Cryptocurrency. A term you’ve certainly heard unless you’ve been living on Mars or something. It’s one of the most discussed topics of the last decade and there’s no sign of it slowing down. All major industries around the world have been influenced by crypto. Online gambling is no different.
To be precise, the buzz about real money online monero casinos and other countries started near the beginning of the last decade. In 2013, the world had its first crypto casino ever, SatosiDice Online Casino. It never got the fame or traction it deserved simply because it was way ahead of its time.
Near the end of the same decade, people started to see value in crypto casinos. And most importantly, it included both casinos that run on blockchains as well as casinos that simply accept Bitcoin or Ethereum as payment methods.
The reason we’re explicitly isolating Bitcoin and Ethereum is that these 2 tokens have the highest market cap when compared to all other currencies. These 2 are also the most commonly accepted currencies apart from the online casino Canada real money PayPal or other brands. And the Ethereum blockchain is practically the only blockchain currently being used for casinos.
Before we jump into why cryptocurrencies changed the real money online casino Canada, let’s understand blockchains a little bit better.
Blockchain is basically a network of decentralized nodes that records, executes, and validates transactions. As multiple nodes are doing the same task at the same time, there’s no room for fraudulent transactions or double-spending.
The idea of a blockchain was first introduced when Satoshi Nakamoto (a pseudo personality) proposed Bitcoin. Since then, it has been the building “block” of the crypto industry, no pun intended. Needless to say, an online casino real money no deposit Canada brand was unheard of before that.
The Bitcoin blockchain is the simplest of its kind as it has only one layer. It was designed for transactions only. The Ethereum blockchain, on the other hand, has 2 layers where one of the layers is designed to execute pre-written codes known as smart contracts.
You can see why the Ethereum blockchain is better suited for crypto real money online casino Canada. It has room for programming while the first-generation blockchain doesn’t.
Essentially, the entire platform for a casino online is based on the blockchain. So, instead of a centralized server controlled by the data center that owns it, the casino’s operations are taken care of by hundreds of decentralized nodes.
If you’re wondering what nodes are, they’re simply users who are part of the blockchain. You can think of it as the internet within the internet.
If you’ve been following online casino Canada real money reviews, you may have noticed how the industry has evolved over the years. The addition of cryptocurrencies to a casino online started with simple payments. Meaning, you could deposit into your online casino Canada real money account without fiat currencies.
Then, another paradigm started where it was not only confined to the scope of payments. Rather, the entire platform was shifted to a blockchain. Let’s see how that impacted the industry and what the future might hold.
In a traditional online casino Canada real money PayPal deposit, you only get what the casino is telling you. If the brand has a license, you can somewhat rest assured that the games are fair. Also, many operators employ 3rd party companies like iTech Labs or TST to verify the fairness of the RNG (Random Number Generator).
Then again, it’s your words against theirs. There’s no real way for you to verify whether the games are fair or not.
At a crypto real money online casino Canada, the fairness algorithm is known as “provably fair”. Essentially, the game results are derived by solving crypto problems and the process is known as hashing. The algorithm needs “seeds” to hash the results. Out of the 2 seeds, 1 is provided by the casino while the other one is up to you. So, you have a “real” contribution to what the outcome of the game might be.
Now, understand that there’s no way you can predict what’s going to happen. Or, you can’t increase the likelihood of winning. It’s just that you have a stake in the hashing process that creates a sense of fairness among players.
If you’re playing at a crypto casino, you don’t have to reveal any of your personal information. However, it’s only true for blockchain casinos. If an online casino Canada real money only accepts cryptocurrencies as payments, you can’t be completely anonymous. You’ll need to comply with the KYC process.
A blockchain casino online, on the other hand, will not ask for any information from you. All they need to know is your wallet address for the deposits and withdrawals.
Another huge benefit of cryptocurrencies is the transaction speed. Traditionally, a real money online casino Canada will credit your deposits instantly. However, it takes anywhere between 24 hours to 48 hours for most casino brands to process a withdrawal.
If you’re using cryptocurrencies, there’s no need for waiting. Crypto wallets are mostly considered “pre-approved” according to the majority of the online casino Canada real money reviews. So, you can expect your withdrawal just as fast as the deposits.
Since we entered the 3rd decade of the 21st century, we’re hearing a lot about the “Metaverse”. Apparently, it’s a phantom world on a blockchain where we can do everything we can otherwise do in the real world. It’s supposed to be a blend of virtual and augmented reality to bring the metaverse to life.
When that happens, we can expect metaverse casinos. Although it’s a bit early to claim how the casinos will perform, there’s no doubt it’s going to be a sight to look at.
A casino online is designed to ensure safe and fair gaming for the users. The merging of cryptocurrencies with the iGaming industry has been a major step in the right direction. Whether you want online casino real money no deposit Canada bonus or want to play the best crypto games, you can do it all in the country.