Cryptocurrency Invasion in the Online Casino Industry

7 January 2014

It is widely known that the industry of cryptocurrencies started to grow faster and faster in 2013. The already classic Bitcoin has been used by many online casino operators who made it big on the gambling scene, but our gaming developers at CasinoWebScripts learned that there are many other cryptocurrencies that could make your casino profitable and entertaining for your customers.

Just imagine that you can open an online casino that uses virtual coins similar to World of Warcraft Gold, which are not recognized by any central authority, therefor you will not need a license to open an online casino with cryptocurrency. This is completely legal though, because you will not be using actual money, but virtual money that is considered valuable by internet users. Cryptocurrencies can indeed be exchanged for real money, or even cars and houses by those who consider them valuable.

Besides Bitcoin, which is the most popular virtual currency among internet users, various other cryptocurrencies have appeared. Litecoin is a cryptocurrency that offers a series of advantages. Its developers have created it in order to surpass the Bitcoin, but we will see how that goes in the near future. Thus, Litecoin can process a block every 2.5 minutes, while Bitcoin uses 10 minutes to do so. Furthermore, the creators of Litecoin explained that 84 million Litecoins will be produced, which is four times more than the amount of Bitcoins that will be issued. Besides Litecoin, other virtual currencies are expected to invade the online gaming world. So, operators who want to open an online casino with cryptocurrency can easily choose from implementing LottoCoin, Peercoin, Primecoin, Namecoin, Novacoin, and many other virtual coins as payment options for their customers.

In 2013, Dogecoin, a new and fun cryptocurrency was created. Its developers used many of Litecoin’s characteristics to develop this virtual coin, but gave it a funny look by using the face of the popular internet meme Doge as its mascot. You can successfully use this cryptocurrency for your online casino if you intend to address to internet-meme crowds, who will surely be amazed by this payment method.

Our developers have also come across an upcoming cryptocurrency, the CoinYe West. As you probably guessed, it refers to the American hip hop singer Kanye West. The creators of this coin said they want to create a virtual currency for the masses, and plan on releasing a mining program called CoinYe Miner. By providing this program, they want to make it easier for internet users to understand how to make their own coins. The CoinYe developers are still anxious to see how Kanye will react to this idea, but we will wait and see how that goes.

7 January 2014

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