Cryptocurrencies May Be the Wave of the Future in Online Gaming

Cryptocurrencies Online Casinos Payments

Cryptocurrencies Online Casinos Payments

Cryptocurrencies are in the news almost every day now. Most people have heard about bitcoin but actually there are already dozens of cryptocurrencies in circulation. Most people also have heard that cryptocurrencies are “mined” and are created in something called a blockchain. These last two concepts are very hard to get out heads around.

The good news is that for most people’s purposes, we need only know what cryptocurrencies are and what need they serve. In this short blog, we will concentrate on cryptocurrencies in Australia.

Fiat Currencies

The need that cryptocurrencies address is that government money is no longer backed by anything tangible. A firebrand speaker named Ann Barnhardt has a few YouTube films out there about money and economies. She defines money as a substitute for human creativity and labor. For centuries, people accepted gold and silver as the best substitutes for human creativity and labor.

Now, governments don’t want to use these metals as money; they want to simply print money and keep their economies rolling and their people happy with “money” that is essentially just paper. Bitcoin and all the other cryptocurrencies were developed to create a transparent decentralized form of money that would bypass the money issued by governments.

Regulation

Governments have as much difficulty getting their bureaucratic heads around the idea of cryptocurrencies as do average people. Australia cryptocurrency regulation seeks to inject government control over these currencies. That simply shows that the government of Australia doesn’t fully understand that cryptocurrencies cannot be manipulated by government regulation. In fact, they exist to circumvent government regulation.

Crypto

The prefix crypto refers either to something that is fake or something that is hidden. Governments have given bitcoin and currencies like bitcoin the name cryptocurrencies because the governments want people to see them as fake currencies. To a large degree they have succeeded in doing so because the way cryptocurrencies are created is so different than the way government money is created and is so far removed from our everyday experience.

Acceptance in Many Venues

Nevertheless, people increasingly use cryptocurrencies to make purchases online. Online casinos have begun accepting cryptocurrencies along with the more standard government currencies. It could be that in the future—maybe even the near future—we will begin to call bitcoin simply currency and dollars, Euro, or Pounds as cryptocurrencies!

The fact that even online casinos gave begun to accept bitcoin means that cryptocurrencies are becoming more mainstream as a medium of exchange. Since the number of online casinos that serve the Aussie gaming public increases all the time, it is impossible to declare which is at this time the best cryptocurrency casino. There are still aspects of playing at an online casino that obtain irrespective of the currency you deposit into your account.

Online Casino Regulation

The new law regarding online casinos in Australia is that they must be registered and licensed by the proper Australian government authority. They must subject themselves to outside auditing to determine that the games they offer are fair and aboveboard. The audit also takes into account banking practices and safety.

Cryptocurrencies are the perfect vehicle for transferring “money” to and from a casino because each block in the blockchain is like an unbreakable entity. No one has yet discovered exactly how to break a block in the blockchain. We are sure that there are people working hard to figure out how to do so but they have failed to this point.

That is the whole point about bitcoin and all the other cryptocurrencies: the blockchain is made up of blocks that cannot be broken into. They are safer than the strongest safe and more impervious to hacking than the most powerful encryption software.

Thousands of Casinos

The number of online casinos continues to grow, seemingly exponentially. In this blog, we cannot begin to evaluate each one. However, there is some evidence that many online casinos are not sufficiently funded and therefore present a danger to players.

Most online casinos still do not accept bitcoins but that number will decrease as the gaming public learns more about how safe cryptocurrencies are. If there is a true financial crisis completely unrelated to online casino gaming, we are sure that many online casinos would suddenly begin to accept cryptocurrencies.

An Odd Discussion

It seems odd that we are engaged in a discussion of currencies since this is a blog that generally is related to online casino gaming. The fact is that online casino gaming depends on currencies. It is of course true that you can play for free for as long as you wish but the overwhelming majority of people who play at online casinos do so because they like the thrill of placing a bet on the outcome of games.

In order to place a bet, gamers need to deposit money and thus we are back talking about what money is and how online casinos relate to the vast array of currencies in the world.

The Currency of the Future

Many observers of world financial markets believe that government money is so unsupported that it will ultimately fail. The saving grace behind cryptocurrencies and the blockchain is that they can represent human creativity and labor in an incorruptible monetary form.

The ride of cryptocurrencies may be a signal that the millennia-long reign of gold and silver as money and as substitutes for human creativity and labor is over.

And, yet, all we want to do here is talk about how to safely get “money” into our online casino account so we can play pokies, blackjack, poker and the other great games we love.

Author: Olivia Young