A couple of decades ago, casino players usually needed a physical location to wager with real money. Then some bright minds came up with the idea of online casinos. Virtual betting switched things up and took the gambling business to astronomical heights.
The same bright minds continued tinkering with the latest technology trends like the blockchain. Now they have built a completely new niche – Bitcoin, Ethereum, Dogecoin, Litecoin casinos, etc. Those are collectively known as crypto casinos, a game-changing innovation that has become the talking point in the mainstream media.
In a bit, we will take you through how crypto casinos work, why they are such a big deal these days, and whether they are worth the hype.
What Are Crypto Casinos?
Cryptocurrency casinos refer to online casinos that accept crypto tokens. They offer bespoke games and services for gamblers looking to transact in cryptocurrency instead of fiat currency.
The thing with crypto casinos is that they also provide traditional casino fairs like roulette. It also enables you to explore other great stuff like sports-based betting, online lotteries, or spread betting.
This shows that crypto casinos are not much different from other types of casinos. Well, except that they offer an in-house cryptocurrency wallet that you could use to store your cryptocurrency. You place a bet from your wallet, and just like with other gambling models, you lose or win based on how the game goes.
If things don’t go your way, you lose your bets. But if you win, your gains are sent to your in-house wallet. You can then transfer your winnings to your private wallet. Usually, this private wallet is independently owned and regulated by you.
Some crypto casinos have a strict withdrawal limit that prevents you from cashing out.
That said, you may want to know why the crypto casino is such a buzz despite its shortcomings. Please keep reading to find out!
Why Are Crypto Casinos So Popular?
Here’s where we take a look at some of the reasons why crypto casinos are such a big deal for some players.
They Are Private and Secure
Crypto casinos feature anonymous, secure, and private transactions that enable gamblers to bypass third parties like central banks and other intermediaries.
With no strict requirements, playing at a crypto casino is as simple as transferring cryptocurrency to the casino’s designated wallet and playing ‘real-money” casino games. The only trace of your activity would be your cryptocurrency address.
There is no need to divulge sensitive information like age, ID documents, utility bills, or banking information. This protects users from the identity theft that often plagues other gambling models.
Once you have a functional VPN, a burner email, and your passwords are safe, you can explore crypto casinos with maximum privacy and no fear of data theft.
This spares them from the hassles and delays that come with using traditional monetary systems for deposits. All these are possible with the help of the blockchain network.
You have more control since you are in charge of your deposits and withdrawals, and you do not need to pay any surcharges while playing.
Once you meet their wagering requirements, there are loads of generous bonuses to be won when playing on crypto casinos.
Depending on the site, you might get bonuses like redeposit bonuses, multi-deposits bonuses, matching deposit bonuses, free spins, etc.
There Are No Geolocation-based Restrictions
Geolocation-based restrictions are a big deal when it comes to online gambling. It is one of the major flaws in the online casino model.
Thankfully, players on crypto casinos do not have to burden themselves with this issue. Why?
The crypto-funded casinos are designed to bypass all the regulatory constraints imposed by the authorities. So you get to play your favorite online games whether you are on the Himalayas or the Channel river, as long as you have an internet connection and some cryptocurrency to wager.
Final Thoughts: Are Crypto Casinos Worth the Hype?
Before we pass a verdict, let’s bring to your notice that It is not all gravy with crypto casinos. We say this because some cryptocurrency casinos do not offer welcome bonuses for players who deposit in cryptos. Others attach a bunch of strict rules and limitations that serve to reduce your chances of winning.
There are also reduced odds, forfeited winnings, and altcoin’s price volatility that affects the crypto casinos.
So, are crypto casinos still worth the hype?
In our opinion, they are. The benefits sure trump the downsides. They allow players to engage in online gambling from anywhere around the world securely and enjoy great bonuses.
And the best part is that you are not even wagering with “real” money. It looks like a win-win situation from our side of things.
Dare we say crypto casinos are heaven-sent because they effectively plug all the holes in the older gambling models.