Since the emergence of cryptocurrency it has been widely used in almost all areas of our everyday transactions. Cryptocurrency is a form of currency that’s exists only in a digital form, it has no central issuing or regulatory body. It is a medium of exchange that uses strong cryptography to secure financial transactions.
Bitcoin was the first cryptocurrency to capture the public after its launch in 2009 and since then has been the most used cryptocurrency on several platforms. In this article we illustrate the pros and cons of cryptocurrency when associated to gaming in general and gambling specifically. Since the cryptocurrency has sperad his wings and won the attention of public opinion much has been already said.
Many games have tradable elements and some even have their economy with real value. One of the main innovations of the blockchain is that it allows you to create a limited amount of unique digital resources and that has the potential to push these gaming economies to the next level.
Nimipet: Mining during the game
A truly innovative game is Nimipet. It is a rather simple game that looks a lot like Tamagotchi. What is so interesting is that the CPU actually does mining and feeds your pet in exchange for 15 minutes of mining.
After making its mark in the financial industry, blockchain technology has come to reshape the world of online gaming. Cryptogaming is basically entails online gambling casinos that uses cryptocurrency instead of real cash with bitcoin being at the forefront as the most widely used cryptocurrency. Just like other casinos it has a payment system that involves deposits and withdrawals. These casinos offer you the opportunity of getting more out of your bitcoin or other cryptocurrency by allowing you gamble with it giving you a chance of making more.
There are lots of games you can do to earn some small amounts of Bitcoin right away. Although it is obviously not so much, you get paid to play and, therefore, in your spare time why not take advantage of it? Among the games available to earn Bitcoin, we find the classic roulette, which allows you to make bets in an attempt to win by guessing the next issue released. In this case, being in the field of bets, the chances of losing are more or less high, and in any case you must have a certain fund – always in Bitcoin – to bet.
Advantages of Cryptogaming
- Secured system: Online gaming using cryptocurrency gives an increased level of security as it uses a strong level of cryptography to secure transactions. They offer a high level of anonymity to their customers as keeping their identity hidden is a top priority. No third party is given access to your financial information.
- Fast Payment: Cryptogaming offers very fast mode of payment as there is no need for a third party such as banks or credit companies. In addition there are no chargeback issues associated with credit cards.
- Awesome Bonuses: Casinos using cryptocurrency offer fat juicy bonus to their customers, some even offer as high as 110% bonus on deposits.
Setbacks to Cryptogaming
- There is a constant fluctuation in the value of cryptocurrency as the rate at which it can be exchanged for other currencies are determined by the supply and demand of the currency. It is very difficult to ascertain the real money value of your total earnings as it is volatile and can change anytime soon.
- Although the system is secure it is not immune to hacking as several cases of hacking have been recorded during transactions.
Cryptogaming casino like other casinos has its pro’s and con’s but it is certain that the pro’s outweighs the cons. These casinos offer top gaming experience to their customers just like conventional casinos, and they have a large selection of casino games to choose from, a number of these games include; popular slot games, dice, blackjack, roulette, lottery, poker and even live dealer games.