Online gaming houses have evolved so much in the past years. It started from operating using fiat currency and today they are accepting cryptocurrency as the new way of paying. Due to its adaptability, this industry never grows old. Hence, it has always been the crowd favorite since it made its debut on the internet decades ago. To understand these two competing types of currencies, let’s get to know their differences first.
The Differences between Fiat Currency and Cryptocurrency
Fiat currency refers to any paper bills or coins that are manufactured by the government. Its value does not depend on its manufacturing materials, rather it varies on how the government rates it. Because of this, its worth changes over time particularly in the foreign currency market. Thus, it is at high risk of inflation, which means that the currency’s purchasing power fluctuates over some time depending on the government’s stability and the nation’s economy.
Cryptocurrency, on the other hand, refers to the virtual money that is used for paying goods and services typically online. It is not produced nor controlled by a single entity like the government nor the bank which makes it inflation- and tax-resistant. You might ask how it is even possible. Well, the first creator/s of the cryptocurrency, who hides in the name of Satoshi Nakamoto, designed the blockchain to be decentralized using complex cryptographic encryption. This security encryption is so tenable that it cannot be hacked easily by anyone because it is managed using a peer-to-peer network, which stores all the data into different computers and secures any transaction. Therefore, tracking an anomaly within the system is so fast and easy. Literally, no one owns the cryptocurrencies even the creator himself. For this reason, people see it as a promising new commodity of exchange that caused the gradual shift of currency in the cyberworld.
The Gradual Shift of Currency in Cyberworld
Since cryptos has a lot of perks compared to its real-world counterpart, some magnanimous businesses with cutting-edge computer technology start to use it as a new method for money transaction and one of these industries are the online gaming houses like viggoslots, which is licensed by Curaçao eGaming. The anonymity of the users, fast and secure transaction, high convertibility rate, ease in value divisibility, flexibility in terms of conversion, and transparency make cryptocurrency ideal for online betting, which can be risky if operated illegitimately.