Since the first online casino was launched back in 1995, the iGaming industry has experienced a progressive metamorphosis. In 2023, we’re talking about crypto casinos – a concept literally unimaginable back then.
In this piece, we’re going to explore a bit of the history of crypto casinos, where they’re headed, and what makes Ethereum casinos so exciting.
Birth and explosion of crypto casinos
This can be heavily attributed to changes in technology, advancements in the internet, and changes in the financial infrastructure. Innovation in technology introduced cryptocurrency as a digital currency that has since gained its fair share of notoriety around the world. Mostly for being decentralized, private, and secure.
Cryptocurrency has currently revolutionized how you can conduct business and financial transactions. Always at the forefront of new and innovative technology, the online gaming industry made its maiden integration into the crypto space in 2012 with the launch of the first official crypto casino, SatoshiDice.
At the time, many gambling fans and entities were still skeptical about the whole digital currency concept due to unfamiliarity. Cryptocurrencies were mostly associated with tech-savvy individuals and not the general public. However, a rapid increase in utility and value saw cryptocurrencies become highly popular which subsequently created a spike in the number of Ethereum casinos.
The exodus toward Ethereum casinos
Today any average smartphone user might have bumped into a crypto-related ad or article online. Cryptocurrency has recently formed a hot topic for media outlets and online platforms worldwide which has increased public enthusiasm and adoption.
Ethereum payments have soared among gambling facilities ranging from traditional online casinos which also accept fiat money, to crypto-only casinos which are highly partial to cryptocurrencies. The popularity of smartphones has further amplified traffic on online gaming platforms.
Providers of late are releasing mobile-friendly casino games which you can access from anywhere and at any time from the comfort of your smartphone or tablet.
Ethereum and other popular cryptocurrencies have heightened this experience by providing anonymity, faster payment processing, boosted security, and transparency. A surge in the number of cryptocurrency transactions is often observed during bear markets when more crypto holders move their coins to Ethereum-supported real-money online casinos as a fun way of utilizing digital assets.
The buzz around crypto casinos
Traditional payment methods like bank transfers require third-party involvement for successful execution. This has proved to be time-consuming and insecure for many gamblers who may want to move funds quickly or place a live wager. The underlying blockchain technology in cryptocurrencies provides a solution by guaranteeing lightning-fast and secure transactions backed by several encryption tools.
You’ll benefit from low transaction fees and transparency when using Ethereum as your preferred payment option in online casinos. This is unmatched when compared to delays experienced in traditional payment methods. Institutions face constant scrutiny from oversight bodies on the legality of their transactions. Cryptocurrencies are decentralized thus allowing free integration by Ethereum casinos as a secure payment method.
Cryptocurrencies also provide wide scalability options which have seen Ethereum casinos diversify their product verticals to include items like NFTs. Software providers have recently incorporated blockchain technology into their products to create ‘provably fair games’. These allow you to verify their randomness and fairness.
The provably fair algorithm has created a positive buzz among iGaming stakeholders for its solid ability to provide you with a fair, secure, and transparent gambling experience.
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Ethereum is the second-most-popular cryptocurrency after Bitcoin by utility and market capitalization. Its wide range of functions comprising processing additional financial transactions and data storage to executing smart contracts have given Ethereum an edge over other major cryptocurrencies. Using Ethereum guarantees you secure and high-speed transactions.
The low transaction costs associated with the coin allow you to minimize your wager deductions hence maximizing your gambling returns. Most recently, Ethereum saw a shift in its consensus protocol from a proof-of-work to a proof-of-stake algorithm. This saw its energy consumption drop by over 95% and its popularity shoot up by a notable margin. Many major crypto-friendly casinos have included Ethereum as a preferred payment option, to offer you a seamless gambling experience.
The destiny of Ethereum crypto casinos
The Global Casinos and Online Gambling industry currently hosts over 4,300 businesses with several having already integrated cryptocurrency as a preferred payment method.
The contemporary public’s previous skepticism about Ethereum casinos and cryptocurrencies, in general, has gradually worn off due to the launching of new crypto casino platforms and more integration by existing traditional gambling establishments. The crypto industry is dynamic and is lately subject to round-the-clock innovations mainly catalyzed by upgrades such as Web 3 and the Metaverse.
Virtual Reality is the latest game-changer in online gambling. You can now explore exclusive gaming experiences using VR to play VR slots with Ethereum as your preferred payment method. Advancements in technology have boosted online gambling activities by a massive range with the industry expected to blow up through the year. The gradual increase in public exposure to digital currencies plus subsequent advancement endeavors will play out well for Ethereum casinos.
Popular Ethereum casinos for you
If you’re looking to join in the fun and try out some Ethereum crypto casinos, several top-notch casinos provide high-quality slot games, roulette, poker, blackjack, or sportsbook. Some notable Ethereum crypto casinos have gained rave reviews from players and the iGaming industry.
Bit Vegas Casino offers you a 21% cashback with no wager requirements each week. It also has over 9000 games in its portfolio. Horus Casino has a vast amount of games beyond 13000 to select from. WestPoint casino is a popular cashback casino with weekly 10% cashback to all players while enjoying over 4000 games. BC.Game is a unique Ethereum casino that is community-based with over 2000 games.