While cryptocurrencies have entered the public discourse over the past few years, the online gambling industry used them over a decade ago. Today, most high-end gambling sites double as bitcoin casinos, offering players the ability to wager on their favorite games of chance using digital cash. Below is a breakdown of why this payment method is sweeping the interactive gaming industry by storm and opening the future to innovations that will likely redefine this pastime.
What is the definition of Bitcoin Casino?
Bitcoin casinos are sites that offer games of chance on the results of which users can bet with digital coins. When the first of these platforms were introduced, most of them avoided traditional casino classics like blackjack, baccarat or slot machines. They mostly focused on simple gameplay options like dice, crash, and hi-lo. Much of their appeal lay in the fact that users could remain completely anonymous when betting while still being able to verify the randomness of the process of creating game outcomes.
Around 2013/2014, international regulators such as Antillephone started licensing crypto-casinos, and these sites started offering advanced slots and RNG-powered software options from well-known providers. At this point, they pretty much mirrored fiat online casinos, except their payment options differed, as did their promotional arsenal.
Crypto Casinos Facilitate Instant Gambling Entertainment
One great thing that most players love about cryptocurrency casinos is that they can complete a registration process at these sites in minutes. In general, unless they have obtained a license from the UKGC or another rigorous gambling regulator, most crypto gambling platforms do not have complicated registration procedures. Visitors can become users and deposit funds into their newly created accounts in less than a minute. Some even go so far as to auto-generate usernames and passwords, reducing the waiting time for the game to mere seconds.
However, generally speaking, the steps required to become a member of a cryptocurrency casino and play with digital coins are as follows:
- By clicking on the register button.
- Entering a password and user name.
- Confirm the site account via an email link.
- Deposit parts.
Transactions in a cryptocurrency casino take place in minutes
Without a doubt, credit/debit cards are the most widely used means of payment in the world. However, online gamblers hate this option as it leads to waiting times of three to five banking days. The wait, in some cases, can even extend to seven working days or more. Only bank transfers incur longer waiting times, while when it comes to fiat transfer methods, e-wallets are the fastest, facilitating transfers within 48 hours in most cases.
For comparison, Bitcoin transactions can take up to forty minutes to process, depending on the fees. Litecoins go through in less than five minutes, while Ethereum transfers take around five minutes. Of course, these are just averages. Transactions may take longer, depending on network congestion. Still, the processing speeds one gets at a bitcoin casino are way faster than any fiat casino can offer, and it can’t come close either.
Bitcoin Casino offers unique promotions
Standard gambling sites like to stick with deposit match offers as a mechanism to entice players to join and use their service. Still, crypto platforms usually offer an incomparably greater range of casino promotions. Not only did they pioneer promotional tools such as distributing free funds to active community chat participants, but they invented complex, multi-tiered loyalty programs where users can get cash back on their losses incurred.
You will also be hard pressed to find a crypto casino that does not run gambling contests. Additionally, more and more of these operators are now taking part in Pragmatic Play’s Drops & Wins promotion, and many have also started offering a bet option. The latter is a method of allowing the casino of your choice to lock in your funds in exchange for a percentage of the accumulated profits for that period.
Players can find thousands of games at any regular Crypto casino
Most new bitcoin casinos lately have super extensive gaming lobbies. This is because they have gaming licenses from a Curacao regulator. This allows them to partner with dozens of vendors enriching their game sections with various products.
Slots are no stranger to crypto gambling platforms, appearing on their gambling page since 2014. But, today, reel lovers can find over a few thousand online slots on these sites. , including the latest industry releases. Additionally, live dealer games also have a place on these platforms, with Evolution, BetGames TV, Ezugi, Pragmatic Play Live and others working with hundreds of crypto game operators.
It is essential to note that games with proven fairness have not gone to graze in crypto game centers and are very much alive. So games like Dice, Crash, Plink®, Limbo, Hi-Lo and Mine are still options here, providing super simple betting fun with 100% outcome creation transparency.
Anonymity and global acceptance
Unfortunately, true anonymity in cryptocurrency casinos is slowly disappearing due to tougher Know Your Customer regulations and procedures becoming the norm everywhere. These are anti-money laundering measures aimed at combating financial crime and require players to send a copy of a photo ID and proof of address to the selected operator. Even though most reputable crypto-casinos require their users to go through a KYC process before they can make their first withdrawal, this is not always the case. Some claim that as long as players stick to a site’s terms and conditions, they won’t ask anyone to endure KYC. Others, mostly sites with proven loyalty, intentionally neglect it, as they rarely have any regulation, mostly operating in good faith with their clientele.
As for regulations, since most cryptocurrency casinos have a gaming license from a loose international regulator, they can accept players from a long list of countries. They can even allow players from regions where this pastime is not yet legal. Thus, it is crucial that everyone checks the laws of their country of residence before gambling with large sums online.
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