Are Crypto Casinos the Future of Gambling?
The online gambling industry has been growing exponentially for the last decade or so. Gambling companies are coming up with new ways to make sure that the online gambling experience provided is exceptional and competitive.
Be it the latest promotions, low terms and conditions or even blockchain technology, there are many ways to attract and capture the attention of players.
A crypto casino is one of the latest novelties attracting players who like to make deposits and withdrawals via Bitcoin, Litecoin, Ripple, Dogecoin, and Ethereum amongst many others. Crypto gambling is on the rise for many reasons, but are they here to stay?
What are cryptocurrencies?
Cryptocurrencies are a new form of digital currency which you can use to carry out transactions online. You can use it to gamble online or purchase services. Unlike traditional currencies, there are no physical coins or banknotes. Cryptocurrencies are strictly available as digital coins.
That said, cryptocurrencies run on blockchain technology making all transactions extra safe. They are stored and recorded in a ledger that cannot be manipulated. Since cryptocurrencies are decentralised, they are not regulated by any government entity.
One of the first cryptocurrencies to emerge was Bitcoin which was launched in 2009. Since then, many more digital currencies have been created and have followed suit. To date, Bitcoin is the most popular cryptocurrency and is widely accepted at most crypto casino sites.
Are crypto casino sites the future of gambling?
Crypto casinos offer a higher convenience factor than that many traditional online casinos. At the forefront, Bitcoin is the leading digital currency used at most casinos.
Let’s focus on the convenience factor. In the past, players who wanted to gamble had to settle for land-based casinos, which led to challenges, such as payment limitations and geographical restrictions. Online gambling has removed these challenges. Players can now play on the go without having to drive into town to gamble.
With the emergence of online gambling came a log of new regulations. Casinos must run KYC procedures in order to check the identity of players. Although this was initially welcomed by players, some casinos have found novel ways to make it difficult to verify the identity of players. This often-experienced common problem makes it difficult for players to cash out their winnings. Many end up gambling their winnings away as they think the casino will not pay out.
When it comes to crypto casino sites, they eliminate this step, since cryptocurrencies are not regulated by governments and as such, are not obliged to carry out such checks.
Similarly, there are very cheap costs associated with cryptocurrencies, making it easy for players to get started and make deposits and withdrawals.
As time goes on, crypto casino sites will keep on increasing in numbers due to the following benefits:
- Online casinos don’t have that many operational expenses, so they can offer players better payout percentages.
- All transactions are secure. Players don’t have to wait for days on end to receive their winnings.
- There is a heightened level of safety and security. Your data-sensitive information, such as your personal and financial details is protected on the blockchain.
- Government and authorities are unable to close down crypto casinos since the industry is decentralised.
- Some games are provably fair, allowing players to double-check the results of the games and ensure they are not rigged.
Crypto casino bonuses are also very different to traditional gaming bonuses. Crypto casinos offer better bonus rates and provide regular reload bonuses and free spins deals. Very often, they also come with very low wagering requirements, compared to the usual 35x and higher.
They also offer some of the most thrilling collections of gaming options, bringing to the front, thousands of gaming options by some of the world’s leading software game developers. In addition to slot games, players can access different variations of games such as Blackjack, Roulette, Baccarat and live casino games. As mentioned, you can also enjoy exclusive games such as Provably Fair games which are only available at crypto casino sites.
Crypto casino sites are also gaining recognition for very fast payments and smooth transactions. Players can make quick deposits, which is a bigger improvement from the slow processing times of fiat payments. Players can also hide their online gambling activity from their bank transactions. Often, banks and governments want to keep tabs on people’s gambling activities. This can hinder players from getting potential bank loans. With crypto casinos, all of this activity is hidden away and no one would need to know.
Cashing out your winnings is also available within 24 hours unless there are some potential technical errors. Some casinos that have been verified often will process crypto withdrawals in under 6 hours, which is highly unlikely to happen with fiat transactions.
While the future of gambling definitely has crypto casinos in it, there are some aspects that could throw things in the air. At the time of writing crypto gaming is currently decentralised, but there has been talk of governments applying regulations on cryptocurrencies in the future.
This can prove to be a difficult task for any governmental entity, since money is spread across many different entities, and not one. This makes it very difficult for the government to control.
Even so, additional regulation is to be expected. Governments are taking increasing notice of the crypto gaming scene which appears to be growing exponentially. We can expect more countries to pass laws that regulate crypto gaming.
Regulated gambling markets are currently accepted by the general public since they feel they offer an extra layer of protection and a safety net. With regulated markets, come better goods and services as well as innovation.
While the future of crypto gambling sure looks like it is set to grow, time will only tell what the future holds for crypto gaming and blockchain. At the present time, an increasing number of players are taking the plunge in purchasing cryptocurrencies and joining crypto casino sites to sample all they have to offer.
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