Crypto casinos are on the rise. In the process, many players are focusing on Bitcoins in addition to Ethereum when it comes to deposit and withdrawal methods. That the hype around cryptos in gambling is on the rise has its reason: the transitional regulation of the gaming industry. PayPal and other popular payment providers are pulling out of the industry. Additionally, providers are only allowed to accept limited payments since October 2020.
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What actually is a crypto casino?
Online casinos that rely on digital currencies benefit from a clear advantage: they usually offer casinos without limits. Because in most cases, casinos with Bitcoin as a payment method do not have a German license.
In general, a crypto casino is distinguished between two variants:
- Pure crypto casinos offer almost exclusively digital currencies as a means of payment.
- Casinos with cryptos, on the other hand, offer the cryptocurrency as an additional method of deposit and withdrawal.
Why do online casinos use digital currencies?
For years, online casinos have been striving to stand out from other providers. Innovations and new game ideas help them to outdo each other. Despite all these developments, it was the possibility to pay with cryptos that caused astonishment in the market.
The idea behind this type of casinos is as old as bitcoin itself. That is, such providers have been around for several years. The idea behind offering casinos with Bitcoin as a payment method is simple: it should make gambling easier and more user-friendly.
Originally, the whole thing went as follows: A player sent a certain amount of money to an address. If the ID of the transaction had a predetermined final digit, he received a prize.
In the meantime, gambling has become much more diverse and professional. For the game with cryptocurrencies hardly differs from the normal offer. There has long been no difference between them and casinos with real money. This means they offer players an extensive selection of games. Classics like “Book of Dead” or “Stardust” can also be found in modern crypto casinos. Since both variants rely on similar or the same game providers, players always enjoy the desired experience.
Are there any differences to a normal online casino?
Those who come into contact with the term Bitcoin online casino for the first time are probably wondering one thing: where are the differences from a normal gambling provider?
The answer is simple: in a crypto-only casino, the games are exclusively played for cryptocurrencies. This can be seen not only in the deposits and withdrawals, but likewise in the games. Instead of playing for euros or US dollars, the games are played for mBTC.
Attractive offers increase the popularity
The special thing about crypto casinos is that in many cases they score with the more attractive bonus offers. Often, they are significantly better than those of normal online gambling. Especially the amount of the sums attracts many visitors. The turnover and bonus conditions, on the other hand, resemble conventional currencies in many cases.
Nevertheless, many providers now offer a compromise solution. Instead of only offering cryptocurrencies, gamblers can pay with both cryptos and fiat currencies.
This step is not only taken by young casinos that want to keep all doors open for their players. Rather, the reason is that not every gambler is familiar with cryptocurrencies. After all, gambling for real money still dominates in the industry.
What are the advantages of playing for Bitcoin, Ethereum and others?
In terms of the offer, normal online casinos hardly differ from crypto casinos. This raises the question of what advantages it brings at all to play for digital currencies.
- Those who already have Bitcoins can use them to spin slot machines or participate in the digital poker table.
- Players do not have to provide a credit card or bank account.
- Crypto casinos convince with their good number of members, as creating customer and account data is usually the biggest hurdle.
- The designated budget for gambling does not mix with the rest of the monthly budget. This makes it easier to clearly separate the two expenses.
- Payments are largely anonymous, at least as long as there is no suspicion of money laundering.
- The decentralized wallets, the so-called cold wallets, offer the highest security.
- Personal payment data is protected.
- Coins or rather the funds are insured in most cases.
However, the crypto casino does not only offer advantages. As in any field, disadvantages can be found here as well.
- The biggest disadvantage is definitely the exchange fee. In this process, fiat currencies are exchanged for coins. These fees are sometimes quite high, which is why it is worthwhile for regular players to compare the wallets in advance. This keeps the costs within a manageable range.
- The player should always pay attention to possible exchange rate fluctuations.
- The new customer bonus that many providers advertise is often only valid for fiat currencies. If that is the case, there is a note in the T&Cs that excludes the welcome offer for crypto deposits.
Crypto Casinos: Gambling without rules?
Although playing with cryptocurrencies seems straightforward and anonymous, the reality is a bit different. For casinos, it is not quite as simple as it may sound at first. In order to operate gambling, they defiantly need a license. This means they must adhere to the guidelines of the licensor. There is no special permit for this.
Complete anonymity is therefore not possible. Gambling providers are obliged to cooperate in the fight against money laundering. If there are doubts as to their probity, they must be able to identify individual players. For gamblers, this means that despite the supposedly anonymous cryptos, anonymity is not preserved in case of doubt.
Players benefit from fast payouts
Since different casinos are aimed at different groups of players, the so-called Bitcoin casinos are an excellent addition. After all, a visit to a crypto casino can be quite worthwhile. Especially when it comes to the payout of winnings, the Bitcoin shows its strengths. Even if the casino is located abroad, there are no exchange fees. After all, the winnings are not paid out in euros, but in the respective cryptocurrency.
Instead of waiting for the classic bank transfer days, the coins usually offer a very fast payout. Usually, the receipt on the crypto wallet is already recorded after less than an hour. The decoupling from the payment methods used in everyday life is what ultimately convinces many players. Thus, all transactions of a casino can be processed via the wallet, while the account remains untouched.
Important for new players is that there are different alternatives to receive coins. Probably the most well-known option is trading. However, those who do not want to trade the cryptos can buy and hold them. This way, they can be used for online gambling at will, without taking any risk elsewhere. The fact that they are now available on numerous wallets makes it particularly easy to get started with the crypto casino. This makes it an excellent addition to the normal casino.