Bitcoin has long been the primary choice for players in cryptocurrency casinos, but stablecoins have been on the rise lately.
When Primedice discovered bitcoin in 2013 and made millions of dollars in its first year. Online gambling has begun a real binge. Soon after Primedice, unlicensed Bitcoin casinos began appearing on the Internet, and by 2016, BitCasino. IO became the first “licensed” BTC online casino.
With the emergence of cryptocurrency casinos, many existing online casino brands have begun to add BTC to their list of acceptable deposit methods. Thanks to Evolution Gaming, Play N Go, iSoftBet, Pragmatic Play, and other well-known casino game developers, the platform can accept cryptocurrency bets. BTC has become a very convenient way to play gambling games.
As BTC gambling has become more popular, casino game developers have added XRP, ETH, TRON, BCH, LTC, DOGE, and other cryptocurrencies to their interfaces. As a result, a very popular gambling cryptocurrency niche has been created in casinos today.
While online casino members can use a variety of cryptocurrencies to fund their accounts, Bitcoin has been the most popular virtual currency. Some cryptocurrency casinos only accept bitcoin, while those offering other cryptocurrencies still call themselves BTC casinos.
Trends suggest that cryptocurrency players may prefer stablecoins.
One of the problems with online gambling using BTC or ETH is the instability of these cryptocurrencies. Players win the game while playing blackjack, but the value of their BTC may drop by 5%, reducing the value they earn relative to the local currency.
Exchange rate movements are not important to some participants, but they are also important to another class of participants. As a result, casinos are losing cryptocurrency players as a direct result of these fluctuations.
BTC Casino has found a solution for players who are unhappy with the volatility of cryptocurrencies. As it turns out, the solution is simple — introduce stablecoins.
Stablecoins have emerged to meet the needs of people who like the concept of decentralized cryptocurrencies but have been put on hold due to their high volatility. Essentially, it’s a decentralized cryptocurrency embedded within a cryptocurrency, and no one organization can control them.
By linking stablecoins to fiat currencies or tradable commodities such as low-volatility gold, cryptocurrency price volatility will be very low. Besides, the concept also enhances reliability, security, and transparency.
Tether (USDT) was the first stable coin to enter the cryptocurrency market, and it was an immediate success. Cryptocurrencies were not an immediate success. It’s just that over time, cryptocurrency players will continue to use stable coin as an alternative and continue to play cryptocurrency casino games.
Today, cryptocurrency casinos offer gaming options for a variety of stable currencies:
The player does not switch to legal tender
One of the simplest solutions for cryptocurrency casino players is to convert cryptocurrencies into fiat currency. But crypto casinos have a certain appeal because of their transparency.
Crypto casinos use advanced “proven fair” game algorithms to generate random game results. Recording these results in a common ledger is also permanent evidence of the player’s conversation. Players can then use the software to return and view the session results by playing video slot machines, blackjack, baccarat, or any other casino game where they bet on cryptocurrencies.
This is in contrast to the use of legal casinos, where the results are generated by a random number generator (RNG) controlled by a third party. The downside of RNG is that the player cannot check whether the outcome of his session is random. So the best they can do is rely on casino licensing agencies and algorithmic testing companies to validate RNG.
USDT, USDC, PAX, and DAI all use the blockchain ecosystem, so casino players with cryptocurrencies can still use demonstrably fair algorithms. As a result, instead of using fiat money to play at the casino, different variants of stablecoin were used.
It is now clear why stablecoins are a new alternative to fiat and volatile cryptocurrencies. They offer less price volatility, greater security, and more transparent trading. The blockchain ecosystem records each game using the appropriate cryptocurrency, using the preferred algorithm of demonstrable fairness, and allowing players to verify betting results.