Casino games have been around for decades, with the earliest records of a brick-and-mortar casino dating back to the 1600s.
As people began to turn to the Internet and online games, the casino world struggled. Safety and privacy risks, scams, and identity theft were just a few of the issues plaguing this industry.
However, cryptocurrencies have changed the online gambling sector as they became a global phenomenon. There are also crash gambling games, which have been established by crypto casinos.
Powered by blockchain technology, which has resulted in decentralized gambling applications, this form of currency has also brought many benefits to online casinos.
How has the live casino industry changed during the crypto era? Are decentralization, blockchain, and casino games for crypto an important part of the future of online gambling Here’s everything you need to know!
First Online Gaming Sites
The first online gaming sites appeared in the mid-1990s. CryptoLogic developed a relatively secure financial transaction system and launched InterCasino in 1996.
There were some attempts and similar projects before. However, InterCasino was the first online application with popular casino games, such as poker and blackjack, and an integrated online payment system.
Nevertheless, online casinos are not limited to offering online games. As technology has advanced, the industry has also transformed. As a result, live casino games were born.
Live casino involves using cameras to film a croupier and streaming that footage for those who play at home. Therefore, these games are more interactive and offer a Las Vegas-style experience anywhere in the world.
Furthermore, live casinos offer a more realistic experience, similar to a real-life casino, making this technology increasingly popular.
Undoubtedly, live casinos are here to stay and will impact the gambling industry for years. However, there’s another thing that has revolutionized this technology: cryptocurrencies.
Influence of Cryptocurrencies on the Gambling Industry
As mentioned, in recent years, cryptocurrencies have become a worldwide phenomenon. Now, many live casinos use cryptocurrencies for their games. The two main options are Bitcoin and Ethereum. But how did this happen?
The Role of the Decentralized Internet
Web 2.0 played a key role in the development and popularity of the so-called “Generation 2” casinos. With many online options, they can’t match the ambiance of brick-and-mortar Las Vegas casinos but offer similar experiences.
Furthermore, during the Covid-19 pandemic and prolonged quarantine, mobile apps and online platforms reshaped the gambling industry.
The Web 3-0, or “decentralized internet,” has also influenced this change. Also known as “crypto casinos,” third-generation casinos have been boosted by decentralization and the blockchain.
These technologies bring many benefits to live casinos, which were already quite attractive due to their realism and style. Decentralized gaming offers more security, privacy, and protection to users.
Crypto casinos are traditional online or live casinos that have started accepting crypto coins and tokens to make transactions, such as payments and withdrawals. Some also offer cryptocurrencies in winnings.
Users can save these funds in crypto wallets and transfer them or use them to play other games.
While incorporating cryptocurrencies into these transactions seems like just a simple upgrade from Generation 2 casinos, the adoption of this technology represents much more than that for the industry.
Crypto casinos can now leverage the power and advantages of blockchain technology to make the gambling experience much safer, more private, and more secure.
Live casinos were developed to create a more social atmosphere, provide a more realistic experience, and blur the lines between online and offline. However, safety issues were always a drawback.
Even casino fans could be discouraged from trying live casinos because they feared being scammed or losing their money on illegitimate transactions.
However, during the crypto era, live casinos are much more secure. If they use cryptocurrencies, players can bypass centralized parties that were previously considered restrictive.
No Middlemen Involved
One of the biggest benefits of crypto and blockchain technologies is that they bring decentralization. In simple terms, casino transactions are not controlled by an authority entity or individual. Also, there is no government body overseeing them.
As a result, gamblers who previously felt restricted by these players can now enjoy a more real and enjoyable experience.
Payment Systems Have Also Evolved
In addition, incorporating cryptocurrencies also means that payment systems no longer represent disadvantages or pose risks for live casino players.
A few years ago, live casinos used traditional payment systems. However, there were some drawbacks: high fees, time lags, and hassles.
Furthermore, banks had control over both these systems and transactions. Therefore, they could interfere with fund transfers, withdrawals, and more.
However, it isn’t the case with crypto casinos since nobody can interfere in the transactions. Blockchain technology is resistant to intervention and coercion.
No Personal Data is Required, So There’s Enhanced Privacy
By implementing cryptocurrency and blockchain technology, casinos also removed another requirement that deterred gamblers: personal data requirements.
Like traditional online casinos, live casinos require users to submit sensitive private information, such as utility bills or banking details, in order to process payments and withdrawals. Fortunately, that has changed during the crypto era.
Users don’t have to divulge personal data to make transactions, which protects them against identity theft. In addition, decentralized casinos also guarantee that financial transactions are legitimate and secure.
As long as they have crypto funds and a stable Internet connection, users can enjoy a realistic but private and safe experience.
Metaverse Casinos – Are They the Generation 4 Casinos?
During the pandemic, other technologies also emerged. The rise in popularity of cryptocurrencies and decentralization made way for the metaverse.
Although they are still in their early stages, Generation 4 casinos are developing, driven by decentralized architecture and new trends. As a result, there are metaverse casinos. However, there is still much to see and learn about them.
Final Thoughts
Cryptocurrencies and blockchain technology have revolutionized all industries, including the gambling sector.
Live casinos were designed to provide a more realistic experience, but they used to lack an important element: safety. Now, things have changed, and the benefits of crypto technologies offer more possibilities to gamblers.
