We’re thrilled to announce that we will soon be launching our very own online casino, the CoinWire Casino. It will provide cryptocurrency enthusiasts with a number of fun and different ways to use their funds and enjoy the atmosphere of a gaming facility from the comfort of their own home.
Utilizing the latest security and privacy technology, CoinWire Casino will provide the very best and most popular casino games available, all playable with Bitcoin and other cryptocurrencies.
Keep a close eye on this space for more news about this exciting new venture from the CW team.
History of Cryptocurrency Casinos
Online casinos have represented a lucrative portion of the greater gaming industry for the better part of two decades now. Since around 2011, however, there’s been a subtle shift in how some of them operate, and it’s toward the inclusion of cryptocurrency as a suitable payment option. While this has happened gradually and still doesn’t affect the whole industry, it’s been fairly significant for a lot of users.
Following the public release of bitcoin as open source software in 2009, cryptocurrencies slowly rose to prominence as digital alternatives to ordinary money. They were valued for a handful of reasons including automated record-keeping of all transactions (believed to reduce the potential for fraud), user anonymity, asset security, and perhaps most of all lucrative growth potential. As you might imagine, it didn’t take very long for people and companies to recognize that many of these perceived benefits could match up well with what people want in online casino payment processing and deposit systems.
As a result, online casinos that became compatible with bitcoin and other cryptocurrencies emerged rather quickly. No two of them are exactly the same, but broadly speaking they exist because of the following benefits:
When a purchase or deposit is made via cryptocurrency, it requires no personal information or data. A blockchain records that a transaction took place and typically shows the two addresses involved. But unlike with a credit card deposit or even a PayPal account, there is no requirement for a name, email address, credit card or location information. It’s therefore arguable that cryptocurrency is the most anonymous way to make a payment on a casino site.
This depends to a great extent on which cryptocurrency is being used, and what a given casino platform’s specific security protocols dictate. However, the encrypted nature of digital currency, coupled with the anonymity just discussed, gives the impression that this is also the most secure way to handle funds on a casino platform.
This is perhaps the overarching benefit of cryptocurrency, at least in terms of its transactional qualities. Because of the blockchain, every purchase is recorded in an irrefutable manner, which leads to universal accountability. There is no disputing a purchase one way or another, which is appealing for people who may be dealing with foreign sites or who may be nervous depositing on a casino platform in general.
Like security, the nature of this benefit depends on the cryptocurrency being used and the site it’s being used on, too. However, deposits and withdrawals can often be conducted virtually instantaneously. This removes the nervous or annoying waiting period between making a decision to deposit/withdraw funds and the transaction actually occurring.
Many also like the idea that there is no “middle man,” so to speak, when dealing in cryptocurrency. To conduct a transaction you need only your own bitcoin address, your private key, and the address of the casino you’re working with. There is no third-party credit card company or payment processor involved, meaning there is less opportunity for anything to go wrong.
These concepts played a major role in the emergence of the cryptocurrency-focused sect of the gaming industry. While some casinos existed prior to the crypto boom and simply added cryptocurrency as an option, others were created as wholly new platforms. And there may be potential drawbacks—the irreversible nature of transactions, the potential for high taxes on gains, and the fluctuating nature of cryptocurrencies’ values—but that hasn’t stopped cryptocurrency enthusiasts from flocking to these sites.