Casinos have been around for a while and over the years, the gambling industry has witnessed tremendous improvement, all thanks to the impact of technology. Through technology, casinos have been able to carry out their operations online, create mobile apps, use E-Wallets, and most important of all, accept cryptocurrency.

The adoption of cryptocurrency by various casinos has encouraged players from around the world to play online even those in restricted territories.

What is Cryptocurrency?

Cryptocurrency is a digital asset, or virtual currency created in 2009. Cryptocurrency is based on blockchain technology, which stores data in the form of blocks, with all blocks connected to various nodes on the disparate network of computers. This decentralised nature of cryptocurrency makes it practically impossible to trace transactions and is free from government control since they are not issued by any authority or organisation.

A lot of industries do not allow the use of cryptocurrency in carrying out transactions. However, the increasing value of the currency has made many casinos rethink. Several online casinos now include cryptocurrency in the wide array of payment methods of features available on their site.

What are Cryptocurrency Casinos?

These are online casinos that allow players to make deposits, withdrawals or place wagers using cryptocurrency. Since there are different types of virtual currency available, the casino states the type of currency or coin it accepts, and players who intend to play can make use of the specified coin or currency when carrying out transactions.

There isn’t much difference between a regular casino and one that allows the use of cryptocurrency. The same rules apply except that a new player will need an in-house crypto wallet to make deposits and withdraw wins. Crypto casinos also offer bonuses and free spins that can be redeemed in cryptocurrency.

How to Use Cryptocurrency in Casinos

The gambling industry, in its bid to come up with a different means of ensuring customer satisfaction, now accepts the use of cryptocurrency in transactions. For new players who have no idea how to use crypto in playing casino games, it might be confusing.

Using cryptocurrency is quite easy since it works the same way normal currency does, with only slight differences. Usually, the casino provides a new player with an in-house crypto wallet where you can transfer the accepted digital coin or currency. You can then proceed to place your wager, which may sometimes depend on the amount deposited in your wallet. If the wager is successful, you win. If you’re not new to crypto, you can simply place your wager and withdraw your wins into your wallet.

Why do Online Casinos use Cryptocurrency?

While not generally accepted by all gambling establishments, cryptocurrency comes with a myriad of benefits for both the players and the casinos.

• Wider coverage

One of the most important reasons online casinos now accept cryptocurrency is because the currency can be used for international transactions, which encourages players who live in countries where gambling is banned. This gives casinos the ability to expand their scope and reach out to players who would have been banned had it been the case of fiat.

• Good Reputation

Another important reason casinos support the use of crypto is the excellent reputation it gives them. In the gambling industry, customers are invaluable, and what speaks louder than your free spins and bonuses is your reputation. Players, especially tech enthusiasts, want to be involved with casinos that have a reputation for being technologically innovative. The world is tilting toward technology more than ever, and so casinos are building the reputation of supporting innovative technology by accepting the use of cryptocurrency in transactions.

• Security

Security is important, as players want to be assured their data and personal information are safe. Cryptocurrency affords casinos the opportunity to protect their player’s payments and data since the servers which host these transactions are secure. Since cryptocurrency transactions cannot be traced or hacked, players have more confidence to deposit as much as they want which in turn, earns the casino more profit.

• Easy to Control

Cryptocurrency transactions are almost impossible to cancel. This means a player cannot change his mind about a game. It’s also easier to control and monitor activities on the site.

Why do players Use Cryptocurrency?

Virtual currency is fast becoming a favourite for many casino players for several reasons:

• It’s fast and seamless since there are no third-party involvements between the operator and user.
• It provides anonymity for players. Blockchain technology ensures the players’ identities are protected on multiple secure servers. The only thing required during transactions is the wallet address. No other personal information is necessary.
• Cryptocurrency transactions are secure and untraceable.
• There is little to no transaction fee since there are no banks or financial institutions involved.
• Instant payment
• Players can carry out unlimited transactions.
• Transactions are relatively safe and free from hackers or fraudulent casinos.

With the number of online casinos that accept cryptocurrency increasing, there are bound to be plenty of legitimate and illegitimate casinos out there. When attempting to find an online crypto casino, look out for some key factors. Here are five of some of the important things to look out for in an online crypto casino.

Pros and Cons of Using Cryptocurrency in Casinos

Cryptocurrency has several advantages that cannot be denied. It’s fast, secure, untraceable, doesn’t require any third-party involvements, free from fraudulent activities, requires little to no transaction fee, is free from government control and can be used to make unlimited cash transfers.

However, despite the seemingly endless benefits, using cryptocurrency in casinos has some problems. One of them is the highly volatile nature of the currency. The prices are never stable and can drop to unimaginable lows. Another problem with digital currencies is that it lacks legal backing in many countries.

In various countries around the world, cryptocurrency is not a legal tender hence, it is subject to several regulations banning its use. Some players who are also new to cryptocurrency might fear being involved in using it for transactions. This is because it cannot be traced and transactions are carried out anonymously. This has also contributed to the fear of both players and the government since is can be used for shady and illegal activities.