Cryptocurrency Casinos Are Morphing the Online Gambling Sphere

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Blockchain
Cryptocurrency Casinos Are Morphing the Online Gambling Sphere

In the past three years or so, cryptocurrencies have entered the mainstream, causing virtually every billionaire on the planet to weigh in and provide their assessment if they are a twenty-first-century scam or the future. While the number of industries that choose to accept digital coins grows by the day, one sector early to the race that rarely gets its due in this department is interactive gaming.

Online casinos accepting cryptos have been around since 2011, with the first licensed such platforms appearing online somewhere in later-2013 or early-2014. Today, hundreds of these sites exist, and more pop up each month. What follows is a detailed examination of how this payment method led to the rise of Bitcoin casinos and why these sites are paving the way for the online gambling market, acting as one of its chief drivers.

What Is the Definition of a Bitcoin Casino?

It is a gambling site that permits users to make deposits and withdrawals via the world’s first and most established digital currency, Bitcoin. However, over the years, as more cryptos started to float around the World Wide Web, this term got applied to pretty much any internet gaming platform accepting cryptos.

Sans allowing these novel payment methods, Bitcoin gambling sites, or the best crypto casinos, differ from fiat ones by housing provably fair gaming picks and offering unique bonuses such as chat rain, crypto faucets, and random prize chests.

Crypto Casino Account Creation Is Often Instantaneous

Some cryptocurrency casinos go so far as to make coin-based gambling enthusiasts members of their platforms only seconds after they click the sign-up button. They do so by auto-generating credentials such as a user name and password for them. Naturally, players can later change these to their liking, but these casinos’ goal is to make everyone be able to hop along the gaming train as quickly as possible.

While other crypto gambling sites are not as swift in this process, they also feature less complicated registration procedures than those found at standard gaming hubs. Hence, the usual crypto gambling sign-up process contains these steps:

  • Gamblers pick a cryptocurrency casino that suits their needs.
  • Navigating to its home page and clicking the sign-up/register button, usually located in the top navigation bar.
  • Complete a simple one or two-page form that requires that they input their user name, password, email address, and maybe some personal information.
  • Verify their account via a link sent to their email inbox.
  • Deposit coins by sending some to their operator’s wallet address.  

Cryptocurrency Casinos Offer Speedy Transactions

Most online gamblers have gotten used to waiting at least two days before their requested withdrawal gets approved, processed, and completed. Depending on their chosen method, this wait time can stretch from 48-hours to five banking days. The quickest fiat payment option is virtually always one of the more popular e-wallets that target online gamblers, predominantly Neteller, Skrill, ecoPayz, or Trustly. Transfer requests made through credit/debits cards like Visa and MasterCard are super reliable but very slow, taking up to three to five days to go through, with only wire transfers requiring more patience.

For comparison, Bitcoin transactions take up to forty minutes to complete, which is slow by crypto standards. Evoking an Ethereum/Ether withdrawal at a crypto casino will incur a waiting period of only five minutes. The identical timeframe applies to coin removal requests made in USDT and USDC. Ripple withdrawals are usually the quickest concerning popular coins, getting done in less than a minute.

What is vital to state is that all cryptos trading at established exchanges implement high-end cryptographic encryption that guarantees that all their blockchain transfers are safe.

Gamblers Can Find Novel Bonuses at Bitcoin Casinos

Players can find the usual deposit matches on registration and for specific-day deposits at a Bitcoin casino. However, classic industry promos aside, these platforms stand out by providing perks relating to gamblers actively participating in growing a significant community on these gambling sites and helping expand their brands on the Web. They do this by frequently running social media giveaways and rewarding users active in their site’s public chat or in their discord groups. When a platform automatically rewards random active chat participants every few hours, that is a promo titled rain unavailable at fiat casinos.

Another promotional category essential to the success of most cryptocurrency casinos is their VIP/loyalty programs. These multi-tiered systems offer perks such as rising cashback deals, level-up bonuses, tailored promotions, prize chests, dedicated casino hosts, and more.

Crypto Casinos Carry Exciting Game Catalogs

Since today most crypto gambling sites get regulated by a Curacao master license holder, mainly Antillephone, these platforms are free to partner with dozens of gaming platforms. Strict regulators like the UKGC have stringent technical criteria that every provider wishing to offer his products in the UK market must fulfill to work with UK-based interactive gaming operators. That discourages many companies from entering this market. Yet, given that Curacao’s four regulators do not have such standards, most industry game entities are free to team up with Curacao-based operators.

Hence, the game catalogs of crypto sites operating from this Caribbean nation are enormous, often consisting of a few thousand titles in various genres. These include slots, live dealer games, lottery-style products, RNG-powered table options, and provably fair picks.

The latter encompasses legendary games like crypto dice and crash. These are simple gambling choices with rudimentary graphics that let gamblers manually check the fairness of their outcome generation process and reset the seed value their random number generators use.

International Acceptance & Gaming Anonymity

Only six US states allow online casino gaming businesses to run within their borders and offer gaming services over the internet to their residents. Nonetheless, all US citizens are free to gamble at offshore crypto casinos. Not every such site will accept players from every country, as many do respect local laws, but finding a few that allow residents of a specific country on the planet to register is not an arduous task. Also, exclusively provably fair Bitcoin casinos exist that take-in players from all corners, boasting zero geo-restrictions. These sites also have no KYC and allow online gamblers to remain 100% anonymous when testing their luck online.

The majority of crypto gaming platforms on the internet follow Know Your Client protocols. Though, their identity verification procedures are not as rigorous as those at fiat platforms with a gaming license from a strict regulator like the UKGC or the SGA.

Ogwu Osaemezu Emmanuel

Ogwu Osaemezu Emmanuel is a graduate of Mass Communication and Media Studies. He joined the blockchain movement in 2016 when a friend of his introduced him to an investment platform accepting bitcoin. He has never looked back since then. Emmanuel believes the world needs real change and freedom from poverty. He sees crypto and the underlying distributed ledger technology as the catalyst to a better future for all.