We have been reporting about an online casino with no house edge. This casino is called ZeroEdge and it’s run on a micro-currency that it developed called ZeroCoin. The way the casino can operate without a house edge is that they make money as the crypto-currency increases in value.
Now, we have a report that the developers of ZeroCoin are telling investors that they too can create an online casino using ZeroCoin and can profit in the same way that ZeroEdge intends to profit.
Online Gaming Entering Golden Age
At one time, the managers of online casinos didn’t want to be regulated. Then, regulation came from small jurisdictions like Malta and the Isle of Man and online casino management saw it as a plus rather than a minus. Regulation gave players confidence that the casino was legitimate, honest, and fair. It also gave players the confidence that their money would be safe in their casino account.
The result of widespread regulation of online casinos has resulted in these casinos taking a large share of the casino gambling business. The casino gambling business – both online and land based taken as a whole – has increased dramatically in the last two decades as more and more casinos have been built or have come online.
The established land based casinos may have earned a smaller share of the pie than they would have earned were it not for the great increase in both online and land based casinos, but overall, the casino business is in good shape and players have more choice than ever.
One advantage the online era has brought about is that there are tens of deposit options for both online and land based players. Most casinos offer just a few deposit options but some online casinos offer as many as 40 different deposit options.
One of the most recent deposit option is bitcoin. This is called a crypto-currency because it exists only online, the number of bitcoins is limited, and it serves as a viable alternative to government money which has proven to be unlimited.
The owners of this casino came to the realization that they, too, could create a crypto-currency, could market the currency as the single currency for use in their casino. There are only two reasons players would choose to play the casino games being offered by that casino. One, if the casino offered casino games for real money but with no house edge and, two, players could be shown that the crypto-currency they own in order to play at the casino would also rise in value if enough people wanted to own the currency for gambling purposes.
Build Your Own Casino
The idea of running a casino with a crypto-currency was the obvious extension of the whole concept of crypto-currencies, namely, that a large and growing cohort of investors and consumers have come to believe that government money will collapse in value from an overabundance of these currencies.
Crypto-currencies gained their initial popularity because they were independent of governments and the savviest early investors knew that a very large mass of people would someday come to understand how fragile government currencies are.
That “someday” has arrived.
As more and more people become frightened by the possible collapse of government money, a viable alternative becomes profoundly attractive. Crypto-currencies are that viable alternative. A casino run by a crypto-currency is just one of many thousands of businesses that today accept crypto-currencies and tomorrow nay be run entirely in crypto-currencies.
Running a casino on a crypto-currency turns an online casino into a financially reachable goal rather than the unreachable goal a conventional online casino is for almost all investors.
Advantages of a Crypto-currency Casino
The biggest advantage of a crypto-currency casino is that it effectively bypasses the restrictions put in place by the Unlawful Internet Gambling Enforcement Act (UIEGA) that was passed in the United States in 2006. The UIEGA made it illegal for financial enterprises to transfer money belonging to Americans to an online casino. Most casinos simply left the US market. Some stayed, finding ways to get around the law or simply defying it.
A crypto-currency runs on its own system so it isn’t transferred in the same way a bank or credit card might transfer money.
The second advantage of a crypto-currency casino is that it is in perfect position to take advantage of the demise of government money. Although the doom and gloom people have been predicting the crash of government money for many years, it hasn’t happened yet in the big, economically mature countries. But most people still believe that a major correction in the value of government currencies is inevitable.
A crypto-currency casino is run on exactly the type of currency that will replace government money when the inevitable crash occurs.
The third great advantage of a crypto-currency casino is that, like ZeroEdge, it can be financially successful without having a house edge. Eventually, such a circumstance won’t be big news; many such casinos will exist. But, today, it is still very big news and by giving investors the chance to use its own crypto-currency, ZeroCoin, the people at ZeroEdge are giving people the know-how to set up their own casinos.
For ZeroEdge, having several such casinos using their currency would mean that demand for ZeroCoin will grow and the currency will become more valuable than if there were only one online casino using it.
As more people become familiar with Blockchain technology, we might find a great many crypto-currencies either as the lone currency of a casino or as one of many crypto-currency options at online casinos.