What exactly are crypto currencies? Are they the 21st-century unicorn, or are they the money representing the future? This article has been prepared to explain to you what crypto currencies are and expounds more on their impact on the online casino market. Once you’ve done reading it, you’ll be in a position to understand why most of the banks, big accounting firms and some of the prominent software companies have been losing sleep over this so-called block chain projects.

So what are crypto currencies? Where did they originate from? What impact do they have on the market and what is their future in mobile gaming and the online casino industry at large?

What is a cryptocurrency?

We might as well refer to a crypto currency as a ‘cryptic currency’ since it’s nowhere was easy to figure it out like the typical pound or euro. For one, while the majority of the crypto currencies end with a ‘-coin’, they are usually not presented in physical form. Yes, they are certainly a representation of money in digital form, but they are a little bit more complicated than your typical digital payment platforms such as PayPal, Skrill, Neteller or even the Bank wire transfers.

Secondly, unlike your typical physical currency, crypto currencies are decentralised, with nobody governing or overseeing all the transactions. This perhaps the reason why Bitcoin (BTC) is the most popular method of payment online for people who want to remain anonymous.

Bitcoins and other crypto currencies

While Bitcoins remain to be the most popular and sought after cryptocurrency, there are virtually hundreds of other cryptocurrencies popping up every year with each one having different levels of value, popularity and originality. These other coins besides the Bitcoins are referred to as ‘altcoins’. While most of the altcoins tend to mimic the Bitcoin system, those that have successfully managed to make their way into the online casino industry are those with a unique advantage or hook that either isn’t offered by Bitcoin or Bitcoin has just decided not to offer. Some of the popular altcoins include Dogecoin, Litecoin, and Ripple.

Dogecoin, Litecoin & Ripple Based Online Casinos

These are some of the popular cryptocurrencies after Bitcoins, and as a result, they are widely available for players to use at the online casinos. These currencies were developed as a process of trying to address some of the issues that faced Bitcoins. For example, they seek to come up with new and simple mining protocols to improve what has been seen as weakness and glitches of the bitcoin’s protocols. They also seek to make payment of goods and services such as the in the online casino setting easy and fast just for the average player. This way, players can easily move money into and withdraw money from their accounts just as they would with the traditional payment methods.

Do the altcoins have any advantages?

Of course, they do have a number of advantages, just like the Bitcoin platform. Some of the main advantages include the following:

Fast and global – All altcoins transactions are propagated nearly instantly once a page opens, and they’ll be confirmed in a couple of minutes. Since all the transactions happen in a global network of PCs, they’re usually indifferent of your physical location and online casino. It doesn’t matter if you send a player on the same casino the coins or one from another part of the world.

In the online casino industry, any payment method that will enable you to make fast payments and withdraw your winnings fast is highly welcomed by players. This is one of the reasons why players have embraced the used of Bitcoins and the altcoins.

Secure – All cryptocurrency funds are secured in a public cryptography system, and only the holder of this private key can send the cryptocurrency. The magic of big numbers and a very strong cryptography ensures that it’s impossible for someone to break the scheme.

At online casinos, security is everything, and altcoins, as well as the Bitcoins, promise this. Not only is the address used for the altcoins more secure than the Fort Knox, but it’s also anonymous, and only you can see it.

In addition to the mentioned advantages, altcoins are also pseudonymous, meaning that there are no transactions or accounts linked together with your personal identity. This makes them ideal for players who wish to visit the casinos without having to reveal their personal identity.

The future of Bitcoins and Altcoins in the online casino industry

While they seem to have very strong advantages over the normal currencies used online, Bitcoins and altcoins have a notorious reputation for being unstable. This is perhaps because they still have a very small share of the online casino market and the currency market generally. However, as the market cap for the currencies grows, we also believe that the stability will also be achieved. Once this is achieved, they will be widely used and embraced by people across the world.

In the US alone, mobile payments and gaming activities are set to hit more than $150 billion by the year 2019, with financial experts speculating that cryptocurrencies will have more than 40% of this share. This is evident that they have a bright future ahead despite being labelled as illegal in some parts of the world.

‘As the market exhibits signs of recession and global economies inflate, it’s evident that the world is going to turn to Bitcoins and Altcoins to avoid the fiat turmoil and as an escape route from the capital controls. Cryptocurrency is the only way out, and it’s not going anywhere! In fact, it’s usage online is bound to grow by the day and more and more people are accepting it as it matures.’

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Categories: guides

Posted on: 8th March 2017 by: casinos4mob.com

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