The cryptocurrency history book received its first entry in 2009, when Bitcoin was launched. It only became known to the general public decades after this, and today more than 5,000 other cryptocurrencies can be found alongside it, and more and more are being created.
Users are especially interested in the fact that money transfers take place without additional intermediaries and the price of the currency is determined by supply and demand. How does this digital virtual currency affect the operation of online casinos and what does their future on gaming sites look like?
Rise of cryptocurrency alongside traditional currencies
Everything new at the same time interests and doubts us. For example, at an online casino, Starburst is familiar to everyone and should be played often, but Starburst Extreme and other versions of the classic at first raise questions about whether the original went to destruction in some way.
By experimenting and practically finding out, we see how great alternatives they are alongside traditional ones. The same goes for the cryptocurrency. Each of us knows the outline of what it is all about, but in practice it may not yet be familiar and we therefore keep a safe distance from it.
In the end game, this is just as easy and secure an alternative to money transfer as any other service offered by a financial institution or bank.
Cryptocurrencies at online casinos
The final breakthrough of cryptocurrency at online casinos will have to wait a while, even though the first online casinos introduced them as early as 2011. Finnish players prefer gaming sites that operate under a Maltese gaming license, and so far it is not possible to use cryptocurrencies as a means of payment.
However, this does not mean that there are no reliable gaming sites where they can be used. The most well-known of these among Finnish players are the sites operating under the Curacao gaming license.
The downside of these is that the companies are registered outside the European Economic Area and we have an obligation to pay taxes on the profits made from the sites. That is one of the reasons why they have not yet become very popular among Finns.
The future of cryptocurrency
Cryptocurrencies will be a part of our lives in the future. However, the current challenge in them is that only one country has accepted Bitcoins as an official currency. Cryptocurrencies can be used completely anonymously, which is why they are associated with, among other things, a high risk of money laundering and other illegal activities.
As a result, for example, the Malta Gaming Authority has not accepted currency for sites under their control. The possibilities of introducing a cryptocurrency have been considered since 2018, and the means of introducing at least Bitcoins are constantly being considered.
Finnish players may become familiar with these currencies faster than we think. Parliament is currently considering a new lottery law, which proposes a ban on the transfer of money to foreign sites. If this goes through as suggested, then many of the players will definitely switch to using cryptocurrency.
Although the cryptocurrency has exploded in popularity, volatile exchange rates are still reflected in their use and we will have to wait a while before they are adopted as the official currency. Before this day, however, we will most likely see cryptocurrencies at online casinos as one option among other payment services.
Source:Plato Data Intelligence