Crypto-gambling is intensely becoming popular, and every casino in the iGaming industry is rapidly integrating cryptos as a payment method to stay relevant.
Casino payment methods are such an essential segment of online gambling. In contrast, hundreds of banking options are at players' disposal, but very few even come close to crypto payment alternatives. Gamblers desire lightning-fast transactions when depositing or withdrawing at their ideal online platforms.
However, not many casinos that accept conventional fiat currencies and banking methods can offer that. Most of these platforms take an average of three days or more to process withdrawals, and that's nowhere good enough. In regard, a newer form of gambling has recently infiltrated the iGaming industry, and it's quickly overshadowing other traditional methods.
Crypto gambling is becoming popular. Hence, most casinos in the online gambling business are rapidly integrating cryptocurrencies as a payment method to stay relevant. That has led to the emergence of crypto casinos since they offer much-needed efficiency, flexibility, and speed. But what is a cryptocurrency? What are crypto casinos, and what different perks do they offer players? Let's have a more in-depth review.
What is a Cryptocurrency?
A cryptocurrency, commonly known as 'Crypto,' is a digital asset or currency operating on blockchain technology to make secure transactions. In simpler terms, it's a form of online payment where you can securely exchange goods and services. On the other hand, blockchain's a decentralized technology that records and manages transactions across an impenetrable network of computers.
Therefore, blockchain technology is the backbone of all cryptocurrencies since it allows individuals to transact with each other (peer-to-peer) securely. In addition, it eliminates the involvement of intermediaries such as banks or governments. Bitcoin, the most famous cryptocurrency in online gambling, came into the limelight in 2009. Since then, more cryptocurrencies have been innovated to increase their presence in the market.