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Cryptocurrency has become a considerable part of the iGaming industry. This is mainly the case when it comes to online casinos. You will find some that support crypto, among other payment options and also crypto only operators.
Do crypto casinos work the same way as traditional online operators? We’ve answered this question and others on crypto casinos below. The information below includes the benefits and setbacks of playing in a crypto casino.
Additionally, like when you’re looking for the best online casinos UK, crypto gambling platforms should have all the things you are looking for in an online casino.
What Are Crypto Casinos?
Crypto casinos are sometimes called crypto-to-crypto, crypto-end, digital currency, cryptocurrency or Bitcoin casinos. They operate the same way as traditional online operators but instead of fiat currency, players can deposit, bet on games and make withdrawals using cryptocurrencies.
How Cryptocurrency Casinos Work
As mentioned above, cryptocurrency casinos’ main difference from their online counterparts is that they only accept digital currency payments. This means that if you’ve played in a traditional online casino before, there is not much difference besides accepting the digital currency.
You have to register and deposit funds to start playing. You can deposit using cryptocurrency methods such as Bitcoin, Ethereum and Litecoin. Some cryptocurrency casinos allow players to make deposits using fiat currency methods such as bank cards.
However, the fiat amount is converted to crypto, as only crypto bets and withdrawals are allowed. Hence, it’s vital to have a crypto wallet when joining a crypto casino to make deposits and withdrawals.
How Cryptocurrency Casinos Make Money
Similarly to traditional online casinos, crypto-end casinos make money through payment fees, games and affiliate commissions.
Below is how they implement these ways of making money:
- Crypto-to-crypto casinos usually charge a small percentage of fees for financial transactions. This is to help cover casino costs and help keep the operation going.
- They feature games with a house edge. A portion of player bets goes to the casino.
- They also offer advertising space to other brands. This can also come with affiliate commissions for customers who sign up through the links on their site.
The Benefits of Crypto Casinos
People join cryptocurrency casinos for the ability to use digital currency payment and various other benefits. We have a list and explanation of some of these benefits below.
Safety and Security
Since crypto-end casinos operate hand-in-hand with the blockchain, they have an extra layer of security. This is significantly more so when users are making payments. They secure these with cryptography and transport through a secure encrypted tunnel. This makes them less prone to cyber crimes, reversal or falsification.
Anonymity
Cryptocurrency transactions are conducted and recorded on the blockchain. Nearly all crypto operators allow anonymity as they don’t require the player’s financial information. This makes them excellent for players who want their casino activities separate from their personal life.
Low Fees
Bitcoin and altcoin transactions are usually free or lower than traditional bank methods. This makes them cheaper and cost-effective for players.
Fast Payments
The blockchain has miners who help confirm and record transactions in seconds. Therefore, payments in cryptocurrency casinos happen almost instantly.
The Drawbacks of Crypto Casinos
Like most things in life, crypto casinos have a couple of setbacks to consider. These include:
High Volatility
The value of cryptocurrencies fluctuates. It’s unpredictable, as the value of your balance today could change significantly in minutes, hours or days later.
Availability
While there are quite a few crypto casinos there are not nearly as many as typical online casinos that accept fiat payment options.
Legality
Cryptocurrency and gambling are two institutions that can be on the legal or illegal end of specific regions around the globe. It’s even more challenging for cryptos as some governments have issues with it being unregulated. Hence, parts like the EU have crypto rules.
So, you’d find that gambling, cryptocurrency or both are prohibited in some countries.
This makes it hard for various players around the globe to access cryptocurrency gambling platforms.
What to Consider When Choosing A Crypto Casino
Just like when choosing a traditional online casino, it’s essential to consider several things before joining.
Safety and Security
In online or cryptocurrency casinos, security isn’t limited to solid encryption and firewalls but also licensing. So, checking if a legitimate gambling authority licenses the site you’re considering joining is essential. Licensing information can be found at the bottom of the platform’s landing page and there is often a link available with more information.
Games
The best crypto casinos offer games from many operators, including big industry names like Evolution, NetEnt, 1×2 Gaming and Play’nPlay’n GO. Slots, table games, live casino titles, bingo and keno are some of the games you’ll find. There are also crypto specific games such as crash games at Bitcoin casinos.
Support
Customer support helps players navigate the platform when they encounter challenges. There should be quality support in every crypto gambling site. Support is usually available via live chat and email. These should be available 24/7, especially since crypto casinos operate globally.
The Verdict
Crypto casinos’ use of digital currencies gives them different benefits from traditional casinos. The same goes for setbacks. Some pros include security, anonymity, low fees and quick transactions. On the other hand, cons are high volatility, limited availability and legality issues.
Similarities include how crypto casinos operate and make money. Also, what you should look for in them is similar to traditional online casinos.
If you’re familiar with online casinos, then you won’t find something completely different. A crypto-end gaming platform is like a regular online casino but there is simply the crypto banking option.
