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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.
A bitcoin wallet is where you will store your coins after buying them from a crypto exchange or withdrawing winnings from a gambling casino. It enables you to keep your coins securely and safely since you are the only one who can access it through the private keys provided at the end of the sign-up process. It is advisable to keep your keys as private as possible to keep away scammers from accessing your wallet. Remember to write down the keys in a piece of paper for account retrieval purposes. There are few choices of bitcoins wallets available. We highly recommend a hardware wallet, even though they are not freely given. You will spend some few pennies on acquiring one, but they are worth the cost. There are several wallets available in the market for crypto users to choose from, but we prefer Trezor and Ledger wallets. Practice the crypto rule of the thumb when purchasing a hardware wallet; make direct purchases from the manufacturer, for instance, Trezor . Avoid third-party deals like buying via Amazon since the reputation of third parties in the crypto space is poor. Those who do not intend to hold the coins for long or those planning to stake small amounts can take advantage of desktop wallets, which are downloadable or online wallets that are quickly and securely accessible. There are applications, online wallets, and desktop software available for crypto users to download and use. We strongly recommend the wallets below to crypto users: Trezor(hardware wallet, buy directly from Trezor.io to avoid traps of ill-intent mediators).Ledger (hardware wallet, make your order from Ledgerwallet.com and not through Amazon).GreenAdress (an online wallet that is freely accessible and safe for use).BRD (there are two versions for iPhone and Android users).Electrum.org (this is desktop software that is also very secure).
How to acquire crypto to use for gambling
Crypto casino players are more likely to purchase their BTC from Coinbase, Localbitcoins, or Bitquick crypto exchanges. These are the top three exchanges, but there are several other crypto markets where you can buy bitcoin. So, don't limit yourself to only those three. Here you are with your dollars, but you need BTC to gamble on a crypto casino. Cast out your fears and pay close attention to the next steps. Coinbase (special guidelines) Coinbase is the most significant USD to BTC crypto exchange in the world. Hence, it is safe to purchase bitcoins from them. The exchange offers two payment methods; direct purchase by linking your bank account and indirect purchase by making good use of your debit card. Any of these methods will enable you to make your BTC order promptly and safely.
This is a Peer-to-Peer (P2P) platform where people buy and sell BTC. Do not rush for the offers which appear too good to be true, especially from new traders. Scammers like using new accounts with lucrative deals. Avoid sellers who have little or no feedback.Avoid purchasing significant amounts at once. Make sizeable purchases at different intervals.
This is a BTC to marketplace with proof of BTC held in an escrow system. Typically, sellers hold their coins with Bitquick, and buyers scrutinize the available offers before making acquisitions. Buyers finalize deals by taking sellers' bank details and depositing fiat currency there. After obtaining a receipt of the bank transaction carried out, you create and upload a clear picture of it to Bitquick. After verifying it, the Bitquick support releases the agreed amount of coins. Pick the best option from the above exchanges. Besides, you can also search for a Crypto ATM near you, pay via fiat currency, and you will receive your coins in your personal BTC wallet.
How to transfer you BTC to your personal bitcoin wallet
Log into your personal BTC wallet.Click on the button labeled "Receive," and then select the option "Create a New BTC Address." Copy the projected address. Open a new tab and log in to the crypto exchange where you made your purchase. Scroll to the button labeled "Send" and click it. Paste the address you copied from your BTC wallet. Enter the amount of BTC you want to transfer. Verify whether you have provided a correct address and delete any space before and after the address. Click the send button to complete the withdrawal. It usually takes a few minutes to receive your coins in your wallet. The BTC network traffic determines the duration at the time of the transaction.You will receive the same amount of coins you sent, but a small mining fee will be deducted. Mining charges vary with market conditions, though they are usually small portions. Once you receive your coins in your BTC wallet, you are now a step closer to placing your bet.
How to deposit bitcoins to your crypto account
Sign up or sign in to your favorite BTC Casino. Most crypto Casinos have simple interfaces, so don't be worried about finding the deposit button. Choose BTC as your deposit currency.Click on the deposit button, and you will see a deposit address to use. Copy it.Visit your BTC wallet and scroll down to the 'Send' option. Enter the amount of BTC you plan to use and paste the address you copied from your BTC Casino in the 'Send To' section. Verify both your gambling casino address and the figure you are transferring before clicking the 'Send' button. Back to your crypto casino account. Your coins will probably reflect within a few minutes. Most crypto casinos show the equivalence of your coins in USD; hence you will likely make an informed decision of the amount you are staking.
How to withdraw your winnings
To cash out your winnings, you must create a new BTC address in your BTC wallet. Click on the cashier > withdraw button in your casino account. Enter the figure you intend to cash down and paste your BTC address.
How to convert your bitcoins into fiat money
There are several methods of converting BTC into fiat currency. However, we shall discuss only two of them in this guide. Coinbase Pro, Access your Coinbase account, click the 'Deposit' box and select BTC as your deposit currency. Transfer your coins from your Private BTC wallet to your Coinbase account using the address provided. Trade you BTC with USD and withdraw your money to your bank account. LocalBitcoins. The platform allows users to buy and sell BTC. After creating an order, the buyer will deposit the agreed amount into your bank account. After confirming the accumulated amount, you will then release the escrow. You can convert the other types of cryptocurrencies using the same process.
The future of crypto casinos
Perhaps, the future of crypto casinos may not strictly involve bitcoin (currently, 90% of crypto casinos only accept bitcoin as a deposit and withdrawal currency). Although BTC brings several benefits to the gambling sector- categorically offering an escape route from government regulations, quick transactions, and pseudonymity- altcoins may offer more attractive benefits soon. In the period since BTC's invention on the global stage, numerous privacy-based digital currencies have evolved that particularly anonymize transaction details and the people involved. Cryptocurrencies like Monero and Zcash may one day be widely embraced by online casinos because of their fungibility aspect.