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When it first appeared, blockchain raised some eyebrows. Perhaps the reason was that people knew so little about this brand new technology, which was supposed to change the world upside down. Anyway, despite all the stigma surrounding the blockchain, this concept managed to crawl its way into our everyday lives.
Blockchain technology takes credit for the development of many new industries. Simultaneously, this concept was accepted by other sectors, including online gambling. Thanks to blockchain technology, you can play crypto casino games, enjoy fast and anonymous transactions, and many more.
Thanks to blockchain, crypto-casinos are booming and come in all shapes and forms. You can find the best bitcoin casinos listed on websites like onlinecasinobuddy.com. But before you indulge in the pursuit of finding the ideal crypto venue, let’s dive deeper into blockchain technology and its effect on your favorite pastime – virtual gambling.
A New Star Was Born
As people started understanding cryptocurrencies better, they realized this way of manipulating with funds is much faster and safer than traditional options. Over time, more people have commenced opening electronic wallets and storing their precious digital coins. Cryptocurrencies have been accepted as a legitimate source of funds.
The virtual gambling industry has always been following new trends. Blockchain technology has opened an entirely new market and a vast ocean of possibilities for online casinos. As a result, a number of new virtual operators emerged, most of them based on crypto. On the other hand, the existing casinos have changed their course a bit and adapted to the latest market demands.
We’ve come to the point where bitcoin casinos are a thing. Virtually, there’s little to no difference between crypto casinos and their traditional counterparts. By visiting bitcoin operators, you’ll find the same offer as in regular ones like:
- Bonuses and promotions
- Casino Games
- Live dealer sections and more.
Types of Crypto Casinos
As we mentioned in the previous section, differences between regular casinos and those who rely on crypto are almost non-existent. That said, bitcoin casinos have inherited the same form and business model as most traditional venues. Hence, you can find several variations of such venues.
In real money casinos, you’re expected to bring in the money. Furthermore, they typically offer the same bonus structure as you can find in more traditional operators. Hence, you can enjoy a variety of welcome bonuses, loyalties, cashbacks, VIP programs, and more. Their libraries are also adapted to cryptos. Thus, you can enjoy a diverse offer of virtual crypto games.
While searching for the right bitcoin gambling establishment, you’ll also encounter a number of no deposit casinos. These venues act the same as fiat-based casinos. With cash-free casinos, you don’t have to deposit any money at first. For example, if you’re looking for no deposit bonuses in Canada, you would need to register only. You can make payment only when you spend your bonus and wish to proceed using the operator’s gambling services.
The Benefits of Blockchain Technology in Online Gambling?
Playing casino games in crypto casinos has its good sides. Bitcoin venues have inherited both positive and negative sides of blockchain technology. Though, in the lines that follow, we’ll focus on the good sides.
When using standard payment methods, banks act as intermediaries between players and end-users – casinos. That said, while you’re sending the money from your bank account to the gambling platform, all the financial institutions in between will have information about your activities. In other words, banks keep records of your transactions. What’s more, financial institutions have the right to cancel transactions at their own discretion.
We have all been there. You see a great welcome bonus, but it’s time-limited. You do everything in your power to deposit as fast as possible and realize it’s still pending. You check your account the next day and get disappointed again. Well, it happens when you’re using standard payment methods. Pending times can go between 24-48 hours.
On the other hand, thanks to blockchain technology, transactions are immediate. If you’re unlucky, it can take around an hour until your money reflects on the account.
Playing casino games in some casinos, not all, may come with additional costs. Using standard methods while gambling online can lead to minor expenses. Especially if you’re using credit cards, you’ll have to cover the transaction fee. Truth be told, operational costs are usually between 1%-3%. But, in the long term, it can represent a more serious figure. Gambling with crypto releases you from paying unnecessary fees. This is why some players prefer bitcoin casinos.
Opposing Sides of Blockchain in Online Casinos
Blockchain technology is not all rainbows and butterflies. There are some downsides. Naturally, we’re not here to advocate for either side. This is why we’re going to point out some fallacies of blockchain technology in virtual gambling.
It’s not 100% Anonymous
We understand it may seem we’re contradicting ourselves. So, bear with us for a minute. We’ll explain. Your identity is unknown when you send the money from your ledger to the gambling account. So, the casino doesn’t know who the mysterious person really is. However, if you want to play casino games according to rules, you must verify your account.
In all honesty, it would be extremely weird and fishy if the casino wouldn’t care about who you indeed are. That said, your identity is unknown until the moment you click the withdrawal button. From that point, you have to reveal your details to the casinos.
Somewhat Unclear Regulations
Cryptocurrencies aren’t entirely regulated. There’s a great battle unfolding in the background about the way digital coins will be controlled and monitored. As a result, online casinos that accept cryptocurrencies can not be licensed by the greatest gambling authorities, such as UKGC, Alderney, or MGA. Hence, most of the regulated crypto casinos hold off-shore licenses from Curacao, Kahnawake, Costa Rica, and many others. Which is why you have to take extra measures and make sure the casino of your choice is working by the book.
The Partnership Between Online Casinos and Blockchain
Industries that embraced blockchain technology haven’t regretted it. In fact, the blockchain, together with its derivatives like cryptos, has elevated many businesses to an entirely new level. Online casinos have seen many benefits from it. As a result, gambling aficionados can now enjoy anonymity (at least to some extent) and fast transactions with zero operational costs while playing their favorite casino games. It is yet to be seen what the future brings, but sure it’s going to be exciting for both players and casinos.