The massive adoption of bitcoin, the entire blockchain technology superstructure, and the perks that come with it have found their paths into the casino industry. And so, it is not out of place to have crypto casinos sites becoming a thing and, even more so, traditional and online casinos morphing into online crypto gambling sites.
In this article, we will discuss the trend with crypto casinos and crypto gambling sites.
The trend and the innovations seen with crypto casinos are just as impressive as what we can see with the different Decentralized Finance (DeFi) projects built on the blockchain.
The idea is simple enough. The crypto casinos bring the best of both worlds, providing access to several familiar players’ favorite games such as BlackJack, Slots, Roulette, Baccarat, Poker, and so on — where punters and players can play using their cryptocurrencies and make more money. While still giving it some advantages you might not find from regular online casinos. Top on the list is anonymity, among other perks discussed below.
Following the success of SatoshiDice, one of the earliest bitcoin betting sites, cryptocurrency adoption in casinos took some initial shape. In 2013, an analysis showed that as much as 5% of the total bitcoin transaction in June was going through the betting platform. It became evident that the massive boom of the crypto casino and gambling platform was only a matter of time.
As it hops on this trend, the traditional casino industry has rapidly expanded, gradually adapting and evolving into crypto casinos. This evolution has led to the generation of two types of crypto casinos—the complete and hybrid crypto casinos.
The full crypto casinos allow players to wager and play the available games only through supported cryptocurrencies. However, the hybrid crypto casinos can receive cryptocurrency and fiat options as wagers.
Among other reasons, the crypto casino’s rising popularity can be primarily attributed to its advantages over traditional casinos. These advantages include:
Anonymity is one very important advantage crypto-casinos have over traditional casinos. Players can remain anonymous while they enjoy their favorite casino games. Signing up for many conventional online casinos will require you to provide several personal information and transaction details linked to your financial institutions.
Crypto casinos require little to no personal information and financial details of funding before players can access the available games.
One of the greatest threats to the conventional casino is the presence of several strict bills and gambling laws. Some regulations limit the international financial activities of some countries, drastically limiting what is possible and how well a player can enjoy his favorite casino games online. However, such restrictions are usually minimal to non-existent with crypto casinos.
Lower charges and faster transaction
When funding an account to play games on regular online casinos, one faces several charges and transaction fees from your financial institution. Also, using traditional fiat currency to fund an online casino account could be cumbersome, error-prone, and sometimes may take several hours, even days, before the transaction is flagged successful.
Depending on the bank or the country you are from, these fees could be so outrageous sometimes and the delay so exhausting that it can discourage many players from playing. However, with the help of blockchain technology on crypto casinos, fees are meager, and the transaction can be done almost instantaneously, which also translates into how easy you can withdraw your wins.
The crypto casino sites are built on blockchain technology coupled with the sites’ end-to-end SSL encryption help to wade off hackers and ensure that users’ data are constantly secured. Also, most licensed crypto casinos are audited by an independent authorized third party to ensure that games are fair and players are not being cheated.
Flexibility and Bonuses
Most crypto casinos provide flexibility through a wide range of supported cryptocurrencies that can be used to make transactions on the platform. Also, most crypto casino platforms offer more diverse games and sports betting than traditional casinos. Some even allow crypto trading, incentivizing players with bonuses and several promo deals.
This trend shows that players will instead sign up on a crypto casino rather than a regular online casino. And it would not be long before online and crypto casinos mean the same thing.
The global casino market currently stands for over $70 billion, with an estimated 5 million crypto gamblers daily and more than 150 crypto casino businesses launching yearly. This metric shows that the industry is growing at a remarkable pace. And this can be attributed mainly to the advantages listed above.
None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.
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