The rise and rise of cryptocurrencies: From novelty currency to global sensation
Cryptocurrencies are all the rage these days.
What was once a novelty currency used mainly by computer geeks has now become a global sensation, with people using it for everything from buying goods and services to investing in digital assets and yes... even online casino punting. But what exactly is a cryptocurrency and why has it become so popular?
Let's take a closer look.
A crash course in cryptocurrency's history
While cryptocurrencies such as Bitcoin, Litecoin and Bitcoin Cash are almost household names these days, there was a time when very few people had even heard of them.
In fact, the first cryptocurrency – Bitcoin – was only created in 2009 by a software developer (or group of developers) going by the name Satoshi Nakamoto.
At the time, it was nothing more than an experimental project designed to explore the feasibility of creating a decentralised digital currency that could be used like regular money but without the need for a central bank or financial institution to issue it.
While there have been other digital currencies created before Bitcoin, most of them were either centrally controlled (like e-gold) or simply didn't gain any traction with users.
Bitcoin, on the other hand, was different. Thanks to its decentralised nature and use of blockchain technology, it quickly gained popularity among those who were looking for an alternative to traditional fiat currencies.
Of course, Bitcoin's early days were far from smooth sailing. In fact, the currency suffered several high-profile hacks and scams that shook investor confidence and led to widespread media coverage – much of it negative.
Nevertheless, Bitcoin persevered and slowly but surely started to become mainstream.
Blockchain technology: The backbone of cryptocurrency
But perhaps we're getting ahead of ourselves because we can't continue talking about cryptocurrencies without also mentioning the technology behind them - blockchain.
Blockchain is a digital ledger that records all cryptocurrency transactions in a secure and tamper-proof way.
This is possible because each transaction is verified by multiple computers (also known as nodes) on the network before it is approved. Once a transaction has been verified, it is then recorded on the blockchain where it cannot be changed or deleted.
This makes blockchain an incredibly valuable tool for both individuals and businesses as it provides a high level of security and transparency. For example, let's say you're sending some Bitcoin to a friend. Thanks to blockchain, your friend can be confident that the Bitcoin they receive is genuine and that it hasn't been tampered with in any way.
Similarly, businesses can use blockchain to track the movement of goods and materials, ensuring that everything is accounted for and that there is no fraud or corruption.
Indeed, it's this ability to provide a secure and tamper-proof record of transactions that's led many people to believe that blockchain could revolutionise the way the world does business.
Cryptocurrency in everyday life
You might not know this, but the first official digital purchase ever made using Bitcoin was for two pizzas back in 2010. At the time, the pizza cost around $25 but today, those same pizzas would be worth over $20 million!
While that story might be a bit of fun, it does highlight how far cryptocurrency has come in such a short space of time. These days, there are numerous businesses and platforms that accept Bitcoin, Litecoin and Bitcoin Cash plus other digital currencies as payment. This includes everything from online retailers and restaurants to online casinos, travel booking sites and even some traditional brick-and-mortar businesses.
What's more, thanks to the development of cryptocurrency exchanges, it's now easier than ever before to store, send and receive digital currency. There are even some mobile apps that allow you to use your smartphone to pay for goods and services in the same way you would with a debit or credit card.
Of course, we're still some way off from seeing Bitcoin, Litecoin or Bitcoin Cash (or any other digital currency) become the global currency of choice but it's not hard to imagine a future where that could be the case.
After all, cryptocurrencies offer many advantages over traditional currencies, including 24/7 availability, faster transaction times and lower fees.
Hence, it's easy to imagine cryptocurrencies slowly but surely gaining mainstream adoption and it is only a matter of time before they become more widely used in everyday life and in every online casino around the world.
Online casinos and cryptocurrency: A match earned in heaven
Speaking of online casinos, is there a better pair than digital casino game providers and cryptocurrency?
We're like vegemite and toast in the sense that we simply go together, and there are heaps of benefits to using crypto as a banking method at Ripper. For example:
Zero need for a third party
Since cryptocurrency transactions are processed peer-to-peer, there's no need for a third party - like a bank - to be involved.
This means that not only are cryptocurrency deposits and withdrawals faster than traditional methods, but they're also more secure. And when it comes to security, online casinos must be extra vigilant.
100% anonymous transactions
Cryptocurrency also offers anonymous transactions, which is perfect for those who value their privacy - something else that online casinos understand the importance of. When you make a deposit or withdrawal using cryptocurrency, your personal information isn't shared with anyone.
Easy and fast to use
But perhaps the biggest benefit of using cryptocurrency at an online casino is that it's incredibly easy to do! That's right, there's no need for a credit card or bank account. Simply create an account at Ripper (if you haven’t already done so), select cryptocurrency as your payment method and you're ready to start playing!
How to use a cryptocurrency exchange website
Of course, before you can begin depositing and withdrawing, Australian members will need somewhere to store your crypto. This is where a cryptocurrency exchange website comes in.
A cryptocurrency exchange is a platform that allows you to buy, sell or trade digital currencies for other assets, such as traditional fiat currencies or other digital currencies. This means that if you want to get into the crypto game, you'll need a membership with a trusted exchange such as Coinbase or Binance.
In most cases, having a membership with these exchanges is free, although you may be charged a small percentage for any transactions. Once you have access to a crypto exchange platform though you can begin to store and trade your digital currency.
It's important to note that not all exchanges are created equal, and you'll need to do your research before committing to one. Make sure you read reviews, compare fees and check out the security measures each platform has in place.
And remember, if you want to keep your crypto extra safe and secure, you can always buy a hardware wallet (such as Ledger or Trezor) for cold storage.
Banking with cryptocurrency at Ripper
If you want to use cryptocurrency to top up or withdraw cash from your Ripper online casino account, you'll be pleased to know it's a walk in the park!
Just join a reputable cryptocurrency exchange platform (Coinbase or Binance) and purchase either Bitcoin, Litecoin or Bitcoin Cash. Then, follow the steps below:
- Generate a Bitcoin, Litecoin or Bitcoin Cash address from our cashier page.
- Copy the generated crypto address.
- Load your wallet with cryptocurrency by placing and paying for your order at an authorised cryptocurrency exchange
- Send your desired deposit amount to the generated crypto address.
- Login to your Ripper account
- Navigate to your online casino balance
- Choose the cryptocurrency you want to withdraw and follow the instructions
So that's it, folks! Your crash course in all things related to cryptocurrency has ended.
We hope you found it informative and helpful and that you're now ready to start using crypto like a pro! Remember, begin by joining a cryptocurrency exchange platform. You can then nominate to use cryptocurrencies like Bitcoin, Litecoin or Bitcoin Cash when depositing or withdrawing cash at Ripper!