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The popularity of cryptocurrencies, especially bitcoin, has given rise to a new economy to spring in parallel to the existing traditional currency-based economy. As crypto investing continues to gain more popularity, it has also empowered a new arena for gambling, gaming, and lotteries through online bitcoin casinos.
In this article guide, we are going to learn everything you need to know about crypto casinos, including what crypto casinos are, their history, how they operate, their advantages, how to play crypto casinos, and the future of crypto casinos. Stay tuned till the end.
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The term "crypto casino" refers to any online casino or sports betting company that accepts cryptocurrencies, like bitcoin (BTC), Litecoin (LTC), Tether (ETH), Ripple (XRP), and others, either in preference or alongside fiat currency. In the recent past, multiple large-scale cryptocurrency casinos have emerged to provide customized games and services for players seeking to gamble in crypto as opposed to fiat money, like the US Dollar.
Not only do crypto casinos offer traditional casino games such as roulette, but also provide sport-based betting, online lotteries, spread betting, and many more game varieties. Instead of using the term bitcoin or BTC, most bitcoin casinos use the term mBTC, or millibitcoin- a word referring to one-thousandth of a bitcoin, or 0.001 BTC. |
The history of crypto casinos
Cryptocurrencies have been in existence for more than a decade. Initially, their value was very volatile, and their use was limited. Nowadays, the use of digital currencies is increasing daily, and online casinos have embraced them.
In the 2000s, the gambling and casino industry started using digital technology. However, along with convenience, the industry encountered issues related to trust and transparency. It was a golden opportunity for the 'bad boys' to deceive gamblers using tricks that were impossible in the previous era.
The digital era was famous for high-profile data breaches where unauthorized individuals accessed sensitive information of players. This called for an immutable, transparent, and incorruptible system for gamblers and operators of wagering platforms.
The introduction of decentralized ledger technology
This issue was solved with the invention of blockchain technology- the technology behind cryptocurrencies. Cryptocurrencies provide a transparent and secure environment for gamblers to play their favorite games.
Currently, casino players prefer cryptocurrency to fiat money because of fast transactions, security, and anonymity. Research has shown that betting, poker, and casino platforms have a share of 60% in crypto trade. You may be shocked to learn that online players carry out almost 337 crypto transactions every second.
The Isle of Man sanctioned crypto
The Isle of Mane sanctioned crypto in 2019 as a proper method for online casinos. As a result, there is greater scope for crypto casinos and gambling. Now gamblers can avoid regional regulations for online gambling.
Digital currencies are more similar to properties than fiat currency. You can stake in crypto casinos without linking your bank account or credit card. These things are increasing convenience for online gamblers.
How do crypto casinos operate?
Apart from the process of depositing or withdrawing crypto after a successful (or unsuccessful) bet, most bitcoin casinos function similarly to their traditional counterparts. For those who are planning to try them, crypto casinos usually offer new registrations with an in-house wallet, which players use to store their deposits and winnings.
Bets taken within a crypto casino depend on a player's stored funds when facilitating games. Basically, users place opening 'bets' from their wallets and can either win or lose on that stake based on their success in a game.
Some crypto casinos have immense jackpots of up to 500 BTC. Once a game ends, all profits are deposited in a player's in-house wallet. From there, a user can cash out to the private wallets they wish. But, most crypto casinos have withdrawal limits to prevent players from cashing out all at once. It is advisable to read and understand a casino's terms and conditions before playing.
Crypto casinos are transparent
Traditional casinos are well known for hiding some information, such as potential winnings, from their users. They are also known for using different dirty tricks to lure the attention of gamblers. Many players are not aware of these scandalous tricks, and they continue gambling and losing without knowing the actual reason for their losses. Crypto casinos have eliminated the possibility of using dodgy tricks that disadvantage players. They offer a transparent and clear platform ensuring the odds are legit and clear to players. Such levels of transparency ensure a mutually positive business relationship eradicating most forms of online scams.
Crypto casinos are safe and secure
Traditional casinos require players to provide them with private and personal information, like credit and debit card details. Providing your confidential information to online websites can turn out to be a risky venture. The tedious process of filling out endless forms that require tons of details further worsens the situation. Crypto casinos have come to the rescue of gamblers by ensuring that players' personal information is safe and secure. They only require gamblers to fund their casino accounts and start playing. Besides, they also eliminate the monotonous requirement of filling out your details while signing up and logging into your casino account.
Crypto casinos are cheaper
Standard casinos are known for high transactional and deposit charges. On top of that, players have to put up with a myriad of taxes and duties, which has a significant impact on the total winnings earned. With crypto casinos, most of these expenses are cleared, because transaction costs are almost free. Cryptocurrency transactions are also not regulated by intermediaries, like a central bank, making them even cheaper. Players also enjoy low withdrawal charges and deposit fees, making crypto casinos more preferable than standard casinos.
Crypto casinos are convenient
The fact that anyone can access digital currencies from any part of the world easily is an added advantage to gamblers from countries that have banned or restricted wagering. Individuals from such countries often lack access to reliable gambling casinos. By using crypto casinos, players avoid the possibility of joining illegal gambling platforms, which are both expensive and dangerous. Crypto casinos ensure that gamblers receive full access to their winnings, and can deposit/withdraw their money instantly from any part of the world.
Crypto casinos have lucrative bonuses and promotions
Standard casinos offer an almost double amount of bonuses for earnings of up to a few hundreds of dollars. On the other hand, crypto casinos offer bonuses ranging from 1 BTC to 5 BTC. Many crypto casinos also carry out regular promotions to attract more gamblers.
Crypto casinos offer more value
Just like any other currency, cryptocurrencies conform to the laws of demand and supply. Currently, crypto’s demand is soaring high as the masses adopt it for their daily transactions. The ever increasing demand for crypto has caused an increase in its value. In May 2010, for instance, bitcoin was valued at $0.01. Ten years later, BTC is trading above $10,000, implying that gamblers have an added advantage when it comes to using crypto. They can choose to withdraw and exchange it for fiat money, or continue gambling as they wait for the value of BTC to increase further.
Crypto casinos offer more game variety
With crypto casinos, players can access just as many games as one could find at standard casinos. Some crypto casinos provide pay-outs as high as 99%. Most of them offer table games, like roulette and blackjack. When you compare the player return percentages of crypto casinos to traditional casinos, crypto casinos lead the way with a surprisingly more significant margin. In an attempt to keep pace with online casinos, some crypto casinos feature live dealer casino games for games such as blackjack, baccarat, and roulette. Live casino games are highly immersive, exciting, and significantly increase the user experience.
How to play in a crypto casino
In this section, we shall learn how to:
Since there are various types of cryptocurrencies currently being accepted by crypto casinos, we shall demonstrate this section using bitcoin as our preferred cryptocurrency. Nevertheless, the process is similar for all cryptocurrencies.
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Whats is Crypto Casinos ?
Crypto Casinos is the place where bitcoin lovers and those that love a little action can find great games and enjoy the future of gambling. Crypto Casinos offers super fast deposits and withdrawals and gives you that extra to offer you a total gaming experience.
Deposits are far easier than the traditional online method in fiat currencies.
All you have to do to start playing is grab some cryptocurrency at one of the best online
exchanges and send it to your hardware or online crypto wallet. Once you have control of your private keys you can send your crypto over to Crypto Casinos and start wagering almost instantaneously. Typically, They process your cryptocurrency within minutes and you’re able to start wagering immediately. There are no longer lulls in deposits and extended time frames where you have to wait like when wagering with fiat currencies. The turn around for cryptocurrency is fast to deposit and withdrawal! It is also important to have quick withdrawals and Crypto Casinos likes to payout fast in the event you hit for a big win!
Other online casinos may come and go but Crypto Casinos has been dedicated to their customers for years and have an established record to prove it. Traditional online casinos that only accept fiat for deposits and payout fiat in withdrawals are going by the wayside. If you’ve been intrigued about gaming and wagering cryptocurrency now is the time to do it with the most trusted crypto casinos guide of crypto casinos sites online and one that’s committed to excellence.