Looking for cryptocurrency casinos to bet using more than your Bitcoins? Stick with me while we talk more about this new gambling trend, of online casinos accepting ONLY cryptocurrency.
You’ve undoubtedly heard of cryptocurrency by now. It seems like it’s in the news almost every day because of big gains, big losses, or just a new type of coin being issued. You’ve most likely also heard of online casinos that operate either partially or entirely on cryptocurrencies. You probably also have quite a few misconceptions about both things.
While some gamblers have embraced cryptocurrency casinos, the majority still consider these new gaming outlets to be just a little too free and open to be trustworthy. It’s easy to see that these casinos are not using the same software and gaming systems that you see at more traditional online casinos, and most people don’t really understand what’s happening on the back end either.
It’s not too hard to understand why someone might feel a bit nervous about playing at a cryptocoin casino, or even about buying into a cryptocurrency at all. The truth is, though, that if you look past your initial fears and really give it some thought, cryptocurrency casinos offer several benefits and features that could very well allow them to overtake traditional online casinos in a not so far away future.
If you are unsure about moving to a purely crypto online casino, you can always visit online casinos accepting BTC and other traditional currencies or you can move forward and visit one of our top selected cryptocoin casinos.
Best Cryptocurrency Casinos
The Benefits Of The Blockchain
Cryptocurrency transactions are controlled through what is called a blockchain. A blockchain works, more or less, like a public ledger of transactions. This ledger, however, is decentralised and does not exist in any one place. A blockchain is controlled by a network of independent computers located all around the world. Those computers work to verify and re-verify all of the transactions, making sure that everything is correct, and most importantly, stays correct.
This is somewhat of an oversimplification, but blockchain technology works by employing a “majority rules” concept where multiple sources must agree in order for one or more transactions to be accepted and permanently added to the chain. This approach makes it impossible for someone to slip fraudulent transactions into the chain, or to tamper with past transactions. Once everything has been verified by multiple independent members of the network, the finalised transactions are added to the public blockchain.
Each type of cryptocurrency, or crypto-coin, has its own blockchain which contains all of the transactional history for that coin. It is possible, for example, to look at the Bitcoin blockchain and go all the way back to the very first transaction, which occurred more than 10 years ago.
What’s So Special About Cryptocurrency Casinos?
The Blockchain Provides Transparency
Some blockchains track strictly monetary transactions, as is the case with the most famous cryptocurrency, Bitcoin. Other blockchains, like the one behind the crypto-coin Ethereum, are designed to handle more complex tasks and can even be programmed to react to events.
For example, a game on the Ethereum network could be programmed to automatically start when you deposit a certain amount of money. When the game is over, the program could also trigger an automatic payment back to you if you win. The decisions would actually be being made by the public blockchain rather than a hidden private program.
A casino based on this type of programming would become completely transparent in its operations. Players would be able to see that winnings are paid out automatically. They could also verify the simple fact that payments are actually being made. There would be no need to wonder whether or not a given casino is trustworthy. It would even be possible to monitor win rates to be sure that games are fair.
Players Retain Anonymity
When you’re dealing with cryptocurrencies, the two parties involved only need to know what address to use for exchanging funds. There is no need to provide names, addresses, or any banking information to send cryptocurrency from one person to another. Nobody needs to know what you’re doing with your money other than you.
Provably Fair Gaming
Since they first started appearing online, cryptocurrency casinos have had to overcome a certain amount of distrust. One way they’ve done this is by devising and implementing the concept of provably fair games. These games work by combining one code generated by the player and one code generated by the casino that can be used to mathematically prove that results have been determined fairly. This eliminates any doubt about cheating operators, and it’s something that no traditional online casino offers.
Cryptocurrency Gambling Is Not Illegal
An interesting side effect of gambling with cryptocurrency is that it is not technically illegal anywhere. Since cryptocurrencies are not considered to be real currencies by most countries in the world, gambling with funds in cryptocurrency is the same as gambling with play money. A player can’t be fined or otherwise punished for real-money gambling if their funds are not considered to be real money in the first place. Another big advantage is that Cryptocurrency casinos pay fast, so they can be considered online casinos with fast payouts.
Yes – Benefits Of Cryptocurrency Gambling
In many cases, there are no extra fees at all for exchanging cryptocurrencies, but even if there are fees, they are often less expensive than what you would pay for using a credit card or bank transfers. This means that casinos can operate with lower overhead costs and players get to keep more of their winnings when they want to cash out.
No Geographical Restrictions
Transferring money over the Internet has always been somewhat messy because of differences in payment methods and banking options in different parts of the world. Cryptocurrencies eliminate these difficulties. Bitcoin, for example, is the same no matter where you are, and you can transfer it to anyone else no matter where they are.
You Can Stay Anonymous
There is no need to exchange personal information of any kind in order to transfer cryptocurrency between two parties. Money transferred also goes directly from one party to the other, there is no bank or credit card company in the middle intercepting or reviewing any such information.
No – The Disadvantages Of Cryptocurrency Gambling
The value of a given crypto-coin can fluctuate up and down by a wide range and without warning. It’s possible that your cryptocurrency could gain value on its own while you hold it. On the other side of the coin (excuse the pun), however, it could lose value just as easily.
If you’re planning to play with cryptocurrency, you will do yourself some good to check and see which crypto-coins your casino will accept and then do some research to see which of those has the best history of price stability.
You Can Lose Cryptocurrency
Cryptocurrency is like cash. It can be lost. The blockchain logs transactions, but it does not say who owns what or how much. Your cryptocurrency will be stored in an electronic wallet that belongs to you. If you lose that wallet, you lose your cryptocurrency. It’s exactly the same as if you lose a wallet full of cash in the street.
The wallet may be on a website or on your own computer, but you are solely responsible for making sure it stays safe. If you have it on a website and the site disappears, your money disappears with it. If it’s on your computer and your hard drive blows, your money blows away with it. It is absolutely critical that you understand how your crypto wallet works and how to back it up properly — and that you do actually back it up regularly.
If you lose your crypto wallet, there is nobody you can call to get it back. It’s not like losing your credit card and calling the bank to get a new one. Once it’s lost, it’s lost forever.
Cryptocurrency Has To Be Converted Back To Cash
It was stated above that you should try to hold your money in a cryptocurrency with a relatively stable value. This requirement will need to be balanced, however, by the ability to buy and sell the currency when you want or need to. Having stable value isn’t going to mean much if you can’t sell the crypto-coin when you want to convert back to cash. So, in addition to stability, be sure to take liquidity into account as well.
Crypto casinos can be especially attractive to players who have difficulty finding casinos that will accept them because they live in an area with heavy restrictions. While the inner workings of crypto casinos might seem difficult to understand at first, they have actually brought, and continue to bring positive changes to the online gaming industry. These casinos that seem to be the exception today may very well become the leaders as we move into the future of online gambling.