Virtual Currency and Bitcoin

People occasionally refer to Bitcoin as a virtual form of money, as it exists only digitally, and would not have a physical conterpart in cash or notes. This is an understandable confusion, for the reason that whilst we communicate about ‘virtual reality’, we’re talking about the virtual representation of reality, in place of a physical one.

However, for our purposes, when we describe a virtual currency, we are not referring to the distinction between a digital presence and a physical one, but about the artificial currency and how it is opposed to a real one. Bitcoin is actually a real currency that can be used anywhere world. However, the virtual currencies that we are talking are artificial as they are designed to work only within the casino that creates it, and will not be valid anywhere else.

The virtual currencies we discuss are best compared to the gold coins that the Super Mario Bros collect or even Monopoly money. The only purpose of creating an artificial currency in these games was to make the games more enjoyable. Bitcoin, on the other hand, is not an artificial currency designed to enhance your enjoyment, it was created as a real currency, like USD and EUR.

Virtual Currencies and Casino Chips

Sometimes casinos allow you to buy chips on their website, and these can be called a virtual currency. In a land-based casino (as opposed to an online one) you are able to purchase little round discs, recognized as ‘chips’ or ‘tokens’ and get to use them instead of actual money. When you are done playing, you can cash in your chips.

32 red makes use of the online casino chips in the same way that a land-based casino may use them. This is, in fact, a virtual currency which as it can be used in the casino, but doesn’t have a value anywhere else.

However, the use of casino chips in this way is not a gamification technique. It doesn’t enhance your enjoyment of the online casino, in any significant way, in case you use chips instead of money. The digital currencies that we are interested in significantly increase the player’s enjoyment, as they’re not purchased by the player, but given to the player, as a reward for playing frequently on the casino’s site. So, the two essential things that you need to keep in mind about digital currencies, as a gamification technique, are:

• It’s a fictional currency
• It’s designed to better your casino experience.

The benefits of virtual currency

In general, there are two benefits of virtual currencies – firstly, online casinos that offer a form of virtual currency are usually not collecting anything in return. Secondly, virtual currency brings variety to what you can get in return for playing. Virtual currencies are not just rewarding for the players, they’re also very rewarding for the online casinos. Those casinos that reward their players with a form of virtual currency,  encourage their customers to use their site more often and for a longer time, as the more they play, the more they earn.

Virtual currencies can be quite a rewarding gamification technique for both gamblers and casinos. While the amount that you could win is based on your luck, virtual currencies reward you for simply participating and making a bet! In the end, what’s not to like? If you have not experienced the fun of getting virtual currency at a mobile casino, you should give it a go!