The merger of cryptocurrencies with online casino games has turned out to be a gamechanger in the gambling industry. So asking if crypto casinos are just a craze is like asking whether cryptocurrencies are just a craze.Â
By every single day, crypto adoption increases worldwide with banks and government institutions recognizing the cryptocurrencies and pushing them into the mainstream.Â
Similarly, crypto casinos have been around almost since the advent of the cryptocurrencies and they appear to be a perfect pairing, given the rapid rise of crypto adoption globally.
Crypto and Casino: A perfect partnership
Right from the inception days of crypto, the community has discussed its potential use in online gambling. The inherent benefits of cryptocurrencies offering safety, anonymity, and removing third party middlemen, make it the perfect choice for online gambling platforms.
The merger of crypto with casinos is an innovation that was much required as in a traditional casino (be that land-based or online), the gambler has to exchange their money for casino chips to be able to place bets and play. This usually requires linking a funding source (bank account or payment card) to a casino account or, in the case of a brick-and-mortar casino, handing over cash for chips at the cashier’s office.Â
Therefore, the merger of crypto with online casinos opens windows for limitless opportunities.
History of Crypto Casinos?
The first crypto casino was called SatoshiDice as a homage to Bitcoin’s mysterious creator, Satoshi Nakamoto. It was launched in April, 2012, and within weeks, the site was responsible for more Bitcoin transactions than the combined use of all other Bitcoin transactions. Therefore, something that has been around for twelve years can hardly be considered a craze. The anonymity and distributed nature of crypto casinos made them incredibly attractive to players around the world.
Conventional casinos are still very popular
However, many players still prefer to play in more conventional online environments and choose to discover an online casino with the backing of a regulator and big household names. While some people love the anonymity of crypto casinos, other players like to know that the online casino has had to adhere to a strict legal framework to obtain their operating license, adhere to safe gambling rules, and offer accessible customer services if something were to go wrong. Other people prefer the freedom of a crypto casino, which is possibly what attracted them to cryptocurrencies in the first place.
What are the benefits of Crypto Casinos?
No limits
Crypto casinos work on the same decentralized networks as the currencies to ensure transparency and immutability. They offer advantages like improved privacy and security, lower transaction fees, and fast withdrawals. This, in turn, leads to a thrilling gaming experience that transcends national borders. Players can play with anyone from anywhere in the world, regardless of local gambling legislation or currency restrictions.
Wide Range of CryptocurrenciesÂ
These casinos allow players to use a wide range of currencies like Bitcoin, Ethereum, and Litecoin – while traditional online casinos only accept fiat currencies. The ability to use different currencies gives the player more flexibility and eliminates the need for currency conversion. This can be great for individuals who are already conversant with cryptocurrencies, and gaming at a crypto site can be straightforward and convenient for players.
Secure
People who choose to play at crypto casinos often cite instant and secure transactions as a reason for choosing this kind of online casino. Traditional casinos can make a player wait several days for withdrawals, although most deposit methods are now practically simultaneous. However, there can be quite lengthy and invasive checks when setting up a casino account at a traditional online casino. Players usually have to supply ID to prove age and residency eligibility. Crypto casinos use blockchain technology, which speeds up the account creation process while ensuring that the account cannot be tampered with. People who want to retain their privacy and anonymity for whatever reason can keep their gambling activities discreet with crypto casinos
Fair
Crypto casinos also have a system of provably fair gaming. Standard online casinos use random number generators to determine the outcome of their games. Crypto casinos employ cryptographic algorithms that allow players to verify the fairness of each game played.Â
Are Crypto Casinos Just a Craze?
Crypto casinos might not yet be as mainstream as traditional online casinos. However, their appeal is enormous, particularly amongst players who might find their geographical location makes it difficult for them to access traditional ones. With a crypto casino, anyone with an internet connection and a smart device can play from anywhere, opening up a whole world of opportunities. Therefore, crypto casinos are definitely not a craze and are here to stay.
