The term "cryptocurrencies" now seems to be everywhere. It also seems that almost all major companies around the world offer a blockchain based solution. In addition to the term "cryptocurrency", terms such as "ICO" and "token" circulate simultaneously. This development has not bypassed online casinos. So it is not surprising that there are already well-known crypto casinos. In the Stake Casino test report you will find all the important facts about Crypto Casino. It is precisely because traditional payment methods have become very expensive that the gambling industry is looking for innovative ways to manage payment transactions. Here, paying with cryptocurrencies represents a new solution.
Changes in the gambling industry
Since the introduction of blockchain technology, a new trend has also emerged in the online gambling industry. Bitcoin forms the basis for this change. Even if there are voices against Bitcoin, after all, it is the progenitor of all cryptocurrencies, and with it the first blockchain became known to the market. The currency was introduced in May 2012. Soon more cryptocurrencies entered the market. These included, for example:
- and many others
In the recent past, other cryptocurrencies have appeared on the market specifically for the online gambling industry. For example, players can use CasinoCoin to play with cryptocurrencies without further detours. If successful, players receive winnings in this currency.
Crypto casinos on the portal https://bitcoincasinoz.net/ allow players to deposit funds and withdraw winnings in digital currencies. These casinos have completely changed the industry. More and more people are enjoying the benefits. Here, the player only needs to open a crypto wallet, i.e. digital wallet. A large number of relevant pages are available on the Internet for this purpose.
Cryptocurrencies and blockchain
Anyone who is already familiar with how cryptocurrencies work knows about the benefits of blockchain technology. Blockchain is perhaps most easily compared to an information database. The origin of the digital asset is recorded here. However, it can be changed only with great difficulty or not at all. In other words: it is a digital transaction ledger that offers an open database for every value transaction.
Because of this, the use of this technology is extremely safe. Cryptocurrencies are very easy to track. Ultimately, each transaction is assigned its own unique identification code. At the same time, however, it is impossible to manipulate the transaction because all digital currencies are encrypted here. This ensures that payment via the blockchain will be significantly more secure than with conventional currencies. This significantly reduces the risk of manipulation. What are the features of online slots in crypto casinos, read here.
Casino with German license and Cryptos
In July 2021, a new State Gambling Treaty came into force in Germany. However, here the method of paying with cryptocurrency is not explicitly prohibited. However, since the new rules have introduced quite a few restrictions, such as a ban on classic table games, many players now have doubts about using cryptocurrencies in a German-licensed online casino. It is often assumed that these providers do not have crypto transactions in their portfolio at all, as this could potentially reduce the chances of obtaining a German license.
But it is also clear that the legal situation is still not entirely concrete, despite the new rules. Therefore, it is very important to find out about the respective provider in advance. This applies in particular to his license. Reputable are not only online casinos that have a German license, but also those that have a license from an EU country.