Online Cryptocurrency Casinos
The online gambling industry is constantly evolving as a result of newer technology and trends in the market. In recent years, the appearance of cryptocurrencies and their wide usage found their way into the online gambling world.
Now, more and more operators are starting to accept them as payment as many players use them. But, that isn’t the only reason, as crypto casinos come with certain advantages for both the operators and the players. Below you can read all about these popular online gambling sites.
What Are Crypto Casinos?
Crypto casinos are fairly new online gambling platforms where you can wager on casino games using cryptocurrencies. On these platforms, instead of using fiat currencies such as US dollars or euro, it conducts transactions in cryptocurrencies.
These online casinos may accept some other payment methods, but their primary focus is on cryptocurrencies. Its massive popularity made even reputable online casinos start accepting this new form of payment as the demand was enormous.
At the crypto casinos, you will find some of the most popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Tether, and some more. But, in order to use such a payment method, you must first set up a digital wallet. That wallet must feature the cryptocurrencies the operator is accepting on its platform.
There you can buy a cryptocurrency and transfer them onto your casino account. Once you do all of that, you are free to enjoy the featured games at the crypto casino.
Benefits of Playing at a Crypto Casino
Playing at a crypto casino is very similar to wagering at a traditional online casino. However, there are certain benefits that make it better than conventional online gambling sites. The main advantages of crypto casinos are the following:
- Faster transactions and lower fees
- Anonymity and security
- Specialized bonuses
- Wide variety of games
- Convenience and Affordability
Below we will describe each of these benefits as they are very important to know.
Faster Transactions and Lower Fees
The faster transactions and lower fees make cryptocurrencies very attractive. Traditional payment options, such as credit/debit cards or bank transfers are significantly slow. This is especially true when you are withdrawing from an online casino.
Now, cryptocurrencies are conducting quick deposits and withdrawals. This is possible thanks to blockchain networks that use various scaling solutions like layer-two protocols, off-chain transactions, and sharding. As a result, the transactions are instant regardless of your current location.
Cryptocurrencies also feature lower fees than traditional payment methods. You don’t have to worry about high fees like the ones on credit/debit cards, bank transfers, or some e-wallets.
The majority of crypto casinos also don’t charge any fees for crypto payments. As a decentralized payment method, they don’t rely on third parties to conduct the transactions.
Anonymity and Security
Another major benefit that crypto casinos feature is the anonymity you get when on the platform. This is because of the blockchain technology that the cryptocurrencies are using.
As a decentralized payment method that encrypts all transaction information, your privacy is guaranteed. All other banking options require certain personal and financial data in order to process a transaction. With cryptocurrencies, there is no personal information attached to your digital wallet.
The decentralized feature also means that no one can take away your crypto from you and freeze your account. You own and control your money that features on your digital wallet.
All of this assures your anonymity when gambling on your favourite casino games. Your identity is safe and no hacker or thief can gain access to it.
Additionally, the top crypto casinos are utilizing the latest 128-bit encryption technology. It encrypts all data that you send to the platform, keeping it away from unwanted third parties. This means that there is an extra layer of security on these gambling platforms.
Crypto casinos are often offering more rewarding bonuses than traditional casino sites. That way they attract the attention of more potential customers.
Many crypto casinos are offering exclusive promotions for players that use a specific crypto such as Bitcoin. Traditional online casinos can also feature specialized bonuses for players that are using crypto for online gambling.
These bonus offers aren’t available for regular players that are using a different payment method. Promos such as these will attract crypto players and will also make some traditional players switch to crypto gambling.
Wide Variety of Games
At the crypto casinos, you will come across a wide selection of games. This isn’t the case at most traditional online gambling sites, most of them tend to collaborate with just a few software providers.
Joining a crypto casino allows you to choose from a variety of online slots, table games, live casino games, and much more. Many different game providers are distributing their titles on such gaming platforms.
However, we should mention that the most reputable developers are only collaborating with licensed operators. This isn’t a problem for reputable crypto casinos as all of them feature a license issued by a respected authority.
Convenience and Affordability
Crypto casinos are also very convenient, as they are available in many countries, even in those where online gambling is restricted. With the use of cryptocurrency, players can access such gaming sites safely and enjoy fun games.
This isn’t the case with traditional online casinos, as they don’t permit access to players from certain countries. Players that wager at crypto casinos can get withdraw their winnings instantly at any place on the planet. It shows us that their winnings aren’t at stake when using cryptocurrencies.
Traditional online casinos are often concealing information from the players like the potential winnings. Many of them are also using various obscure tricks to gain an edge over their customers.
Crypto casinos prioritize transparency and are making it very difficult for operators to conceal crucial details. These gaming platforms are simple to navigate and any player can quickly notice certain unusual changes.
The blockchain technology that the cryptocurrencies are using allows the games to provide a verifiable system. It allows the players to find out whether the games are fair. As all odds are clear and legitimate you won’t come across any scams or frauds.
Disadvantages of Crypto Casinos
Crypto casinos also come with certain disadvantages, just like any other type of casino. It is only fair to reveal both sides of these online gambling platforms so you can have a clear idea of them. The cons for wagering at crypto casinos are the following:
- Volatility: cryptocurrencies are highly volatile, meaning that they can increase or decrease in value from time to time
- Scam sites: there are many unregulated crypto casinos, so make sure to find a licensed one
- Legal issues: in some countries, online gambling and cryptocurrencies are illegal.
As you can read in this article, crypto casinos are offering a unique gaming experience thanks to their many great advantages. This type of online gambling is increasing in popularity by the day. Because of that, many operators are starting to accept crypto as a payment method.
The fast and secure transactions, as well as the anonymity and lower fees, make crypto perfect for online gambling. Of course, there are some disadvantages, but it is nothing compared to what you gain.