Financial Expert hosts plenty of crypto topic content, and we have also weighed in on the debate between whether investing is gambling, and what are the differs. (Spoiler alert: investing isn’t gambling, although it can be equally as fun).
However, thanks to the rise in the popularity of cryptocurrencies, it’s not surprising that a new industry of new (and often unregulated) casinos has appeared which cater to players with crypto, rather than fiat wallets. In this article we’ll explain the key differences you’ll encounter if you choose to play, and what advantages draw players into crypto casinos. Remember to always play responsibly, only ever depositing money you can afford to lose. Financial Expert has not performed due diligence on any of the companies linked to in this article, therefore perform your own research.
How crypto casinos differ from ordinary casinos
Casinos are public places where gambling takes place. Various games are played at multiple tables amongst the gamblers, most times with a winner taking all conditions. Popular games such as blackjack, craps, slot machines, and roulette are often played in casinos. A typical casino would be a four-wall building housing these gambling spots.
However, over the years, the casino industry, like every other business in the world we live in today, has evolved beyond brick and mortar into the internet. Today, online casinos are top-rated amongst gamblers and offer a wide range of rewarding games for people to stake in. Have you ever encountered games sites such as Jackpot City, Ignition, or Slots? Lv, etc., then you have an idea of what an online casino is. However, one major difference between a standard casino and a crypto casino is that there are no deposit bonuses in crypto casinos.
Online casinos usually offer various deposits and withdrawal methods such as debit or credit cards, online banking, and recent cryptocurrencies. There has been a rising number of casinos accepting cryptocurrency as their effective means of payment. These types of casinos are what we refer to as crypto casinos.
Cryptocurrencies such as Bitcoin and Ethereum are amongst the most used cryptocurrencies used in crypto casinos as payment mainly because of their ease and rising popularity.
Types of crypto casinos
Crypto casinos are of two types:
- Crypto exclusive casinos, also known as blockchain casinos (these accept only cryptocurrency as their means of transaction and are mostly built on the blockchain), and
- The hybrid casinos (these accept both Fiat currency and cryptocurrency as means of payment)
In modus operandi, crypto casinos are similar to online casinos. Crypto casinos build software that runs and conducts the games online. The more famous online casinos have fostered their gaming software. More modest casinos, in any case, either lease or software, which is sometimes modified with various one-of-a-kind elements to make them stick out.
The software runs the games. Thus, there is little requirement for any human inclusion. For games where all human players are required, the product even goes about as the vendor.
As the business is computerized, crypto casinos attempt to persuade clients that they maintain fair trade. Most casinos do this by being straightforward about the internal activities of their product calculations. Others depend on remarkable proposals in their games or a distributed reference.
To gamble or play games on crypto casino sites, players must have crypto wallets, and the necessary amount of crypto needed to deposit to play the game.
Since various crypto casinos accept different types of currency, players would need to cross-check the compatibility and acceptability of the money they have with that of their preferred crypto casinos.
Some casinos enlist multiple cryptocurrencies such as BTC, ETH, Tron, etc. An example of this is Earnbet.com. However, others such as 888Tron may be built on a particular blockchain and accept only currencies operating on such blockchains.
The differences and advantages of crypto casinos
The advantages of crypto casinos outweigh regular casinos, not just in terms of payment but also in their operations. The differences and benefits are;
1. Ease of transaction;
Cryptocurrencies are a form of digital money. Unlike Fiat currency, it is easier to use cryptocurrencies to transact. Cryptocurrencies are very easy to transfer and very fast. Since most of the money is stored on smart contracts, it can be straightforward to share payments automatically.
2. Security;
One of the foremost advantages of crypto casinos is the security it offers. Cryptocurrencies are highly encrypted, making them a highly secure means of transaction. Unlike regular deposits such as debit or credit cards which are susceptible to being hacked, crypto casinos offer a high level of security and cannot be hacked. Also, cryptocurrencies are built on ledgers which make it easy to account for the transactions.
Another level of security that crypto casinos enjoy is that the government controls fiat currency; hence the government can place sanctions on people’s accounts over any suspicious activity. However, cryptocurrencies are highly decentralized. Therefore, the government has little control over the money players store in their wallets.
3. Anonymity;
In conventional online casinos, players must divulge personal information such as card details to validate the transaction and for security purposes. However, crypto casinos have boycotted this procedure through the use of cryptocurrencies. Crypto casinos do not need players to divulge any of their information, hence protecting the identity of players and hiding them from malicious people who might want to use such information for illicit purposes.
4. Low Transaction Charges;
Crypto casinos charge a meager amount of money for their transaction fees. Some do not even charge at all. This makes crypto casinos more attractive to players than other online casinos. The costs associated with depositing or withdrawing fiat currency usually set by various financial institutions are typically absorbed by the low transaction rates that cryptocurrency offers.
5. Trustworthiness ;
Gamblers are not alien to the various tricks played by owners of casinos to attract players. Also, traditional casinos usually charge a high house edge to players making the possibility of players winning very low. These traditional casinos also conceal information, such as potential winnings, from their players to reduce the winning rate. However, crypto casinos have eradicated the possibility of these unscrupulous practices by operating in a very fair and transparent manner with their customers making them very trustworthy.
The algorithms that most crypto casinos operate on are very fair, giving players a higher winning chance.
6. Accessibility;
Due to currency barriers, regular casinos which accept fiat currency do not usually have a global customer base. However, these barriers are eliminated with cryptocurrency. Anybody, anywhere, can purchase cryptocurrencies, hence making crypto casinos accessible to everybody all over the world.
7. Value;
Many people prefer crypto casinos because of the increasing value of cryptocurrency. Cryptocurrencies are a perfect store of value than fiat currencies because their demand is constantly increasing; hence their value is also growing. Crypto casinos also offer a wider variety of games that give customers more value. Players thus enjoy multiple deals on the go.
Conclusion
The world is becoming more and more digital, and the casino industry is not going to be left behind. Crypto casinos are fast becoming the order of the day due to their numerous benefits and advantages. They do not just offer more value, but they are increasing the entire user experience. However as a user the responsibility is on your shoulders to perform due diligence, like you would with any investment, on the organisation you are depositing with to ensure it is not a scam.