Reading Time: 5 minutes
Cryptocurrency is a type of virtual currency that uses special cryptographic technologies to create and protect it. Cryptocurrency has not been unusual in recent years. A little more than 10 years have passed since the first digital currency appeared. In that time, this type of currency has become close to billions of people. And the number is growing relentlessly. Moreover, the leaders of many countries have taken notice of its investment potential. Nowadays, crypto can be used to buy various goods, pay restaurant bills, transfer as payment for services rendered and much more.
The logical outcome is the introduction of cryptocurrency into online casinos. Especially, no KYC online casinos have appreciated this new payment method, and, as you can learn from casino-howto, there are quite a few of them on the market. So to speak, its use as a payment instrument has become a major iGaming trend. Players are attracted by the decentralised nature of the currency, its security, independence from state authorities and absolute anonymity. All of these things combine to give the kind of comfort that each of us needs. All crypto casinos can be conventionally divided into two types. The first is a full-fledged digital casino. In such an institution, financial transactions are carried out only with digital “money”. The second option is called a hybrid option. It offers payments in both fiat and digital currencies.
Cryptocurrencies provide a high level of anonymity
As soon as cryptocurrency became widely known, many players started to choose blockchain casinos. It is 100% anonymity that attracts users from different parts of the world to place bets. Every time another transaction takes place between crypto wallets, players are assured of its confidentiality. No regulatory authority can trace the financial flows of every single taxpayer in their country. Yes, it is possible to track where virtual funds are being spent from a wallet linked to a specific individual if desired. But, firstly, this does not reveal the full identity of the individual in question. Secondly, in the absence of advanced technical knowledge in this area, it is impossible to conduct such research.
For added anonymity, bitcoin casinos often offer the fastest possible registration. If you come across a casino on the Internet that requires a user name, email and password in order to create a wallet, you are a typical casino that welcomes players to remain anonymous. Some operators are even more loyal to this procedure. There are casinos where you can create an account with just one click. But even that is not all. Some providers use innovative solutions even in the area of registration. In particular, one can come across websites that create a pre-account. In order to turn it into an account, you have to provide a system-generated username and, for example, an email.
Deposits and withdrawals are much faster
The crypto casino in terms of payments is based on the use of a unique program. Certain actions are embedded in it. They are activated when the conditions set out in the smart contract are met. These very conditions must be clearly stated. In simple terms, the obligations of the two parties to the contract are fulfilled according to the formula “If…then…”. In fact, it turns out that in the case of winning, this amount is transferred to the crypto wallet automatically. Interference from intermediaries and banks is eliminated in the process of such transfers. Due to this, the waiting time for funds is reduced from 3-7 days (as often happens when using conventional payment systems) to a few minutes. Another advantage of using cryptocurrency is low or no commissions. And don’t forget that the blockchain is designed in such a way that no operator has the ability to limit the deposit amount.
The speed of transactions, surprising as it may sound, is influenced by the name of the cryptocurrency. The slowest transfers occur when using Bitcoin. It is the most expensive, the most popular and the slowest currency. In terms of rationality, Bitcoin is not the best choice among cryptocurrency currencies. Sometimes it can take up to a day to receive funds. The second most popular bitcoin currency is Ethereum. Even during the busiest times of the blockchain, money arrives in the wallet within half an hour. During the system’s ‘down time’, you can talk about a few minutes to complete a transaction. This is a very nice thing to have. But there is one “but” – the amount of commission can vary. Sometimes they are quite large. And another one of the most popular currencies is Litecoin. This is the currency that I am willing to advise you on. It delights with very fast transfers – up to a few minutes with low commissions. It is exactly what you need for instant deposits and withdrawals.
Crypto casinos are the future. The stifling of the full transition to the digital world is largely due to the fear of the unknown for many players. It only takes one crypto transaction to understand its simplicity. In this case, instructions and schemes published in the information section of the casino’s website can help. All you have to do to make a transaction is provide your wallet address, transfer amount and authentication key. Gaming clubs that offer cryptocurrency payments have controls over any financial transactions. Whether it is betting history, amounts, winnings or any other monetary activity, it is impossible to fake this information. Accordingly, you can always be sure that the casino will not cheat you.
Much more games are available at crypto casinos
While there is a difference between blockchain and classic slots when it comes to payments and anonymity, the gaming part is no different. Bitcoin casinos offer an equally impressive selection of slots, table and card games, video poker, craps and craps. This suggests that along with all the benefits of using cryptocurrency, you get access to a wide gaming library. What’s more, some venues offer such a large selection of games that many traditional casinos can’t boast. For example, one of the largest gambling sites, 7BitCasino, has over 5,000 titles to offer. Most of them accept bets in cryptocurrencies. Thus, video slots with cryptocurrency support are offered in more than 1,000 models, table games (roulette, blackjack, baccarat, Sic bo) based on RNG, other models (bingo, scratch cards, wheel of fortune, etc.) several hundred more.
So why does the number of bitcoin games continue to grow? The answer is obvious – the potential of the digital currency is visible not only to operators but also to the providers themselves. More and more studios are adapting their developments for blockchain, which means that their selection is also growing. For example, the number of rooms where real croupiers accept bets, including in bitcoin, has grown significantly recently. Crypto-gaming is characterised not only by a large number but also by diversity. A variety of plots, the use of innovative techniques and variations of game types.