First, brick-and-mortar casinos stopped being the only place gamblers could go to with the rise of online casinos. However, that did not mean the end of traditional casinos, simply lots of people got an opportunity to play their favorite games and win money without leaving their house (or even on the go, thanks to the evolution of smartphones and tablets). Next came the use of blockchain technology in the world of online gambling. More and more people realize that cryptocurrency is not just another way to deposit your online casino account; it has revolutionized the very nature of online gambling.
Advantages of Blockchain Gambling
Even though casinos, both online and landbased ones, have never really experienced a lack in those wishing to try their luck, many people decide better than to trust such establishments, avoiding them altogether. Obviously, there has to be a house advantage, otherwise it would be the casino owners defying their luck and risking to generate no profits. This is a tricky matter, and some states and countries even banned gambling.
This is where blockchain platforms really come into play. Due to the nature of the smart contracts, every action and condition can be checked and verified, providing transparency of the gambling process to the players and regulatory bodies. That is, of course, a great advantage for those casino owners who want to gain trust and prove that one can really win playing their games.
From the gamblers’ point of view, there is also a great advantage in the ability to use cryptocurrency while remaining anonymous. Not only it allows keeping personal details safe but also opens the doors to playing online casinos from all over the world, even if this activity is prohibited in their own country.
What You’ll Need to Start
To play games at crypto casinos, you will first need to get some crypto coins. While many online casinos started accepting cryptocurrency along with fiat money, there are those that only support virtual coins. In many cases, this is done to promote blockchain technology, and players are offered some exclusive bonuses when using certain cryptocurrencies.
Most crypto casinos accept Bitcoin, the first and most popular virtual currency. If you want to have the largest choice of places to gamble at, that’s the one to go with. However, if you happen to possess some altcoins, you will still be able to find good websites with some great offers. So, Ethereum, Litecoin, Dogecoin, Dashcoin, Monero, and some others are also widely used in crypto games.
The Most Popular Cryptocurrency Gambling Coins
There is also an increasing number of gambling coins created solely for the purpose of being used in crypto casinos and offering some advantages to both players and site owners. Even though they are not as widely accepted as Bitcoin or Ethereum, we will list a few of the most successful names below.
Edgeless is a centralized casino with its own tokens by the same name. This blockchain project is powered by Ethereum and is significant for its “bankroll staking” feature. The idea is that the owners of these tokens can deposit them for a week, funding the casino, and earn some interest from the winning bets. However, the feature was announced at the beginning of 2018 but is not available yet, so we don’t have all the details of this smart contract’s operating principle.
Other advantages of Edgeless are its transparency, legal compliance, and its own casino license.
CasinoCoin was created specifically for being used as a universal gambling cryptocurrency. The main advantages it has for users are improved security and reduced transaction cost. Confirmation time takes less than five seconds, which is very attracting for gamblers. Casino operators get a nice set of useful tools, and regulators receive an opportunity to easily check all funds movements and activities.
ChanceCoin is designed to be used for betting on games in a decentralized casino. The project is based on the Bitcoin blockchain. If you own this currency, you will be automatically receiving the house edge of 1% per bet.
There are, of course, many more gambling currencies, and to name just a few more, UnikoinGold (UKG), Evolution (EVO), and PeerPlace (PPY) are the ones worth mentioning. Some casinos even have their own virtual money, making it the only accepted currency. Others support both regular cryptocurrency and gambling coins.
Choosing a Casino to Play at
It is easy to get lost in the abundance of online casinos nowadays and abandon the idea of trying to earn some crypto money altogether. We strongly advise you to reconsider that, as this is the future of gambling, and virtual money has every chance to replace fiat currency at some point. So the earlier you get on board, the more prepared you will be when this happens.
To help you decide, we’ll provide you with some tips on choosing a casino and handling cryptocurrency. Adhere to these rules for safe online gambling experience.
- Check the online casinos reviews available on our website. We tried to cover the essential information to help readers decide if it’s something they should visit.
- If you are interested in some site we have not listed, be sure to do the research yourself. Don’t be put off by negative comments, people often leave those when they haven’t even read the terms and feel cheated. There is also paid feedback to keep in mind, and real negative experience. Nothing is perfect, so it is only natural that someone was not satisfied. It’s more suspicious when there are no negative comments at all.
- Check the URL whenever you’re visiting the site. There are a lot of fake pages trying to fool you and make you enter your login details. It helps to bookmark the casino you visit regularly and access it from there.
- Before diving into the casino games, test withdrawal. Compare the speed and commission fee to what you were promised. Some site owners like to lure clients in with false advertisement, hoping they will not pay attention.
- Read the terms and conditions carefully. Once again, you may discover that getting the promised bonuses is near to impossible, and there are some clauses giving the owners the right to charge you some additional fees not mentioned anywhere else on the site.
The Bottom Line
Many people still feel reluctant to use cryptocurrency and prefer casinos where they can deposit and win traditional money. However, getting hands on some virtual money is not a problem today, and many crypto casinos even have an exchange service available on the site. One can say it’s a lot like buying chips at the casino and cashing them out afterward. And considering transparency introduced by the use of blockchain technology and smart contracts, crypto casinos can be expected to take over the gambling world in the nearest future. Act now to be on the winning side when it happens.