Entertaiment

Bitcoin Casinos – The New Interactive Gaming Reality

For years, it has been apparent that online gambling is a booming industry that is going to explode soon. Now, according to a report from market research firm Fortune Business Insights, this sector is growing at a rate of 11.4%, with Bitcoin casinos dramatically contributing to this sphere swelling at this rapid pace.  

While many think that cryptos and gambling are a novel combination, that is not so. Virtual currencies and interactive gaming have worked in tandem for over a decade. The first crypto casino sites showed up on the Web in late 2011, and by 2014, licensed ones existed. So, people using digital coins to bet on games of chance is not something new for hardcore online gamblers. That said, it goes without saying that these platforms grew substantially, popularity-wise, in the past two years. Below is an explanation of why that happened, with the laid-out subheadings also serving as a short guide to the benefits these sites provide.

What Defines a Bitcoin Casino?

In short, a Bitcoin casino is a gambling site that accepts the world’s initial digital currency as a deposit method and pays out wins via this transaction option. However, it must get noted that this term serves as an all-encompassing phrase for all platforms that allow any cryptocurrency. That is so due to the public being most familiar with it. For example, a substantially lower percentage of people know about Ripple or Cardano.

Aside from the acceptance of virtual coins, the bonuses, games, and transfer speeds are other aspects that set apart these casinos from traditional ones, fiat-accepting sites.

How Fast Is Registration on These Sites?

Super-fast. Most cryptocurrency casinos listed on cryptocasinos.net allow sign-up through social media accounts. That makes it possible for users to create a profile using their Facebook, Twitter, or Discord credentials. Naturally, this is not possible at all hubs, but on those that have it, registration lasts less than half a minute, not counting the time required for parties to confirm their account by clicking a link sent to their email inbox.

WATCH FULL VIDEO HERE

At platforms that do not allow social media logins, the process often only entails:

  1. Supplying a username, password, and email.
  2. Accepting the casino’s terms and conditions.
  3. Verifying the account.

In any case, at both types of sites, registration should only last two minutes at most if a gambler is familiar with standard internet sign-up forms and procedures.

What Is the Transaction Speed for Depositing/Withdrawing?

Yes, transaction speeds at crypto casinos are sometimes lightning fast. Yet, they also range dramatically from crypto to crypto. Cosmos, known under the code ATOM, is a coin rarely found at gambling sites and has an average finality time of two to three seconds per transaction, handling over ten thousand every second. The already mentioned Cardano (ADA) has a reputation as one of the most secure blockchains, and its transaction average is five to ten minutes, which is also Bitcoin’s norm. Hence, gamblers getting united with their prizes in digital coin form depends on the virtual money they decide to take out from their chosen site. Regardless of their choice, if they select a trusted wallet, security should never be an issue.

For comparison-sake, e-wallet transfers at fiat gambling hubs take around twenty-four to forty-eight hours to complete, while credit/debit card ones can incur wait periods of five days. And sometimes seven or more.

Is There Bonus Diversity at Crypto Casinos?

Absolutely. Experienced internet fans of games of chance know that most fiat casinos like to primarily stick to providing deposit matches and free spins. On the other hand, cryptocurrency casinos take a different approach to promos. They seek to reward users active within the community they are attempting to build while also trying to keep them engaged on their platforms, filling them with a desire to return for more. They accomplish this by delivering perk-rich loyalty schemes, and listing novel promos like mystery boxes, chat rain, and more.

It should get said that Bitcoin casinos are not immune to giving out vast amounts of bonus coins for new signees through deposit matches. Also, most hybrid casinos, ones that have fiat and crypto payment choices in their cashier tabs, offering fiat and crypto bonuses, are almost always more generous when it comes to crypto gambling.

How Vast are the Game Catalogs at Cryptocurrency Casino Sites?

Extremely. Nowadays, it is par the course for a crypto casino to have a game lobby that features five to six thousand products. Of course, that is not always the case, but this is a common sight at Curacao-regulated sites, like those licensed by one of the country’s master license holders, Antillephone N.V., the original crypto regulator.

The game selection at these platforms consists mainly of slots, followed by live dealer games, RNG-fueled software tables, lottery-style ones, virtual video poker machines, and provably fair options. The latter are crypto mainstays like dice, Crash, Plinko, hi-lo, and the mines game. These let players authenticate the randomness of their round results with the help of an on-site or third-party hash validator.

It should get mentioned that most crypto casinos with a credible license have their RNG-powered games regularly audited by independent agencies such as TST and iTech Labs for fairness.

Is Gambling Anonymity Still a Thing at Bitcoin Casinos?

Yes and no. A cryptocurrency casino with a gaming license, in 90% of instances, will have KYC (Know Your Client) requirements. These mandate that users provide identity confirming documents before their first withdrawal gets released. That means they must disclose who they are in real life, where they live, and in some situations, a source of funds.

Nevertheless, KYC is not always a mandatory requirement that licensors put upon their licensees. Some operators opt not to implement KYC, allowing their players to gamble secretly. Most old-school sites, dice, Crash, and hi-lo provably fair ones, do not have a gaming license, operating on a good faith basis with their clientele. These unregulated platforms have no identity verification rules and do not ask anyone to use their real name or disclose anything about themselves. So, gambling anonymously is an option at such Bitcoin casinos.  

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button