Cryptocurrencies are revolutionising the online gambling industry at a pace nobody could have predicted. Even just a few years ago, a comparatively few online businesses in general were taking Bitcoin seriously. It was interpreted as something of a passing fad, sooner or later would simply disappear.
As we now know, the exact opposite turned out to be the case.
Although there are quite a few recognisable names in the modern crypto industry, Bitcoin remains the most popular by far. To such an extent that more online casinos than ever before are now accepting Bitcoin, effectively creating an entirely new sub-market for crypto casinos.
What are Crypto Casinos?
Unlike traditional online casinos, crypto casinos only transact in cryptocurrencies. These casinos are often unregulated and in many instances buying the highest RTPs with the cheapest fees. Since peer-to-peer transactions do not require a third-party gateway like currencies, transfers are instant and free. These benefits are passed on directly to the players, and the deals on offer can be too good to refuse.
Bitcoin casinos function similarly to other online casinos, although the sign-up process is generally much simpler. Once registered, players do not need to provide ID verification for every transaction, saving time, energy, and effort in the process. Crypto casinos offer largely identical gaming catalogue to those of traditional casinos, including card games, roulette, video poker, sports betting, and more.
The Perks of Crypto Payments in iGaming
The anonymous nature of cryptographic transfers is a bonus for a lot of iGamers, who in many instances prefer to keep their online activities discreet.
Some of the additional perks that accompany Bitcoin casino gaming are as follows:
1. Transparent Transactions
Online casinos are often accused of withholding information from players. Although this isn’t usually the case, in certain instances these accusations turn out to be true. With cryptocurrencies, however, there is no room for misappropriation whatsoever, as open-source transactions cannot be complete without a secure key. These transactions are encrypted at the highest level and are difficult to trace back to the source. Bitcoin casinos offer transparent transactions at all times and ensure provably fair games. Thus, helping create a trustworthy relationship between the operators and the gamblers.
2. Safe and Secure Transactions
According to law, traditional casinos are required to collect and store players’ private information during registration. The data collected includes name, address, and contact details to bank info, credit and debit card information, and more. If the data isn’t protected under multiple layers of encryption, personally identifiable information could leak out. Crypto transactions do not require private data to be shared in such a way – the secured key is all that’s needed to complete transactions.
3. Greater Variety of Games
Bitcoin casinos offer players a whole bunch of innovative games, on par with what traditional casinos have on offer. Some BTC games paying as high as 99% RTP, which is way higher than you’d get from any conventional casino game. Modern crypto casinos also offer live casino games like baccarat and roulette, and the popularity of live casinos is on the rise.
4. Lucrative Bonus and High Payouts
While traditional casinos offer various bonuses and promotions, BTC casinos take things to a whole new level. For instance, traditional gambling operators can offer up to a few hundred dollars’ worth of bonuses, but BTC casinos often hand out several times this amount. At the time of writing, 1 BTC is the equivalent of $13,860. Even a fraction of a Bitcoin is worth a lot when offered for free! Reputed BTC casinos will offer gamers the chance to wager their winnings in-game, while players can also choose to invest from their pockets if required.
5. Greater Value than Traditional Online Casinos
Like every other currency, Bitcoin follows the rules of demand and supply. Since demand for BTC is at an all-time high, the currency is hovering around its highest ever price. However, economists feel cryptocurrency is a bubble waiting to explode, since it’s valued simply on trust and is not backed by an asset. And although the statement is factual, as evident from the volatile nature of the currency, most people treat BTC as an asset and not a fiat currency. Hence, it still offers greater value than conventional currencies. Though with the obvious added risk of its value plummeting at any time just as quickly.
6. Cheaper Transactions
Last up, conventional online casinos are often required to pay hefty fees to regulators and third-party providers for every transaction. Furthermore, online casino operators are taxed on their income – expenses almost always passed on the customer. To top it off, traditional casinos generally take between 24 and 48 hours to complete transactions. Cryptographic transactions are swiftly gaining popularity, due to their potential to minimise or reverse some of these issues. These transactions do not require third-party verification or gateways and are hence cheaper to run.
The Future of Crypto Casinos
As technology continues to evolve, the iGaming industry will benefit from the developments. A prime example is the live casino experience introduced earlier this year. Most new casino sites are adopting this technology already, where video links are being set up to replicate physical casinos while maintaining social distance. Crypto casinos have also caught up to the trend with most major players offering live casino gaming.
The most common gripe with crypto transactions is anonymity. And one of the biggest perks of BTC transactions is what ultimately leads to it being outlawed in some countries. The anonymous nature of cryptocurrencies is often used for money laundering, which most governments don’t approve of for obvious reasons.
Online gambling is one of the most popular laundering techniques and hence attracts strict monitoring and scrutiny. With BTC casinos, that is out of the picture.
Cryptocurrencies are a hotly debated topic globally and BTC casinos have also made it to the list. While gambling can be a thrilling experience, signing up on crypto casinos has its fair share of risks and is at the player’s discretion. For a complete list of reputed BTC casinos near your area, visit Casino Bee!
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