The gambling world saw a quick shift in trend in the last few years since the coronavirus pandemic paralysed the world. People were shut off and kept away from entertainment sources that were staples for them, and this sent a ripple through the whole entertainment industry.
At first, regular gamblers started shifting toward online casinos to gamble from home. Then online casinos started improving and proving themselves as great competitors to their land-based counterparts, which brought in more casual gamblers to the queue. Nowadays, online casinos are becoming so refined and so versatile a source of entertainment that even people with low to zero interest in gambling would find gambling online a viable option to pass the time with.
Another notable shift in these trends is the emergence and quick rise of crypto casinos. The onslaught of technology has put its mark here as well. So much so that with one click, you can find Bitcoin casinos and casinos operating through other cryptocurrencies that can give even the best traditional fiat casinos a run for their money.
But how are crypto casinos managing to do so when the concept on which they stand is still relatively new and has yet to develop and achieve so much more than what it has already done? There must be something that gives them that competitive edge; something that is inherent in them and is attractive to players. Let’s find out.
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How are Crypto Casinos Different Than Other Online Casinos
Crypto casinos work exclusively through cryptocurrencies. This means the monetary parts of the whole casino-going experience are dealt with crypto, for example, depositing, redepositing, cashing out, balance transfers, etc.
Here, we need to clear a common confusion. Many online casinos will let you make some of these transactions through cryptocurrencies, but most of them won’t let you cash out in crypto. Some of them might, but it’s most likely that they are not then crypto casinos as crypto casinos don’t utilise fiat currencies any step of the way.
The easiest way to recognise this is to see the balance in your casino account. Crypto casinos will show your balance in crypto. Whether or not you make a deposit through crypto, traditional online casinos will convert the amount into fiat money. The few among them that do let the customers cash out into their crypto wallet, still use fiat currency for in-game transactions.
How Crypto Casinos Work and What Advantages They Bring to Players
Crypto casinos are the same as their fiat counterparts in how the gaming experience looks from the surface. The main difference is set by the method of transactions as the name suggests—crypto. This is where the line of convenience, ease, simplicity, and safety is drawn.
Crypto casinos reimagine the traditional casino gambling experience by implementing blockchain technology, through which digital currencies like Bitcoin and Ethereum work. This introduces some key advantages that are valuable to gamblers.
- Transparency: the data of every transaction a player initiates including every hand played is stored in the blockchain, accessible but tamper-proof to anyone; making the whole process transparent. The transactions during the gameplay are initiated by algorithms when necessary. So, players can be at ease with all the details at their fingertips.
- Cost-effective: the transactions in a crypto casino are above any third-party intervention (banks, governments, and regulators). So, unlike regular online casinos, taxes and other fees are not deducted from the transactions. For this, the RTP (Return To Player) rates in crypto casino games are really high (above 98% for games like slots and blackjack).
- Safety: players only need a valid crypto wallet to open an account. This makes their personal data free from the risk of being compromised, ensuring optimal anonymity.
- Ease of use: Making transactions in fiat money can be a hassle. Most of the time, the money is in the hands of a third party (e.g. banks) so cashing in and out involves a complicated process of verifying and initiating the transactions manually.
- Convenient transactions: crypto casinos let players cash in and out in seconds, which means when their accounts get empty, they can make a new deposit in seconds. The same goes for cashing out their winnings.
- Accessibility: anyone can own and run a crypto wallet without the need to be in any particular place and time. All you need to play at a crypto casino is a smart device and an internet connection.
Provably Fair Games: a Revolution in the Online Gambling Landscape
Provably fair games are exactly what the name suggests—the fairness of the games is provable. This concept is a gift from blockchain technology. Let me explain how these games are provably fair.
Before a hand is played, like in any other online casino, an RNG (Random Number Generator) produces a random number based on which a client hash and a player hash are generated. The outcome of the hand is predetermined by these two hashes that are stored and sealed in the blockchain.
A player can go back anytime and use the hash to verify that the hand wasn’t tampered with and the result was completely random. This promotes trust between the casino and the players, nullifying any risk of fraud and data leaks.
Let’s not assume that crypto casinos are going to take over the online gambling world by storm. But their impact on this landscape is undeniable. The upper hand these casinos enjoy, thanks to blockchain, is something that drives their traditional competitors to get better.
The healthy competitive environment consists of their efforts to emulate and outplay the unique features that are in store for crypto casino players.