Accessing online casino sites has never been easier. In this competitive market, we have seen a rise in crypto casinos in the last five years. Whether you want to pay with Bitcoin, Ethereum, or any other digital currency on the market, you will always find a way to enjoy your casino games a bit differently.
What exactly is the appeal of crypto payment as opposed to regular currency? Some say it makes for faster, anonymous transactions, and some say it’s blockchain technology that allows for a fairer and more immersive experience. From the exciting volatility of crypto to the provably fair system, let’s have a deeper understanding as to how crypto is now a leading force in iGaming.
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The Rise Of Crypto Casinos
The first Bitcoin transactions date back to 2009, and at the time, only a handful of tech pioneers saw the immense potential of this new way of exchanging money on the Internet. Approximately ten years ago, crypto casinos flourished on the Web and allowed millions of users to pay with their Cryptocurrencies to play casino games.
Cryptocurrency casinos for beginners and pros are exactly what their name suggests, meaning a website that permits you to pay with crypto. They operate differently as the user doesn’t need to prove his ID to comply with local regulations. The untraceable and anonymous nature of Cryptocurrencies explains a lot. Even if the concept of anonymous crypto is not true anymore, players appreciate the benefits of fast deposits and withdrawals without the help of a third party.
Regular online casinos require a license to operate, while crypto casinos find themselves in a grey area. While some crypto casinos don’t possess a license, it doesn’t mean that they operate illegally. The use of crypto only ensures that the player is able to deposit without the permission of a third party such as banks, electronic payment systems or his debit card provider.
As of 2023, the crypto market has become so widespread that it is also common to find regular online casinos that offer Cryptocurrencies as payment methods. The most usual currencies are Bitcoin, Ethereum and Litecoin, but Dogecoin is also used for transactions.
New Forms of Rewards and Promotions
One of the main benefits of crypto casinos is that they are able to offer new kinds of bonuses in the form of free crypto and rewards while playing slot games. It gives the player a new form of incentive as the value of Cryptocurrencies changes constantly. In a bullish market, crypto investors see their portfolios grow significantly. It is also true for the opposite.
In many ways, the inherent volatility of digital currencies makes for exciting games, as you never know how the money is going to be valued from one day to another. In other words, you can either win or lose, but the main thing is to have fun. As early as 2015, Bitcoin casinos offered Bitcoin if you won a particular slot. You can also enjoy bonuses in the form of extra cash at most crypto casinos.
Provably Fair System
The Provably Fair system is one of the most brilliant examples of how the use of blockchain can help a player. It consists of the verification of each spin of a slot using a complex algorithm. The player can verify if the game’s randomness is fair by comparing the hash (signature of the blockchain) with the results of the spin.
Many crypto casinos have implemented the use of the Provably Fair system to demonstrate that they are not rigged and that players can trust their chances to win.
NFT Casinos: A New Way to Collect Rewards
Non-fungible tokens are digital assets that were born with the rise of crypto. They allow users to own a digital asset by paying with cryptocurrencies. In that context, it is only natural that some casinos offer NFTs as rewards. Most of the time, NFTs can be converted to cash after the player earns them. It is a totally new and rewarding way to play casinos, although it is similar to no-account casinos that can be played by using special coins.
NFT has known a sudden craze in the midst of 2022, and although the market has been stagnating in recent months, there are still countless casinos that practice a form of NFT trading.
Cryptocurrencies And Betting Games: The Sorare Example
Sorare is a platform that could be considered an iGaming success, as it was developed on a very simple idea that encountered major success in the last two years. Using the traditional hobby of card collecting in a virtual setting, SOrare allows you to collect and trade virtual football cards. Each card represents a famous football player, and the card goes up in value as long as the player performs well in real life. It is essential to own ETH to buy these types of cards, and this is why the concept is intertwined with cryptocurrency. Some cards are worth more than 600,000 £ and the game is based on football knowledge and luck, just like sports betting.