What is Crypto Casino?
Crypto Casino or Blockchain casino is a type of casino that involves Bitcoin instead of local fiat currency as a mode of payment by the physical and online casinos, which is deposited in the online casino account on the internet then these casinos use third-party custodian like bit pay to convert bitcoin into regular currency. Crypto Casino is becoming an emerging platform for many gamblers as it offers a number of advantages over traditional gambling like instant payouts, transparency, fairness, and a lack of a third party.
How do Crypto casinos operate?
The operation of crypto casinos depends on the size of the online platforms like if a casino is big and has a large user base than the casino will run on their own gaming software developed on their own and small casinos use rented versions or customized versions which can be updated on their requirement.
The software runs these casinos with minimal human effort and intervention. The software operates the game as a croupier or a dealer to assist the human players in the game by delivering random results making it transparent for making extra money. For players who are concerned about the transparency of the game, some casinos attempt to create trust by disclosing the algorithm program of the software and others offer some unique features in casino games.
Some Crypto casinos transfer funds into the player’s online accounts in bitcoin and the rewards are also withdrawn in bitcoins while others offer local currency on their platform alongside bitcoins. The most popular casinos among the players are those that solely deal in bitcoins.
The most popular game that Crypto casinos offer is Poker while other games being offered are online slot, roulette, blackjack, etc.
How to make a start on the crypto casino?
For joining this game, a suitable gaming platform needs to be chosen so that safety and reliability can be ensured. There are many options available online that a player can choose from. For safety and reliability license presented on the reliable gaming platform and reviews on the internet about the platform should be read then register yourself by filling an online form on the casino of your choice. The game doesn’t require any starting deposit. After filling the form, the player can choose the game he/she wants to play and start making money.
A player can play a variety of games on crypto casinos like battle of planets, Bit play, eleven gold, bird’s pit, battle coin, etc.
Crypto Casinos vs Traditional Casinos:
Crypto Casinos are becoming popular among many players due to the fact that the game doesn’t require any starting deposit which means that the player doesn’t need to bet his real money to start playing but incase of traditional casinos you need to make a starting deposit.
Transparency is another reason that crypto casinos are gaining popularity on traditional casinos as traditional casinos conceal information from the players about their losses and they are also known for using obscure tricks that give these casinos the upper edge while crypto casino don’t use tricks which give the player the upper hand in winning and also the platform ensures the player that the odds are legit and clear to players.
Traditional casinos require their customer to submit private and personal information like credit and debit card details. There is always a risk of misuse of a player’s personal data while crypto casinos don’t require any detail from the players. The player just needs to deposit his/her fund to a specified address and start gambling.
There is a requirement of detailed paperwork by filling out detailed endless forms that are complicating and time-consuming while crypto casinos don’t require any such paperwork, a player can log in the game anytime he/she wants to play. So, gambling on the crypto casino is quite simple than gambling on traditional casinos.
There is a lot of costs associated with transactions and deposits in traditional casinos, taxes and duties further increase that cost which impacts the total winnings earned by the player while in crypto casinos the transaction fees are either low or zero. Crypto casinos are unregulated in many countries which makes the transaction even cheaper, withdrawal and deposit fees are also low making crypto casinos even more attractive among the players.
Crypto casinos can be accessed from all corners of the globe even from those countries where players can’t have access to reliable gambling sites. Gamblers have access to their earnings and can deposit or withdraw instantly from anywhere around the world. Gamblers can also avoid using illegal gambling sites by choosing the crypto casino, which can be expensive for the gambler.
A gambler can access as many games he wants on crypto casino while there are limited games available on traditional casinos. They also offer pay-outs as high as 99%. These advantages make the crypto casino more attractive to gamblers than traditional casinos.
Potential of Crypto Casinos:
Crypto casinos have a lot of potentials especially in countries where the demand of cryptocurrency is huge like US, Canada, Australia, EU, and Finland. These countries are encouraging the use of Bitcoins like in the US many companies accept Bitcoins as mode of payment while in Canada bitcoin is considered a commodity by Canada revenue agency. Due to the friendly attitude towards bitcoins in these countries, crypto casinos are trying to capitalize on the market over there.
Regulation of Crypto Casinos:
Crypto casino is a growing platform around the globe and its growth has received the attention of governments all around the world, so there is an effort on the part of governments all around the world to regulate this sector. In Japan there are strict gambling laws and these laws also apply to crypto gambling due to which crypto casinos are struggling to stay in the market. In UK crypto casinos must adhere to the existing gambling laws. Due to regulatory issues, crypto casinos are losing its one edge over traditional casinos that is it is unregulated which kept its cost at a low rate.
Despite the advantages of Crypto Casinos, traditional casinos won’t die. Big online casinos have money and resources for their advertisement and as a new type of casino many players don’t know have the knowledge. Reputable online casinos will always have there share in the market but crypto casino is also starting to have there share of the audience and this trend will grow as the gambling market is expected to double in few years.