (BNB), U.S. Dollar Coin (USDC), XRP (XRP), Solana (SOL), Polkadot (DOT). Which is your favourite?