July 15, 2022 by

The Evolution of Online Casino Banking

Ripper Casino was established only a year ago, in 2021 so the casino has the knowledge that other casinos learned as they proceeded. When a player avails him or herself of Ripper Casino bonus codes, they are usually making a deposit. The act of depositing money at an online casino was not always a foregone conclusion, one that was so simple that we could take it for granted.

At Slots Play Casinos, we take nothing that involves your money for granted! So, let’s take a short look at the deposit methods that have prevailed over the almost 30 years that there have been online casinos. You may have guessed that we will end up at Bitcoin and other so-called cryptocurrencies.

When Did Banking Go Online?

There was very rudimentary online banking when the first online casinos were established in 1994. Gamers could make direct bank transfers and could also use credit or debit cards to fund their online casino account.

Most gamers are too young to remember when credit cards became pervasive in the late 1960s. For many years after that, store clerks had to look in a little paper pamphlet of sorts to see if the credit card a customer wanted to use was acceptable.

Today, the code on the back of the credit card tells stores and banks a lot but back then the cards existed seemingly in a kind of limbo.

And Then Came Ewallets

As commerce slowly increased online, a few entrepreneurs established ewallets which are simply banks by another name. These banks accept and transfer money to wherever the customer directs them to do so. Thus, ewallets became a more modern and more private way to fund an online casino account. Many gamers didn’t want their bank to know that they were gaming at an online casino.

Ewallets continue to this day to serve this need. There are today a very large number of ewallets and no online casino can work with every one. The key is for the casino to do its own due diligence to make sure that the ewallet that it wants to work with is safe and secure.

Ewallets and online casinos use the same encryption software that scrambles a message sent over the internet so no one can hack that information. Encryption became and still is the primary way that all online commerce stays safe so that average people can confidently use the online site for easier shopping.

Shopping would not be easier nor would it last very long without encryption.

Now Comes Bitcoin

Commerce in bitcoin was always the main reason for bitcoin to be established, or developed, or mined just a few years ago. The original idea was that government money was no longer safe in an existential sense. Sure, people could and still can buy and sell in government currencies online or in person. But the people who developed bitcoin felt at the time that government money would eventually crash and that digital money—which is called by many names, bitcoin being the most famous—would replace government money.

This idea may have merit but it is still inscrutable to most people. The idea of blockchain is not accessible to anyone who has not formally learned the idea behind blockchain. For our purposes, blockchain protects the integrity of bitcoin in the same way that encryption protects the integrity of online money accounts and transactions.

At most online casinos, it is now possible to deposit and withdraw in bitcoin or other cryptocurrencies. By the way, we prefer the term “alternative currencies” since there is really nothing hidden in these currencies. They simply may or may not be the currencies of the future.

Banking with Bitcoin

At its basic level, banking with bitcoin is no different than banking with a direct bank transfer, a credit or debit card, or an ewallet. Ripper Casino has accepted bitcoin and litecoin from day one because Ripper is so young that the use of bitcoin had already been established when Ripper was inaugurated.

Most of the casinos we recommend here at Slots Play Casinos now accept bitcoin. Some accept litecoin and one or two other alternative currencies.

For the foreseeable future, most gamers will continue to use the tried and true banking methods of bank transfers, credit and debit cards, and ewallets.

Will Bitcoin Cause the Online Casino Market to Grow?

It is unlikely that bitcoin alone will cause the online gaming market to grow. Online casino gaming has grown from the first year and shows no sign of regressing. As long as gamers treat gaming as a fun activity, there is no reason that online gaming can’t grow much more in the next decade with or without alternative currencies.

Gamers Have Learned the Value of Online Casino Gaming

The number of online gamers has risen steadily but the corona virus crisis gave the rise in online gamers a shot of adrenalin that shows no signs of abating. Land-based casinos closed and gamers flocked to online casinos. Now land-based casinos have reopened with a few restrictions but the genie is out of the bottle.

Land-based casinos can compete with online casinos only in terms of the atmosphere that prevails there. Still, most gamers are willing to forego the excitement of a land-based casino in favor of all of the following advantages that online casinos have:

  1. Convenience
  2. Comfort
  3. More and better promotions
  4. No waiting to play a favorite game
  5. No free alcohol. Wait until after gaming to have that much-desired drink or two.
  6. No free food that tires gamers out so they continue playing in a sleepy stupor.
  7. No travel costs.
  8. No somewhat or completely inebriated players who hassle others before they are removed from the premises. This is especially important to women and increasingly to men as well.
  9. More variations of blackjack and video poker.
  10. Higher return to player rates in slots
  11. Gaming on the casino’s mobile platform.

Anyone who has played at both an online casino and a land-based casino knows the veracity of these points. We can add that many land-based casinos now offer an in-house mobile platform so people who could have stayed home to play on mobile can now play on mobile in their hotel room!

Refer to Slots Play Casinos

SPC, as we are called, is a conduit of excellent information for the online casino gamer. We recently reviewed and recommended Ripper Casino and we will review many other casinos in the future.

COME TO SLOTS PLAY CASINOS for excellent coverage of the online gaming scene.

David Connor Picture
sloplaycasinos Facebooksloplaycasinos Twittercontact us

David is our amateur economist and political philosopher, weather enthusiast, killer Sudoku fan, and best darn game analyst we've found.

In the twenty or so years since graduating college David has completely changed his gaming practices. Where once he played mostly video games with the occasional swing at blackjack at land-based casinos, David switched course and became a regular Sudoku player. David says that he likes the intellectual challenge of solving difficult problems.

Since he began playing Sudoku in earnest, David has ... [Read David Connor full bio]