A few short years ago no one in the world understood what digital currency was let alone how it would one day change the world. Yet today discussions around Bitcoin price hikes, Dogecoin as a meme token, the impact of cryptocurrency mining on both graphic card prices and the environment are dinner table chatter around the world.
As an industry where speed of processing, data security and the potential for large financial transactions are central to its day to day running the online gambling market has been heavily invested in the development of blockchain technology and the adoption of cryptocurrencies.
In this article, we will delve into what separates an online casino from a cryptocurrency casino. Are there tangible benefits? What are the challenges? Can you legally gamble using cryptocurrency and what games can you enjoy?
Online Casino vs Crypto Casino – The Provably Fair Difference
In recent years, the line between a blockchain casino and a casino that accepts cryptocurrency payments such as Bitcoin has blurred the definition of what a “crypto casino” is.
There is an increasing number of online casinos that have begun accepting deposits and will honour withdrawals via your cryptocurrency wallet. Allowing you to gamble at their casino with credits purchased via Bitcoin, Ethereum or whichever token they accept.
However, a true crypto casino does far more than just trade Bitcoin for casino credits. These casinos operate on the blockchain themselves. Their websites, their games, your personal information and ultimately your wagers are placed directly on the blockchain meaning it is all protected by the most advanced encryption platform known today.
With the unique hash records available when processing transactions on the blockchain, the same technology used to verify Bitcoin transactions, you can track the validity of the outcome of each game you play at a crypto casino.
This system of Provably Fair gaming puts the power to review every hand of blackjack, every spin of the reels and every roll of the dice in Craps and verify that the outcome you were shown is true and unaltered by any third party interference. A great example of this Bitcoin.com which now offers casino games on its platform, that is as close the source as one can hope to get when gambling with BTC.
Advantages of Crypto Gambling – Count the Cost
In any scenario where you are investing your time and money, both precious commodities, we always recommend looking at the facts and making a reasoned decision from there.
The advantages of crypto casinos are:
- Unparalleled security – Given the virtually impenetrable nature of the blockchain it offers gamblers unprecedented levels of privacy and data protection.
- Less intrusive experience – When transacting via the blockchain the code behind your wallet is what is needed to complete a transaction. In this case gambling at a true crypto casino will require very little personal information from you to sign up and no additional KYC documentation when you cash out.
- Transactional transparency – The peer to peer nature of the blockchain ensures that you have a full view of who you send money to and receive it from, as well as giving you access to Provably Fair reviews of the individual games you play.
- Growing selection of licensed casinos – As Bitcoin continues to pave the way for mainstream adoption of cryptocurrencies so more regulated markets are beginning to accept cryptocurrencies. This ensures you all the benefits of virtual currency gambling with the support of player-centric gambling authorities.
- Superior banking options – The low costs, advanced security and unmatched processing speeds of cryptocurrencies make them the superior option when transacting online. However, as more casinos accept Bitcoin and other virtual currencies you still have access to web wallets and credit card transactions if you want them.
- Better payout percentages – With the low cost of operating an online casino on the blockchain and other revenue generation models for operators that include using the power of gambling transactions to mine for tokens blockchain casinos can offer overall payout percentages of up to 99%. This is far better than 93% to 97% offered by traditional online casinos.
- Casino game selection – Gambling on the blockchain no longer limits you to playing special blockchain games with poor graphics and limited animations. The world’s leading developers like Big Time Gaming now develop for the blockchain offering great casino games for true crypto casinos. Accessing traditional online casinos which transact in Bitcoin means you have access to award-winning slots and live dealer games from providers like Evolution and NetEnt.
When it comes to shifting your online gambling from a known and trusted online casino to a new crypto casino it is worth digging into the pros and cons of the move and making a decision based on a balanced review of the facts and your personal needs.
Choosing a Crypto Casino – Hot Button Items
When discussing crypto-based casinos with our community and finding out from them what their most important selection criteria were for choosing a new online casino the following points were the most common across the board:
- Can I trust the casino to pay me?
- Will they find excuses to delay my payment?
- How safe is my information?
- Do they offer good bonuses?
When it comes to finding a trustworthy online casino to play at the addition of cryptocurrencies to a casino is in fact an extraordinarily strong trust cue. With the total transparency and Provable Fair nature of the blockchain, these casinos are more exposed to their players than any traditional online casino. When you consider that you can also play at a regulated casino in Bitcoin you have added another layer of security as now have a safe technology platform and a stringent gaming authority both protecting you.
The speed with which you can withdraw your winnings has always been a hot topic for online gamblers. Looking at the FAQs of leading cryptocurrency casinos like BitStarz, BitCasino and Bitcoin Games Casino they all offer instant withdrawals.
The protection of your personal and financial information is of paramount importance to all reputable online casinos. In this case, it becomes a matter of degrees; online casinos are as secure as banks when they utilise 128-bit SSL encryption but the blockchain is objectively the superior encryption method and so blockchain-based casinos will always be the safer option.
At their core, the types of bonuses you receive at online casinos and cryptocurrency casinos will be the same either deposit match offers, free bonus credits or Free Spins. However, you may find the wagering requirements less stringent at crypto sites and their overall payout percentages higher which could mean you stand to withdraw more at a crypto casino on paper, but only Lady Luck knows where those chips will fall.
Licensing and Regulation – Does it Matter for Crypto?
No matter what your preferred gambling platform is, even when playing offline, there is no substitute for the peace of mind that gambling under a globally recognised regulator brings.
They are far more than just a marketing watchdog that rakes in licensing fees. These gaming authorities ensure that operators have sufficient funds to pay your withdrawals, manage national safe gambling programs, require license holders to have their business practices reviewed by third-party auditors and work with law enforcement to shut down illegal operations.
Adding the technology-based protections inherent to the blockchain to this substantial jurisdictional protection ensures that you have the safest and potentially profitable online gambling experience possible.
With the advancements made in the online gambling services available on the blockchain, it is a good time to see if at the very least your current online casino accounts offer the option to transact in Bitcoin or other cryptocurrencies.
If you live in a regulated gambling market that has approved Bitcoin gambling it is worth adding the added protection provided by the blockchain to the security you already experience under your current legislation.
Cryptocurrencies are growing in mainstream adoption so getting to grips with this technical and financial phenomenon through a medium you already enjoy, online gambling, is an easy way to luddite to crypto-pro!
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