Introduction to Crypto Casinos
With the constant rise of the cryptocurrency’s popularity, digital currencies have found their way into different industries, where one of them is the extremely popular online gambling industry. More and more online casinos are including the most popular cryptocurrencies as a payment method.
This rising phenomenon is a combination of two of the most rising industries in the world at the moment, cryptocurrency and online gambling. Crypto casinos are one of the latest forms of online gambling that have a very big potential to become the future of online gambling.
In this article, you will find everything that you need to know about crypto casinos.
What Are Cryptocurrencies?
If you aren’t familiar with cryptocurrencies, they are a digital form of money that people can use to buy goods and services. Cryptocurrencies are using a decentralized system to conduct transactions and issue new units, which is known as a blockchain.
Blockchain spreads across several computers, where it records and manages every transaction that is made using cryptocurrency. This blockchain technology gives the users anonymity and top-notch security, which is the main reason why cryptocurrencies are favoured by many people.
The first cryptocurrency to appear online was Bitcoin, which was created in 2009 and still remains the most popular cryptocurrency today. There are several thousand active cryptocurrencies on the market with over 300 million users.
What Are Crypto Casinos?
Crypto casinos are online casinos where the players are using cryptocurrencies such as Bitcoin or Ethereum, to wager on the featured casino games. The players can gamble with the cryptocurrencies in the same way as they would with any other payment method.
Cryptocurrencies provide the players with total anonymity, control, and fast transactions, which are all major factors in the gambling industry. The majority of crypto casinos have the same terms and conditions just like the regular online casinos.
How Do Crypto Casinos Work?
First of all, there are two types of crypto casinos in the online gambling industry. The first type of crypto casino is the crypto-exclusive casino, which is an online casino that operates exclusively with cryptocurrencies while the second type accepts both, cryptocurrencies and traditional currencies.
In both types, cryptocurrencies can be directly used by the players to make a deposit or withdraw their winnings from a crypto casino. For a player to be able to wager at a crypto casino, they must first purchase cryptocurrency with the use of their fiat currency.
They must also create a crypto wallet where they can store all their cryptocurrency and open an account at a crypto casino with the currency. At the crypto casino, the players can enter the cryptocurrency address in the digital wallets for more easily depositing and withdrawing.
Once the player sets up an account at a crypto casino, they can now wager at any of the available casino games with their cryptocurrency.
Why Are Crypto Casinos So Popular Amongst the Players?
Crypto casinos are probably the fastest rising form of online gambling since the formation of online casinos. Today, an increasing number of online casinos are adding several cryptocurrencies to its list of available payment methods. Below we will list a few key factors that are in favour of the players when wagering at a crypto casino.
Anonymity
Unlike credit cards or e-wallets, the player's wallet address won't reveal any private information. Also, the crypto casino transactions will not appear on the player's bank statements at the end of the month.
Security
The majority of the crypto casinos are requiring from the players to provide them with their wallet addresses in order for the funds to be sent onto the account.
the players won't have to provide the crypto casino with any personal information in order to withdraw their winnings, unlike the traditional online casino, which requires the players to provide them with their bank account details.
Fast Processing
The players that are depositing or withdrawing via a credit card must go through a long process in order to conduct a transaction. This isn't the case with cryptocurrencies, as the payments with digital currencies are processed within minutes.
This key factor makes cryptocurrencies more suitable for the players that are in a hurry to get their hands on some quick cash. It is worth noting that every crypto casino has a different withdrawal policy and it is crucial for all players to check the casino's terms and conditions before registering an account.
Decentralization
As we mentioned earlier, cryptocurrencies are using blockchain technology in order to conduct transactions. This technology allows the users to manage the transactions between themselves without the necessity for a central governing body such as banks.
Blockchains make the whole process more convenient for the players that don't want to use the very complex banking system which comes with certain regulations for setting up an account and charges for depositing and withdrawing.
The decentralization also allows the players easily to keep track of all of their transactions, so they don't have to go to the trouble and acquire a monthly bank statement in order to keep track of all of their casino spending.
Recognized All Around the World
Online gambling is a very big industry which is available in many countries all around the world. But this industry has one major setback which is the restrictions on some payment methods that are not available in certain countries.
Playing at a crypto casino gives the players an advantage because cryptocurrencies aren’t restricted to most countries. This means that any player that has an account at a crypto casino can freely deposit and withdraw from anywhere in the world.
The Chance to Invest
The prices of cryptocurrencies are very volatile, which can be both, a good and a bad thing for a cryptocurrency owner. If an online casino player likes to make investments, they can choose to hold on to their coins when the price is low and sell them when the value gets higher, in order to make a profit.
Exclusive Casino Bonuses
The majority of crypto casinos tend to offer some very rewarding and exciting bonuses and promotions to their players. Since cryptocurrencies are extremely popular, crypto casinos tend to use them in their promotional offer in order to attract more players.
Because cryptocurrencies are decentralized and the majority of crypto casinos don’t include additional withdrawal fees, these bonuses and promotions can be much more generous than those at the traditional online casinos.
The Future of Crypto Casinos
The use of cryptocurrencies in the online gambling industry has many advantages and for that reason, more and more players are supporting these types of casinos. It is safe to say that crypto casinos will continue to grow in the online gambling industry and cryptocurrencies may become a must-have payment method for the online casinos.