Did you know that the global net worth of decentralized casinos rose to an all-time high in 2022? Why have these platforms become so popular and what’s their future?
Even if you aren’t a fan of online gaming, the presence of crypto casinos is a clear signal that decentralized currencies have truly take on a digital life of their own.
Let’s also remember that gaming sites that accept cryptocurrencies as a form of payment once again demonstrate that these clever tokens have made their way into mainstream culture as opposed to remaining hidden within the ether of the blockchain.
In other words, decentralized Bitcoin casinos now represent a royal flush as opposed to a roll of the dice. The experts at Crypto Lists reviews now examine exactly why this is the case.
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- 1 Decentralized Casinos Versus Traditional Platforms: The Main Differences
- 2 Decentralized vs Standard Bitcoin Casino?
- 3 What’s the Appeal of Crypto Casinos?
- 4 Games Galore and Much, Much More
- 5 Riding the Crypto Investment Wave
- 6 A Growing Trend or a Flash in the Digital Pan?
- 7 What Might the Future of Decentralized Crypto Casinos Have in Store?
Decentralized Casinos Versus Traditional Platforms: The Main Differences
It’s a good idea to begin by taking a look at the basics. What are some of the features that differentiate decentralized crypto casinos from “normal” gaming portals?
As you might have guessed, the main point here is that crypto casinos accept alternative forms of currency such as Litecoin, Bitcoin, Dogecoin, and Ethereum (to name a few). This helps to ensure that customer information will remain hidden from prying eyes and big brother alike.
However, we should mention that even decentralized casinos can be broken down into two additional categories:
- Those only accepting cryptocurrencies.
- Casinos recognizing cryptocurrencies as well as other types of payments such as credit cards and e-wallets.
While the first variant is often preferred by so-called crypto “purists”, the second is generally meant to target a much wider online audience.
Decentralized vs Standard Bitcoin Casino?
You can sign up to a decentralized casino using Metamask or another Web3 wallet, and they run on the blockchain. Sites like Housebets (review) for example advertise their sports betting offering as ‘on-chain betting’. It’s pretty leading edge and it’s really blazing a trail for the crypto iGaming space.
So if we’re analyzing the main differences, they are: less central authority, bets on the blockchain, simple sign up, more anonymity.
What’s the Appeal of Crypto Casinos?
We can now see that the only main difference between crypto casinos and standard platforms involves the types of payments supported. Still, there are plenty of other benefits that players of all skill levels can enjoy.
One major advantage involves the dreaded commissions and fees that often come attached to traditional transfers. After all, who wants to give away a portion of their winnings even before these are subject to capital gains tax?
Talk about burning the financial candle at both ends! Nearly all decentralized crypto casinos don’t charge any fees to their players. So, you won’t be forced to deduct a certain percentage of your hard-earned profit margin.
Another interesting feature is associated with transaction times. There are instances when bank transfers or credit card payments could take days to complete.
On the other hand, crypto transactions generally clear immediately; allowing you to tap into the latest offer or to participate in a high-stakes tournament without being forced to sit on your hands and wait.
Games Galore and Much, Much More
Now that we’ve dealt with some of the more technical aspects of decentralized Bitcoin casinos, let’s move on to discuss the sheer entertainment that players can enjoy. did you know that some portals offer thousands of games to choose from? Blackjack, slots, backgammon, scratch cards, bingo, and poker all represent popular categories.
A growing number also provide live dealer games as well as full mobile support through dedicated applications. In terms of the sheer flexibility alone, you can’t go wrong when registering with a trusted crypto casino.
Riding the Crypto Investment Wave
Hoping to nurture your nest egg until it grows wings and begins to fly? Look no further than decentralized casinos. Although we’ve focused upon the mechanics and the games to enjoy, cryptocurrencies are also a very real form of investment.
So, why not take a small portion of your winnings and reinvest it into an up-and-coming altcoin or leverage the long-term profit potential of a position in Bitcoin? You certainly won’t be able to do the same with a credit or debit card.
A Growing Trend or a Flash in the Digital Pan?
Now, some naysayers might claim that decentralized casinos (and even cryptocurrencies in general) represent nothing more than a viral digital trend that’ll sooner or later fade away. Could this be a reality or might we instead be witnessing the birth of a “new normal”?
First and foremost, we should remember that one of the first crypto-powered casinos was launched in 2014 (Bitcasino). The concept itself is therefore nothing new. The only issue was that playing games with cryptocurrencies did not yet appeal to a large demographic at the time. Things have certainly taken a turn for the better.
Another takeaway point is that decentralized crypto casinos provide levels of security and anonymity that now resonate with a much wider audience. This isn’t really a surprise when we remember that instances of data theft have reached all-time highs in recent times. Playing safe as opposed to sorry has therefore taken on more relevance than ever before.
What about possible governmental regulations? Might these impact the crypto gaming sector? Although the verdict is still out, let’s remember that the use of a VPN is always a possibility for those who are located in restricted regions or blocked countries. These clever back doors are certainly here to stay.
What Might the Future of Decentralized Crypto Casinos Have in Store?
How will this sector evolve in the coming years? One observation that’s already beginning to take place involves the presence of artificial intelligence (AI) within the systems themselves. These algorithms are designed to provide a more personalized experience and extremely realistic games. Some other possible advancements include (but aren’t necessarily limited to):
- Intuitive user interfaces.
- The use of augmented reality (AR).
- VR headset compatibility.
- The rise of social gaming (such as the ability to communicate with other players).
Of course, we’re also likely to witness standard casinos begin to adopt crypto payment methods and this is occurring as we speak. The pros at Crypto Lists are therefore confident that decentralized casinos will continue to gain ground.