How Do Crypto Casinos Work?
For years, the gambling world was dominated by the old-school way of staking cash to win. However, in recent times there has been a rise in crypto casinos that is now providing another way to win.
This article will explain the differences between traditional casinos and crypto casinos.
What is a crypto casino?
In the simplest terms, a crypto casino is an online casino or betting agency that accepts the use of Bitcoin (and/or other cryptocurrencies) to stake games and also rewards in crypto. An example of an online crypto casino is Bitcoin.com Games. This has some pros and cons over traditional casinos, which we’ll consider below.
Whereas a traditional casino is a building that holds the real-life in-person game setting, where you use the fiat currency to play, stake, and win. Most traditional casinos are located in very luxurious places offering drinks and entertainment.
How do crypto casinos work?
The functioning of a crypto casino is very familiar to that of a traditional online casino. But unlike a traditional casino, it makes use of software that will conduct and run the game online. Many crypto casinos prefer to use their own built in-house gaming software to run the games, while smaller companies can decide to either rent or purchase versions of gaming software.
The fact that crypto technology is entirely digital means that casinos have to establish trust with their participants. They usually do this by being fully transparent about how their algorithms work including the security methods, randomness methods and blockchain used.
Why is crypto gambling so popular?
Ever since the rise of Bitcoin, Internet casinos are beginning to favour the use of cryptocurrency. Because of its ability to overcome the incredible hardships of transactions and transaction speeds imposed by fiat currency such as USD/AUD. Other online casinos might have introduced cryptocurrency because they wanted to escape the regulatory reviews accompanied by fiat currency.
While in the traditional casinos, where it usually took 4-7 business days to wire transfers, today, it will only take minutes when dealing with cryptocurrencies like Bitcoin or Ethereum. Using a currency like Bitcoin will allow you to use decentralized finance of cryptocurrency for gambling, giving you the chance to stake your value, play the odds, and cash out your earnings in less than an hour.
How the crypto casino is changing the gambling industry
The fundamental advantage of the crypto casino operation is that it has attracted a considerable number of new players who actively own and trade cryptocurrencies and they favour the following:
Anonymity is a feature of cryptocurrencies that may be attractive to some punters when it comes to online gambling. The users can freely make transactions without the bank tracking them. Even personal data is not required to play games and make bets. In some rare cases, there are instances where registering to play is not even required, increasing the player’s anonymity further.
Transaction fees are low
In crypto casinos, the financial institution isn’t involved, so the transaction fees are generally low, depending on the blockchain used. It has allowed many players who win not to pay any high commission to make deposits or withdrawals.
As we know, Bitcoin is available all over the world, and where there is a Cryptocurrency, there is a crypto casino available. It allows players from different countries and backgrounds to play at any given time. Of course, this also opens up the possibility of being hacked by people worldwide and has made a lot of people wonder if it is as safe as the traditional casino. However, with the appearance of crypto casinos, the Blockchain has become commonplace among these companies as it is a highly secure method that also grants you your privacy.
Crypto casinos vs traditional casinos, the main differences
There are stark advantages and disadvantages of playing on a crypto casino vs traditional casinos. Let’s take a look at some of them.
You decide when to play, no need to wait
You can play on a crypto casino anytime you want. All you need to do is turn on your laptop. If you want, try the blackjack tables, or spin your way to victory you can do so at any time of the day or night. Whereas at a traditional casino they usually have opening and closing hours which restrict your playing times.
Faster games in crypto casino
Traditional casino games such as Blackjack, Baccarat, Poker etc are known for their slow action. Even the best of the dealers can only deal cards and shuffle them at a particular pace. And when a new player sits down at the table it can chew up time allocating their chips.
The crypto casino offers a different experience in this respect; the digital dealers will deal cards and shuffle them instantly; therefore, you can enjoy more time playing your games than you would in a traditional casino.
You dress as you want
Most traditional casinos will have a strict dress code. Crypto casinos can be played in the conform of your home – so you can wear (or not wear) anything you want to. Birthday suit anyone?
Lots of game variety online
Crypto casinos will offer you a lot more game variety than a traditional casino as new games are easily added into unlimited gaming space. Traditional casinos are limited to only so much floor space in the building.
Traditional casinos usually have large overheads with building rent, paying dealers and staff and utilities such as electricity. Online crypto casinos do not have most of these large overheads so they can offer more rewards to the players in return.
In this recent times, the rise of cryptocurrency and the digital age has made the crypto casino a fast-growing industry. Companies like Bitcoin.com Games, an online casino that allows you to play over 100 games with Bitcoin from anywhere in the world. Popular games include Pokies and Roulette.