Even after the massive technological advancements in the last couple of decades, tech is still showing us how it can positively impact our lives. This is evident in how online casino gaming has been disrupted by the crypto sector.
Casino gamers are increasingly using digital currencies, and bitcoin is the most dominant choice for players. Many people leverage virtual currencies for transactions, and a percentage of them have begun depositing them in casinos.
You can get access to a variety of benefits if you sign up for one of the best online casinos that you can deposit bitcoin at.
Nevertheless, to understand the advantages of crypto casinos, you need to know about the relationship between crypto, blockchain, and betting.
The relationship between gambling and digital currency
Betting has existed for centuries, and cryptocurrency only appeared after the housing crisis in 2006 that sparked the Great Financial Recession. Typically, crypto enthusiasts are not really into the casino betting space. Hence, the intersection between casino gamers and crypto users doesn’t capture a high percentage of both.
Thus, it is understandable why crypto and betting have a low correlation. Most crypto enthusiasts are tech-savvy and willing to integrate new tech like digital currency.
Individuals who engage in betting are risk lovers and are not worried about losing cash. Nonetheless, younger generations are less likely to engage in gambling since they prefer methods that allow them to multiply their capital. Hence, they’re typically averse to risk.
Many of them are used to the fact that cryptocurrencies with large market capitalizations, like Bitcoin and Ethereum, give great returns on investment.
Understanding Bitcoin and the blockchain
Bitcoin is unique because it is a currency that a central bank or a government can never control. The moment the blockchain was established, it paved the way for cryptocurrencies like bitcoin to be created.
Satoshi Nakamoto is widely known to be the creator of the blockchain. The layout and framework for establishing the blockchain were revealed in a whitepaper released in 2008. Nevertheless, even though many crypto enthusiasts are familiar with the pseudonym Satoshi Nakamoto, no one knows the person behind the blockchain.
Many people have speculated whether Satoshi is a male, a female or a group of people. The key thing about the blockchain and what gives it utility is that its security can practically never get breached. The moment a blockchain is created, it is hopeless to attempt to remove it.
How Bitcoin got introduced to casinos
Bitcoin hasn’t been in casinos for a very long time, mainly because several individuals didn’t understand the nature of its transactions for an extended period. The blockchain is a public ledger which serves as a database for all the transactions conducted on its network.
The blockchain is a public space where anyone can spot the transmission of coins between wallets. Nevertheless, even though you’d be able to see all the transactions made, you wouldn’t have access to information like why it was sent and the owners of the wallets involved in the transaction.
That’s because blockchain addresses are made of letters and numbers scrambled together. Bitcoin, the first cryptocurrency, was first used in a transaction in May 2010.
The first crypto casino was established in 2010. It facilitated registration without submitting personal data and attracted massive attention from crypto enthusiasts.
Today, several online casinos have integrated digital currency as a mode of payment. One of the first casinos to accept bitcoin as a payment method was located in Las Vegas.
When bitcoin started to get known to people outside of the crypto space, most online casinos ignored its qualities. They avoided accepting it as a payment method. It was also believed that adding cryptocurrency as a payment option would lead to problems with licensing.
Although a couple of online casinos had begun accepting bitcoin for deposits at the time, most people didn’t understand what the blockchain was. Hence, the popularity of bitcoin was generally low among casino gamers.
In the next couple of years, bitcoin, its value explosion, and its tendency to make individuals rich became the talk on forums, social media, and blogs. Online casino platforms slowly learned about the benefits of this new technology, and an increasing number of them started integrating bitcoin.
Casino players are natural risk-takers, and the fact that cryptocurrency was volatile added to their curiosity. In recent years, casinos that accept only cryptocurrencies as payment methods have emerged. They’re referred to as crypto casinos and are the latest wave in the casino industry.
Nevertheless, there are conventional casinos that accept both fiat currencies and digital currencies.
Perks of using cryptocurrency for transactions
Here are some benefits of using cryptocurrency:
Heightened cybersecurity level for the network
When you sign up for a casino account, you’re required to divulge sensitive data, including your financial details. The issue is that when you do this, there’s a risk of that information getting into the hands of malicious third parties, and this could lead to your account getting breached.
If you leverage cryptocurrency for transactions, this cybersecurity risk reduces. This is because the blockchain is considered one of the systems with the highest cybersecurity levels.
The transactions can be tracked in an online registry that outlines all the details of the respective transactions. Because of the decentralization feature of the blockchain, every node in the blockchain network gets confirmed and recognized during the transaction process.
This massively reduces the possibility of the blockchain network’s security getting breached. This and various other reasons give crypto casinos the edge over conventional casinos.
Gamers in crypto casinos are encouraged to drop their financial details since the digital security level is so high. Second, they’re reassured that they don’t need to include sensitive data or personal information. The registration process in crypto casinos largely ignores personally identifiable information (PII).
Distributed ledger tech makes casino gaming more secure. With the network, bitcoin or other digital currencies can be deposited into a player’s account. The blockchain’s nature then prevents wallets from getting hacked.
Cost-efficient for operators and gamers
The cost efficiency of crypto transactions is highly beneficial to casino players. The cost might be high if you place your debit or credit card details to make a deposit or withdrawal in an online casino. Debit and credit card operators typically charge a fee for anyone who makes a transaction.
The fees get worse if you’re making a payment in another currency. When you compare the cost of making transactions in crypto with conventional payment methods, you’ll see that digital currency users have it better.
Virtual currencies have never required costs because no third parties are involved in the transaction. The payments are peer-to-peer, meaning that you and the entity you’re sending the funds to are the only ones affected. When you’re making or receiving payments with a conventional method, the intermediaries are the banks.
Because of this factor, virtual currencies are considered optimal substitutes for conventional banking methods. Individuals are also attracted by the fact that no central authority controls the transactions because of its decentralization feature.
The casino operator also benefits from the cost efficiency of cryptocurrency transactions. They don’t have to pay neck-breaking fees that eat into their profits, translating into higher revenue for the platform.
Gambling isn’t a legal activity in all states and regions. This means some online casinos are banned from operating in certain nations. This inconveniences players in those areas who enjoy casino gaming and professionals who make a living from it.
Any player affected by a gambling ban can easily head to a crypto casino to play games. When rewards have been collected, they can then be transferred back to the cryptocurrency wallet, masking both ends of the transaction from the banks that prohibit receiving funds from gambling sources.
No matter what country you’re in, you can make payments and withdrawals in crypto without having to go through the hassle of exchanging the currency.
A lot of players are seriously concerned with privacy when they’re signing up for online casinos. A lot of gamers like to keep their gambling activities private.
That’s why a substantial percentage of casino players go with crypto payments and withdrawals since they do not require to divulge personal information during registration. The sole requirement would be connecting the user’s crypto wallet to the casino account.
Some players are also sensitive about what society thinks about the topic of betting. It would be evident in their transaction records if they engage in casino gaming and make deposits through their bank.
Casino gaming could also affect creditworthiness in some nations. If a bank has access to your records and spots transfers to online casinos, they could deny the loan. When you leverage crypto for online casino transactions, they wouldn’t be able to scrutinize that aspect of your life.
The way the blockchain is structured makes it difficult for activities to remain opaque. Some casino gaming platforms cheat their customers.
They attract potential customers with overly generous deposit bonuses and promotional offers. However, they do this to mask the fact that they’re dishonest about the terms and conditions associated with giving the bonuses.
When a platform uses blockchain tech, there would be total transparency. The terms and conditions surrounding promotional offers would be shown to everyone.
When a gamer signs up on a conventional online casino platform, there could be hassles with payments. For one, there’s the hurdle of converting from one currency to another. Also, there could be charges associated with the conversion.
All in all, a simple deposit could take days or even weeks to get completed. Some players have stated that they prefer land-based casinos to their online counterparts because of the payment issues.
Bitcoin, Ethereum, Ripple, Tether, and Litecoin are some coins whose transactions take minutes. When you utilize cryptocurrency, there are zero issues with currency conversion. In essence, your payments become faster and less stressful.
The best part is that your rewards instantly get to you when you’re making withdrawals.
Selecting the best crypto casinos
Here are some factors to consider when picking a crypto casino:
Consider the casino’s reputation
You must seriously consider the casino’s reputation before signing up for an account. Remember that your money is at stake, and it wouldn’t be productive to lose money carelessly.
Hence, you need to avoid paying to a dishonest casino gaming platform. The first thing you need to do is look at the reviews about the casino. You can do this by researching forums and checking social media feeds. If you get the sense that the platform is careless with the information of their users or the bad experiences outweigh the good, go for another operator.
Variety of games
Before you sign up with a casino platform, you need to inspect the number of games available for users. This is crucial if you’re a new gamer since you’re most likely trying to discover new games.
Different games come with their strong points for different gamblers. Risk-takers usually prefer games that offer high odds. If you’re risk averse, you could go for games with low odds.
Ensure the casino you intend to sign up for has a reliable and active customer support system. There is every chance you may run into some issues.
Even though technology has changed a lot of processes in recent decades, advancements are still being made across several industries. One of these industries is the financial sector, with cryptocurrency being heralded as the new face of finance.
Satoshi Nakamoto introduced digital currency in 2008 during the global economic meltdown. Even though bitcoin’s introduction to the online casino sector was relatively slow, it has now become a prominent trend.
Its benefits have begun to affect casinos, with the creation of crypto casinos being the new rave. Several perks come with leveraging cryptocurrency in casinos. There’s increased anonymity and convenience for the gamer, increased cost efficiency, heightened cybersecurity, and swifter transactions.
If you want to choose a quality crypto casino, you have to go with one that has a wide variety of games and a solid reputation.