Crypto Watch: Crypto Gaming surges in Popularity in New Zealand
Online gambling made its debut back in the mid-1990s. InterCasino is the first ever online casino and it’s still in operation. Since its inception, the industry has gone through lots of changes. The technology changed quite a few times. And one of the latest additions to iGaming is cryptocurrency. Let's dive into the online gambling industry. You can read much more about how Bitcoin casinos are disrupting the gambling industry in New Zealand in this article.
Now, cryptocurrencies are a behemoth of an industry on its own. It all started with Bitcoin back in 2009. At this time, there are over 22,000 cryptocurrencies. But Bitcoin still remains the king of all. So, it makes sense that Bitcoin casinos are more common than any other crypto-infused operators.
Nowadays,it is easy to find a Bitcoin casino at Casinocrawlers.com among other reliable sites, as most casinos recommended in such sites are properly tested by experts for reliability. It works out well as New Zealand recognizes crypto as an investment class, although not as a legal tender.
In this post, we’re about to look at how Bitcoin casinos are disrupting the industry we all love.
Bitcoin Casinos are Changing the Online Gambling Landscape
First up, we have to understand what a Bitcoin casino is. Broadly speaking, this refers to online casinos that accept Bitcoin for deposits. Not only that but these casinos also process withdrawals in BTC as well. Interestingly, people in power often compare Bitcoin investment to gambling.
Here are the unique benefits you can expect when engaging at Bitcoin gaming platorms.
Cross-Border Payment
The biggest obstacle for casino players is the accepted payment methods and currencies. For example, if you live in New Zealand but you want to play at a casino that only accepts EUR, you’re looking at currency conversion fees. While it may not seem like a big deal for single transactions, the fee can stack up over time.
That’s where Bitcoin comes to the rescue. Cryptocurrencies are designed to be cross-border, meaning 1 BTC is 1 BTC in New York, Australia, the UK, and every other country you can think of. This means when an online casino accepts Bitcoin for deposits, there is no payment method or currency restriction.
Extremely Secure
The term “crypto” is derived from cryptography, the strongest form of encryption current technology can achieve. Paired with the decentralized approach, cryptocurrencies are impossible to beat when it comes to security.
For example, when you send a Bitcoin deposit, the transaction only goes through if the network participants (miners) agree that it’s a valid transaction. This is handled with the consensus mechanism. For Bitcoin, it’s Proof-of-Work (PoW).
On top of that, the transactions are recorded on a public ledger for you to refer back to. If you have any doubts about a deposit or withdrawal, you can simply use a blockchain explorer to see the status of the transaction.
Provably Fair Games
This is a fairly new concept when it comes to casino games and not all Bitcoin casinos offer them. As the name suggests, these games are “provably” fair. In case you’re not aware, typical casino games (except live dealer games) are powered by random number generators (RNG).
RNGs work autonomously and there is no way you can know whether the outcomes are random or not. Sure, casino operators employ 3rd party auditors to check the integrity of the algorithm but as a player, you have no tools on hand.
Provably fair games, on the other hand, run on blockchains. Just like all other transactions, the generated outcomes are also recorded on the ledger. You can go back in time and see how the outcome was generated.
Challenges of Playing at Bitcoin Casinos
Well, it’s not always a bed of roses when you play at Bitcoin casinos. Similar to other gaming platforms, they have their fair share of drawbacks too.
For starters, the value of Bitcoin is not static like NZD. In fact, cryptocurrencies are the most volatile financial asset the world has seen in a very long time. So, when you play games with Bitcoin, you can’t keep track of your bankroll in fiat currencies.
Another big challenge is transaction fees. Although Bitcoin is the biggest cryptocurrency in terms of market cap, it’s one of the slowest blockchains out there. Due to the high traffic, it takes a while to process transactions and they incur a hefty fee.
Bitcoin Casinos are the Future
One of the biggest use cases of Bitcoin and other cryptocurrencies is to free the world from the shackles of centralized currencies. We’re a long way from achieving that narrative but there’s no doubt it’ll come to fruition. And when that happens, Bitcoin casinos have the potential to take over the online gambling industry.
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