Cryptocurrency refers to a long list of currencies that are purely digital in nature and have no physical commodity representing it in the real world whatsoever. There are a lot of cryptocurrencies circulating in the market today, but the most popular one is Bitcoin. There are several others like Ethereum, Litecoin and Dogecoin that are being used, but their value is much lower than what Bitcoin enjoys in the market today.
History Of Bitcoin
Bitcoin was not the first digital currency that came into the market, but it was the first decentralised one. A decentralised currency meant that it was not regulated by any third party agency and therefore gave complete and utter privacy and anonymity to the people who use them. The first Bitcoin transaction was an indirect one to buy a Papa Jones pizza for about 10,000 bitcoins. Seven to eight years after the first Bitcoin was mined, the price of bitcoin skyrocketed and today it stands at a market value of seventeen thousand US dollars.
Difficulty of Incorporating Cryptocurrency in the Gambling Industry
Setting up a casino is quite easy today, thanks to the years of hard work people put into making it easy. It simply revolves around getting a set of licenses. The casino owner would have to get a gaming license from a certified gaming authority like the Malta Gaming Authority, license to use gaming tech like Playtech, Microgaming etc. and a third party payment service to facilitate payments and transactions. Getting these licenses ensures that you get to own a casino; it is as simple as that. However, this would all change if cryptocurrency became mainstream. This is why casino owners are reluctant to make a complete change to cryptocurrency. The casino owners who do have to start over from scratch because the market is much less cryptocurrency friendly.
After a lot of years of going through a dry spell, the big break came when Bitcoin prices skyrocketed due to increase in demand. Since this transition was so fast, it hit the headlines and now everyone wanted a piece of the action. This meant that a lot more people came to know about cryptocurrency and more people wanted their transactions to be secure, devoid of any third party interference. The gambling industry was the one that profited most from this sudden surge in demand.
Cryptocurrency transaction speeds are off the charts. Since decentralised cryptocurrency does not require bank authorization the speed of transaction is much faster than any other form of payment. Cryptocurrency rates do not change with the country, and therefore have a global appeal to them as well. Cryptocurrency also offers a level of anonymity like no other in the world.