While cryptocurrencies have entered the public discourse in the past few years, the online gambling sector has utilized them dating back more than a decade ago. Today, most top-end gambling sites double as Bitcoin casinos, offering gamblers the opportunity to bet on their favorite games of chance using digital money. Below, a breakdown follows regarding why this payment method is sweeping the interactive gaming industry by storm and paving the future for innovations that will likely redefine this pastime.
What Is the Definition of Bitcoin Casino?
Bitcoin casinos are sites that offers games of chance on whose outcomes users can bet with digital coins. When the first few of these platforms got up and running, most of them shied away from traditional casino classics like blackjack, baccarat, or slots. They primarily focused on simple gaming options like dice, crash, and hi-lo. Much of their appeal hinged on the fact that users could remain totally anonymous when betting while having the ability to check the randomness of the game outcome creation process.
Around 2013/2014, international regulators such as Antillephone began licensing crypto casinos, and these sites started featuring advanced slots and RNG-powered software options from renowned providers. At that point, they virtually mirrored fiat online casinos, except that their payment options differed, as did their promotional arsenal.
Crypto Casinos Facilitate Instant Gaming Entertainment
One terrific aspect that most gamblers love about cryptocurrency casinos is that they can complete a sign-up process at these sites in minutes. In general, unless they have gotten licensed by the UKGC or some other stringent gaming regulator, most crypto gambling platforms do not feature complicated registration procedures. Visitors can become users and deposit funds in their newly-created accounts in less than a minute. Some even go so far as to auto-generate usernames and passwords, reducing the wait time for gaming fun to mere seconds.
Though, as a rule of thumb, the steps required to become a cryptocurrency casino member and gamble with digital coins are:
- Clicking the sign-up button.
- Inputting a password and user name.
- Confirm the site account via an email link.
- Depositing coins.
Transactions at a Cryptocurrency Casino Go Through in Minutes
Undoubtedly, credit/debit cards are the most widely used payment method on the globe. However, online gamblers hate this option because it incurs wait times of three to five banking days. The wait, in some instances, can even drag out to seven working days or more. Only bank wire transfers initiate longer wait periods, while concerning fiat transfer methods, e-wallets are the swiftest, facilitating transfers in less than 48 hours in most cases.
For comparison, Bitcoin transactions can take up to forty minutes to process, depending on the fee. Litecoins ones go through in less than five minutes, while Ethereum transfers happen in about five minutes. Naturally, these are only averages. The transactions can take longer, depending on network congestion. Still, the processing speeds that one gets at a Bitcoin casino are far quicker than what any fiat casino can offer, nor can it get anywhere close to matching them.
Bitcoin Casino Supply Unique Promotions
Standard gambling sites like to stick to deposit match deals as a mechanism to entice players to join and use their service. Yet, crypto platforms usually provide an incomparably more substantial range of casino promotions. Not only have they pioneered promo tools such as giving away free funds to active participants in the community chat, but they invented complex, multi-tiered loyalty schemes where users can get cashback on their attained losses.
You will also be hard-pressed to find a crypto casino that does not run some gambling contest. Furthermore, more and more of these operators are now taking part in Pragmatic Play’s Drops & Wins promotion, and many have also begun offering a staking option. The latter is a method of letting your chosen casino lock your funds in return for a percentage of the accumulated profits for that period.
Gamblers Can Find Thousands of Games at Any Regular Crypto Casino
In recent times, most new Bitcoin casinos boast super expansive game lobbies. That is so because they have gaming licenses from a Curacao regulator. That allows them to partner with dozens of providers enriching their gaming sections with varied products.
Slots are no stranger to crypto gambling platforms, appearing on their game page since 2014. But, today, reel-spinning enthusiasts can find over a few thousand online slots at these sites, including the latest industry releases. Furthermore, live dealer games also have their spots on these platforms, with Evolution, BetGames TV, Ezugi, Pragmatic Play Live, and others working with hundreds of crypto gaming operators.
It is vital to note provably fair games have not gone out to pasture at crypto gambling hubs and are very much alive. So, games like dice, crash, Plinkо, limbo, hi-lo, and mines are still options here, offering super simple betting fun with 100% result creation transparency.
Anonymity & Global Acceptance
Unfortunately, true anonymity at cryptocurrency casinos is slowly disappearing due to tightening regulations and Know Your Customer procedures, which are becoming the norm everywhere. They are anti-money-laundering measures that seek to combat financial crime and require gamblers to send a copy of photo ID and proof of address to their selected operator. Even though most reputable crypto casinos ask that their users go through a KYC process before they can complete their first withdrawal, that is not always so. Some proclaim that as long as gamblers stick to a site’s general terms and conditions, they will not ask that anyone endures KYC. Others, mainly provably fair sites, neglect it intentionally, as they rarely have any regulation, dominantly operating on a good faith basis with their clientele.
On the topic of regulation, given that most cryptocurrency casinos have a gaming license from a loose international regulator, they can accept players from a long list of countries. They may even allow gamblers from regions where this hobby is not yet legal. Thus, it is crucial that every check the laws in their country of residence before gambling sizeable amounts of money online.
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