With the swift development and use of cryptocurrencies like Bitcoin, Ether, or Litecoin, innovative platforms that use digital currencies have appeared. One of the most popular forms of these establishments is gaming platforms like crypto casinos.
These alternatives to online casinos offer special ways that users can utilize cryptocurrencies for their casino gaming needs.
In this article, we shall talk about crypto casinos and how users can play casino games on these platforms. We shall also take a look at their positives and negatives when compared to regular online casinos.
Crypto Casinos Explained
The rising popularity of cryptocurrencies has brought brand-new ways of utilizing them in various entertainment platforms called crypto casinos. These gaming platforms allow users to spend and earn cryptocurrencies while playing traditional casino games like slots, blackjack, poker, roulette, etc.
Using Bitcoin, Ethereum, Litecoin, etc. in these casinos is one of those convenient and reliable ways to avoid using fiat currencies. It comes with its advantages and disadvantages, which we will cover later in detail, but it is generally a faster and more secure way to play casino games.
People may be wondering how it is possible to use crypto for casino games. Well, it is essentially the same as any other banking option in terms of steps. Users would first create a cryptocurrency wallet which is a similar system to various e-wallets around the internet.
This is basically a way to buy, sell, and store your cryptocurrencies; there are many options. These hosted wallets are there to serve as third-party storage similar to a bank, but the wallet is not an authority figure and therefore does not impose any bank-like fees, rules, contracts, etc. This already gives an edge to crypto casinos, but there is more.
From here, players can use their crypto wallets to deposit and withdraw funds from online casinos just as they would with any other banking method like Trustly, Skrill, or Much Better, to name a few.
Now the user can play casino games using crypto and subsequently win additional crypto rewards that can be withdrawn. Let us now look at the various pros and cons of playing at a crypto casino.
As we briefly touched upon with crypto wallets, while using crypto casinos, there is no central authority figure governing the use of your crypto transactions.
This means that this currency is fully decentralized and that no entity can regulate how you buy/sell or deposit/withdraw your funds.
With this comes the added benefit of privacy and almost no fees. Since your transactions are not being tracked by a bank, each cryptocurrency transaction is fully anonymous.
Additionally, due to the same reason of there not being any authority figure, transfers in crypto casinos have no fees attached to them. There is no establishment to charge you. However, transaction fees and faster processing fees are still applicable.
Furthermore, crypto casinos and transactions using Bitcoin, Litecoin, Ethereum, and the like are fully secure. Cryptocurrency transactions require no personal info, and they are immutable. They use cutting-edge public-private key encryption technology where transactions cannot be reversed or altered in any way.
Crypto casino deposits and withdrawals are the fastest processing options out there. They even beat e-banking services by being almost instant. Therefore, they vastly outmatch traditional banking methods like bank transfers and cheques in speed.
And finally, there are always special crypto bonuses like Bitcoin bonuses to be found at crypto casinos that you cannot find on regular platforms. These crypto bonuses are special rewards that will award you with extra cryptocurrencies like Bitcoin through deposit bonuses, reloads, cashback, etc.
Now we come to some disadvantages of crypto casinos. The crucial one is largely related to your chosen digital currency, as cryptocurrencies can be highly unstable. Values fluctuate daily.
Playing at crypto casinos for real money is therefore risky because you never know when your chosen digital currency can plummet in value.
This is technically also a pro, as values can go up, but crypto volatility’s objective outlook is usually on the negative side.
Furthermore, there is also the question of availability. Since cryptocurrencies are new technologies still in development, the number of crypto casinos is low. This leads to players not having a lot of choices in the market in terms of which platform to choose.
There is also the question of scalability. With such high demand, the crypto network being a new technology means that it was not originally built to process the current number of transactions.
Having considered all the pros and cons of crypto casinos, the outcome is generally on the positive side. Though this new digital transaction technology still has its kinks to iron out, like volatility, the benefits generally outweigh the disadvantages.
Crypto offers a safer and faster way to engage in online casino gaming, so it might be worthwhile to try crypto casinos. It also helps that crypto is widely popular and accepted in almost all parts of the world like Asia, the US, Canada, and Europe.