Their popularity was boosted by cryptocurrencies penetrating the mainstream, and exposing the whole world to how blockchain technology is critical in all industries, including casinos.
Crypto Lists explores how these crypto casinos work and their features for you to go ahead and try them out.
Crypto Casinos’ Ascent into the iGaming Industry
Understanding crypto casinos is quite simple. It is similar to an online casino with the main difference being that they accept crypto for payment. They still offer a variety of games in slots, casino games, virtual sports, live dealer games, jackpots, and table games.
Some refer to crypto casinos as Bitcoin casinos as most started by accepting the leading cryptocurrency, BTC. Online casinos began to prosper within the same period in 2013 when Bitcoin was gradually having a stronghold as a disruptor in finance. The first crypto casino, SatoshiDice, known today as the popular Cloudbet casino, emerged in the same year.
Bitcoin has been at the forefront of spearheading crypto casinos and pushing the industry forward. Other tokens such as Ethereum, Litecoin, Binance Coin, Ripple, Tether, and Tron have also made their mark as a payment method. Crypto casinos have developed to accept several coins/tokens, including Ethereum, Tether, Tron, Binance Coin, Ripple, Monero, Litecoin, Solana, and many others as mentioned previously.
The crypto surge in 2020 propelled cryptocurrencies into the mainstream. Interest was hype even with the common Joe and not only some tech gurus as it was when it started. This surge caused significant uptake of crypto and was soon followed by a bear market.
hobbyCrypto casinos are prospering in the bear market as holders find new utilities for them. Seasoned players and newbies are all entering the fold but not many particularly understand how the casinos work and the outstanding features that benefit the iGaming industry.
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The Anonymity of Crypto Casinos
Cryptocurrencies facilitate crypto casinos to support anonymity in players having a go at their favorite games with real money. These casinos do not require players to register and hence do not undergo tedious KYC checks associated with traditional online casinos. However, it is essential to ensure that the crypto casino you utilize is licensed by a reputable gambling license or authority to avoid KYC concerns in avoiding checks.
The anonymity is facilitated by blockchain technology integrated with crypto casinos. This also ensures there is transparency in records of transactions and deposits while also enhancing players’ safety and security.
Crypto Casinos’ Unique Game Developers
Traditional online casinos (also known as real money casinos) rely on customary, tried, and tested game developers such as Netent, Yggdrasil, and Microgaming. These developers have grown popular in the industry due to their reliability and longevity. However, crypto casinos have partnered with game developers that utilize blockchain-specific software in addition to traditional software developers. It enables them to offer a variety of unique high-quality casino games that are exclusive to it and cannot be found in traditional online casinos.
Players exploring high-quality new games they have not been accustomed to, benefit from signing up for crypto casinos. The crypto game providers supply crypto casinos with modernized video slots with unique themes. This is also facilitated due to crypto casinos having more leniency on licenses compared to traditional online casinos. They can offer a variety of games, bonuses, and accepted currencies, including traditional methods such as credit cards and bank transfers.
Extra Perks With Crypto Casinos
Below we explore some additional things that are fuelling the rise and rise of crypto casinos. Whether you’re a fan of the biggest Bitcoin casinos, ones that accept Ethereum for deposits or even Litecoin casinos, there’s something for everyone.
Favourable Deposit Bonuses
One of the popular features of crypto casinos is that it offers players additional bonuses such as a higher deposit bonus. Most offer at least a 100% bonus on players’ first crypto deposit while casinos such as Fortune Panda gives a 150% crypto deposit bonus.
These crypto bonuses boost available funds for playing with and increase your chances of having a massive payout. Players use their cryptocurrency wallets to participate in crypto casinos for sending and receiving crypto.
Hybrid crypto casinos use payment processors such as MiFinity. You can deposit in crypto, exchange to fiat, play, then exchange back to crypto when you withdraw. However, true crypto casinos allow wallet-to-wallet transfers and game play with cryptocurrencies.
Instant Deposits and Next Day Withdrawals
Crypto Casinos utilize its blockchain setup to facilitate instant transfers. There is instant funds deposit that encourages players to access its casino games. Instant transfers are critical for withdrawals as players have access to their winnings and withdrawals in under 24 hours.
Traditional casinos require some days or weeks for players to access their funds. This particular feature has encouraged several sign-ups.
More Favorable Odds for Extra Winnings
Crypto casinos sometimes have better odds than traditional online casinos. Why? Because when they either have wallet-to-wallet options or are decentralized they have a negligible fee with no middlemen. Players can utilize their enticing deposit bonuses with favorable odds to win big.
Player Participation from Anywhere in the World
Another major advantage of crypto casinos’ operations is that it is inclusive of several jurisdictions and players can participate in several countries. The anonymous nature of the casinos enables even those in gambling-restricted countries to participate. Crypto holders are anonymous and anyone can utilize their crypto wallets to engage in their favorite games.
Despite concerns over crypto’s volatility and its impact on casinos, traditional online casinos have also acknowledged the influence of crypto in the industry. They partner with payment processors to convert fiat currency to crypto. This enables its players to benefit from crypto’s features in crypto-friendly casinos.
Some players are discovering cryptocurrencies and blockchain technology from exposure to crypto casinos. They may have no prior knowledge of how the cryptocurrency industry works. They come across its benefits and dive deep to learn more.
Until next time, you can enjoy our analysis of where crypto casinos are headed this year.
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