Ever since the mysterious Satoshi Nakamoto started Bitcoin in 2009, the popularity of the crypto-space has been growing and growing relentlessly. Although the mainstream adoption still needs some time, there are a lot of values to look for, casinos are no exception. One of the most popular cryptocurrency is Ripple, one that also can be used in casinos.
The rising popularity of cryptos has many reasons, first, let’s take a look at some of them. First and foremost is the decentralised model, nobody has any control or supervision over the transactions ongoing in the system of Bitcoin, Ethereum, others. Of course every transaction is checked, but not by a central authority, cryptocurrencies are based on a decentralised model.
Computers all around the world run by volunteers take a look at every transaction, they make sure that you have enough crypto in your wallet, and most of all you are not trying to spend the same amount of money twice. These are the miners, who deserve a reward, in the form of cryptocurrencies of course.
In the past ten years literally thousands of copycats and well-built, quality projects followed Bitcoin, most notably Ethereum, Ripple, Tezos, Cardano and many more. The majority of the currently existing 5000+ cryptocurrencies or to say the least worthless, however there are some true gems, the top 25 projects truly have value.
Some are meant to be simply payment systems, with more or less specific focus, however most of the specialize in a certain field or market. Tezos for example wishes to offer a chance to tokenize almost anything, e.g.: turn a real estate or an artifact into tokens on their blockchain, with this method anyone can own a -small- piece of something of value.
Another blockchain project, Vechain aims at supply chain management among other markets like the fight against counterfeit products, they promise a better solution for these spaces and many more. Some cryptos started only two-three years after Bitcoin, like Litecoin, which is 9 years old now, the maturity and the developed fanbase give them value and an edge over other players.
The majority however started in the past 3-5 years, which makes it harder and harder for them to succeed, everyone is trying to focus on a special niche in order to gain some following.
The underlying system, the so called distributed ledger technology, also called blockchain is the essence of every cryptocurrency, the transparency, ease of use and other features are an important part of their popularity. NBA teams, apparel shops, bars and restaurants, more and more merchants are accepting crypto, and now you can even use them in casinos.
Among the advantages of cryptos are speed of transactions which is usually faster then the “classic”, mainstream systems, although the Bitcoin blockchain can occasionally slow down significantly. However for example Ripple is known to be super fast, as the main goal of the system is to provide an alternative to the classic international bank transfers, which can take up to three days.
We already mentioned transparency, but another important feature is privacy, users can be sure that their anonymity stays intact, at least until they do not get involved in crimes, since law enforcement has already developed methods to discover the identity of crypto users.
Last but not least, we can even profit from the high volatility of cryptocurrencies, price fluctuations can even reach 10-20, sometimes even 30% increase or decrease within a single day. Crypto is still a very new, thus mostly unpredictable space, however a use case such as a casino is already viable, many use coins such as XRP (Ripple) for this purpose already. It’s definitely worth a try to buy some XRP Ripple and use it in a casino, we might make some profit on the price fluctuation as well!