Is Crypto Gambling the Future of Online Gambling?
With the rise of the online gambling industry, new online casinos and betting sites are launched all the time. It’s a growing market in many countries and the products being developed are increasingly impressive. Modern technology has made online gambling more accessible for everyone, since you can now play your favorite casino games via mobile devices anytime, anywhere.
However, the crypto gambling industry has evolved so rapidly that it now poses the question – is crypto gambling the future of online gambling? It sure seems like it, keeping in mind the convenience of decentralized gambling and the benefits of crypto casinos. Still, this guide will deal with the details, so you can decide on the matter.
What Are Crypto Casinos and How Do They Work?
Crypto casinos are much like regular online casinos, but they come with one major difference – crypto payments. Most of these sites come with various crypto coins available for making deposits and payouts from the site.
While the main difference is seemingly in the payment method, crypto casinos have many benefits. They make a perfect place for crypto holders to wager their coins and don’t have to bother with complex transactions and switch from fiat currencies to crypto and the other way around.
These casinos work based on blockchain technology, meaning that all transactions are safe and secured in a public ledger. Even though major online casinos have SSL encryption and other methods of protecting players’ data, crypto casinos are much more efficient.
Every transaction can easily be tracked, and there’s no way of copying it since it has its address and code, making it easy to spot the attempt to copy this code. So, the safety of players’ personal information and banking details is the number one reason behind crypto casino popularity.
About Decentralized Casinos and Apps
Another major benefit of crypto casino sites is that these operators are almost always decentralized. It means they aren’t a part of a bigger chain or dependent on a different brand or a regulative body.
All the transactions can be easily spotted in the ledger, and public transactions are safer than they sound. As mentioned, blockchain technology allows decentralized casinos to operate even more safely than traditional casino sites.
Each transaction is marked on the ledger, and there’s no way of hacking into the blockchain code or stealing any information from players.
On top of it, since the sites are decentralized and aren’t dependent on a regulatory body, it helps remove geo-restrictions so crypto holders worldwide can play and wager their coins.
There are also decentralized casino apps, also known as dApps. These include provably fair games, and payments are also processed through blockchain technology, only mostly through coins based on Ethereum.
Either way, decentralized casino sites use this technology to avoid third parties. They also have no transaction fees, and you also get the utmost security on top of that.
Decentralized casinos are much more transparent than regular online casinos, and you’ll never have to worry about hackers obtaining your information from these sites.
Benefits of Crypto Casinos
Before we decide whether crypto casinos are the future of online gambling, it’s time to go through their pros and cons. Since there are many benefits, let’s deal with the positive sides first, and we’ve already mentioned decentralization as one of the main factors.
Still, there are many other benefits of crypto casinos::
- Instant payments
- Utmost anonymity and security
- No transaction limit or verification
- Provably fair games
- Crypto bonus offers
It’s also sometimes possible to exchange fiat currencies for crypto coins to play on these sites, and crypto casinos often offer a wider selection of games.
Fast Payment Processing
Unlike regular casino sites, online crypto casinos mostly use crypto coins as a currency. So, you can make your deposits and withdraw winnings in BTC, Ethereum, Dogecoin, Tether, Litecoin, and others, depending on the site.
The main advantage here is that crypto payments are instantly processed, and your casino balance is replenished in minutes. While some regular casinos use e-wallets that enable fast deposits, you’d still be waiting for some time for the withdrawal to get approved.
The same goes for wire transfers and credit cards, with some options taking more than 24 hours to process withdrawals. So, the great advantage of crypto casinos is that you get instant deposits and instant payouts, which makes a big difference.
Crypto Gambling – Anonymity and Privacy
Using crypto to deposit at online casinos is the safest way of managing payments to your casino account. Sure, popular casino operators include sufficient security protocols even for those using credit cards and fiat currencies, but you are even safer this way.
Blockchain transactions are as safe as casino payments get, and at least you won’t be exposing your banking information and personal details.
Sadly, hacker attacks on online casinos aren’t rare these days since they can find your credit card information this way. So, using Bitcoin or Ethereum for deposits and withdrawals rules out the chance of these attacks, and there’s no way of copying the transaction codes from the ledger.
Higher Transaction Limits
You’ll likely have a daily and weekly withdrawal limit when you are playing for USD or any other fiat currency using traditional payment methods. However, by using cryptocurrencies, you can easily avoid these limits and withdraw more funds at once.
Also, you won’t face monthly withdrawal limits like on regular casinos, which is handy, especially considering you won’t have to do much verification. Only you can access your crypto wallet and schedule payments from the casino account, so it’s different from other currencies.
For withdrawing a larger sum from regular casinos, you’d often be asked to pass additional verification steps. It’s another benefit of crypto casinos, since you won’t have to deal with all that and will receive the funds instantly and without any particular limits.
Crypto Casinos – Provably Fair Games
Besides the regular casino games available at online casinos, like slots, live dealer games, and table games, crypto sites also offer provably fair games. Much like these casinos, provably fair games operate on blockchain technology.
These are unlike standard RNG-operated casino games that work based on the RTP ratio. Instead, the games work on open-source code and smart contracts via blockchain technology. You get a part of the hash after the game round is finished to check the outcome’s fairness.
It’s the only type of game you can check for fairness and where the casino has less leverage than standard RNG-operated slots and casino games.
Of course, you can only play these games with cryptocurrency, which adds to the benefits of playing on these casinos. Decentralized gambling, therefore, brings another advantage, and these games are also quite fun to play, including Plinko, Coin, Keno, Crash, and even some provably fair slots.
These games are said to be one of the best online gambling industry innovations since the RTP ratio is much higher when compared to other casino games.
Crypto Bonus Offers and Promos
The final benefit of crypto casinos, compared to regular casino sites, is their bonus offers and promotions. While you’ll find welcome bonuses and reloading offers on regular casino sites, crypto offers are slightly different.
Since these casinos are decentralized gambling sites, they have fewer expenses, leading to their enriched bonus offering. On top of that, the industry is expanding, and now is the best time to grab some impressive crypto gambling bonuses.
Depending on the site, you can find various offers, including welcome crypto deposit match offers, reload promos, crypto tournaments, and even some betting offers.
Exchange Rates and Problems
Crypto casino sites seem much more beneficial for players than regular online gambling casinos. However, it’s about more than just the convenience of play; the major downside is that you have to deposit in crypto.
This is not so convenient for players that don’t hold crypto, since you’ll have to use a crypto exchange to swap USD for BTC or other cryptos.
Still, some crypto casinos allow you to exchange on their sites. Also, you’ll have to keep track of your balance and keep in mind the exchange ratio if you wish to follow up on your bankroll.
It could be difficult until you get used to it, but once you have cryptos to deposit, it’s better to pick crypto casinos than regular online gambling sites.
Drawing the Line: Is the Future of Crypto Casinos Bright?
Ultimately, crypto casinos aren’t that appealing for everyone since the value of some coins keeps fluctuating, and some players aren’t in the crypto scene. However, crypto gambling truly seems to be the future of online gambling, even though it’s unlikely that regular casino sites will cease to exist.
It’s more realistic that more and more sites will start accepting crypto coins as payment, and we can see this already happening.
These days, it’s more difficult to find an online casino that doesn’t accept BTC and similar cryptos than it is to find a site that solely processes payments in fiat currencies and e-wallets.
Due to higher transparency, better protection of personal and banking information, and provably fair games, the future of crypto casinos seems bright.
Picking decentralized gambling sites also seems better for players who wish to break the bonds of geo-restrictions and enjoy their favorite games without worrying about them. The bottom line is – these sites are fairer, more secure, and more user-friendly than regular online gambling casinos.