In recent years, gambling experts have constantly affirmed that crypto casinos represent the future of this multi-billion-dollar industry. Since the segment is growing more and more competitive, convincing players to stick with a single casino is harder than it used to be.
Currently, several casinos are offering generous bonuses like cashbacks, real cash prizes, a Roobet promo codes, or any other form of benefit granted for free to boost the player’s willingness to keep gambling.
Is this the age of crypto casinos? Read on for a full analysis of this trend.
Explaining Online Crypto Casinos – Why Are They So Popular Compared to Standard Sites?
Crypto casinos are online gambling platforms that allow users to deposit and withdraw funds in the form of blockchain-based assets. The list of supported cryptocurrencies varies from casino to casino.
The most commonly accepted cryptocurrencies in the segment include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Dogecoin (DOGE)
- Dash (DASH)
- Litecoin (LTC)
Bitcoin is by far the best-known and most-used digital currency in the gambling industry. However, there are a large number of other cryptocurrencies available nowadays, with a total estimated number surpassing the one-thousand mark.
While world-class online casinos tend to have a broad catalog of digital asset options for deposits and withdrawals, several platforms only accept Bitcoin (BTC). Depending on the online casino of your choice, you can even pay using skins from CS:GO, Dota 2, and other iGaming leagues.
Before registering, make sure the chosen online casino supports the cryptocurrency you want to wager with.
Despite being focused on digital assets, most crypto casinos accept standard payment methods that you usually find in classic online casinos, such as credit/debit cards, bank transfers, and e-wallets.
It is worth noting that Bitcoin-based transactions tend to be highly taxed, making Bitcoin less competitive than other similar currencies. That said, some crypto casinos will assume the costs of transaction fees and add them to the customers’ balances.
What Are the Advantages of Crypto Casinos?
The nature of cryptocurrencies perfectly fits the kind of service provided by online casinos. If compared with credit cards, bank transfers, or even tools like PayPal, blockchain-based assets are safer, and faster, and still preserve the gambler’s privacy.
As there is no bank or any other intermediate in-between gamblers and online casinos, transactions are easily validated and authorized. Instant deposits and cashouts make the whole gambling experience more efficient and pleasant, especially as users will not lose time.
Compared to regular casinos, Bitcoin casinos have more advantages besides paying through virtual currencies. One of the main advantages is the possibility of being able to gamble anonymously.
The payment methods used by standard casinos are associated with a specific person, which makes it easy for malicious actors and hackers to identify potential victims.
Crypto casinos allow users to preserve their anonymity while having loads of fun with slots, roulette, blackjack, baccarat, and other gambling hits.
All these advantages are not limited to a short list of unknown casinos. On the contrary, any gambler with internet access and a computer or mobile device can have fun betting with cryptocurrencies on sites like:
Another benefit that differentiates crypto-only casinos from their standard counterparts is the possibility to enjoy amazing bonuses.
While traditional payment methods cost more to the house, the adoption of cryptocurrencies allows online casinos to distribute hefty bonuses and host constant promotions like giveaways, promo codes, etc.
Some crypto casinos like to grant players the possibility to put in money to have the chance to win amazing bonuses, such as VIP programs with bonuses that can be as high as 1 Bitcoin (around US$19,198.00).
Crypto Casinos’ Growing Popularity vs. Market Competition
In many ways, crypto casinos are closely similar to other types of online casinos. However, the main difference dwells in the fact that crypto casinos focus on Bitcoin and other cryptocurrencies as the core method for deposits and withdrawals.
With the ever-growing competitiveness of the online casino industry, several platforms have been increasingly innovative to stand out from other players, increasing the number of bonuses available, improving prizes, and enlarging their catalogs of gambling options.