Thanks to the Internet and new technologies, the gambling industry has become dynamic and more accessible, and making money in online casinos has become a fashionable and profitable business. Along with traditional platforms that are usually played for real money, new cryptocurrency casinos are becoming more and more popular. Their most important advantage is considered to be extremely fast transfers, which take up to 5 minutes. In addition, when using a crypto casino, you can count on instant transactions in both directions, which, of course, is a significant plus compared to classic bank transfers.
Secondly, it should be noted the low costs of operations for the withdrawal of winnings and micro-commissions for transfers. The low commission is due to the fact that cryptocurrency payments take place in a decentralized system independent of banks and governments.
Thirdly, the anonymity of transfers is guaranteed in the crypto-casino. This means that when making transactions in cryptocurrency, you will avoid the disclosure of your personal data.
Bitcoin has been the most popular digital currency in recent years. The best casinos in the world have just begun to implement blockchain systems, but most of them already use cryptocurrencies.
Currently, a quarter of all gaming resources on the Internet are cryptocurrency casinos. If you are in doubt whether you should play online casinos with digital currency, knowing the benefits of this solution will dispel your doubts.
Instead of betting with traditional money, these institutions allow players to “put digital currencies on the table”.
In general, crypto casinos are not much different from traditional ones. Just like any other virtual casino, you need to register an account. Before you can play, funds must be deposited into your wallet. Otherwise, you will have nothing to bet on.
Depending on the specific platform, certain types of cryptocurrencies may be accepted. If you have no buying experience, it’s best to be careful at this stage.
Security: Crypto Casinos
- Each player sees the bets of other participants.
- Smart contracts guarantee that no changes will be made during the game.
- The blockchain system saves your bets. It also simplifies data entry, data transfer, and transaction settlement.
- You can check the result of every game played in the casino.
- Your data is stored in encrypted form. You don’t have to worry about their safety.
Security: Fiat Casinos
- Your data and funds are sent to the casino servers
- Security is provided by a service provider that you must trust
- You cannot check the solvency of the casino. Its balance sheet is not publicly available
- The algorithms used are also not publicly available
- You cannot check the results of the game
ADVANTAGES OF A CRYPTO CASINO OVER A TRADITIONAL VIRTUAL CASINO
- No fees required
You are the only one who will control your funds. No one can freeze or withdraw funds from your wallet. You, as a player, remain outside the global banking system, while doing all kinds of financial transactions. Most transactions will be carried out on the blockchain. Compared to conventional payment methods, blockchain transaction fees are very low.
- Cryptocurrencies are decentralized and not limited by country
Plus, it should be noted excellent anonymity. Most bitcoin casinos allow you to make deposits and play without verifying your identity, which greatly increases the level of privacy.
- Members can check true RTP rates on all games
The system cannot be cheated, so you can be sure that the games are really fair.
- Instant withdrawal
Deposits and withdrawals are usually much faster compared to traditional methods. What’s more, you’ll get paid as soon as you win – no need to wait hours or days. Therefore, it is not possible to lose money due to the closure of the casino – the money has already been paid out to the blockchain.
- More chances to win and amazing bonuses
RTP rates in traditional online casinos are always higher and are usually around 5%. On the other hand, cryptocurrency-supporting casinos offer an RTP interest rate of no higher than 1%. Therefore, the frequency of winnings is much higher here.
A cryptominer or bitcoin miner is a person who generates bitcoins by verifying and adding them to the blockchain (public ledger). As a result, new cryptocurrencies will be issued.
Depositing and withdrawing bitcoins does not take much time. If you have a wallet ready to use, large amounts are transferred quickly and even instantly. But for larger amounts, it may take 2 to 10 hours.
Yes, because crypto money can be converted into any traditional currency you prefer. They can be spent anywhere and anytime.
The blockchain market itself is the only market maker of cryptocurrencies prices. Buyers and sellers determine prices similarly to their fairness in the mechanisms of supply and demand.