Crypto casinos are on the rise. In addition to Ethereum, many players rely mainly on Bitcoins when it comes to the deposit and withdrawal method. That the hype around cryptos in gambling is increasing, has its reason: the transitional regulation of the gaming industry. PayPal and other popular payment providers are withdrawing from the industry. In addition, providers are only allowed to accept limited payments since October 2020.
Advertising companies are solely responsible for the content of press releases. Coin-Ratgeber.de bears no liability whatsoever for the promised services or investment recommendations of this article.
What is a crypto casino?
Online casinos that rely on digital currencies benefit from a clear advantage: they usually offer casinos without limit. Because in most cases, casinos with Bitcoin as a payment method do not have a German license.
In general, a crypto casino distinguishes between two variants:
- Pure crypto casinos offer almost exclusively digital currencies as a means of payment.
- Casinos with cryptos, on the other hand, offer cryptocurrency as an additional method of deposit and withdrawal.
Why do online casinos use digital currencies?
For years, online casinos have been striving to stand out from other providers. Innovations and new game ideas will help you outperform each other. Despite all these developments, it was the ability to pay with cryptos that caused amazement in the market.
The idea behind this type of casinos is as old as the Bitcoin itself. This means that such providers have been around for several years. The idea behind offering casinos with Bitcoin as a payment method is simple: it should make gambling easier and more user-friendly.
Casinos with cryptocurrencies have caught up
Originally, the whole thing went like this: a player sent a certain amount to an address. If the ID of the transaction had a predetermined final digit, he received a profit.
Meanwhile, gambling is much more diverse and professional. Because the game with cryptocurrencies is hardly different from the normal offer. There is no longer any difference to casinos with real money. This means they offer players an extensive selection of games. Classics such as” Book of Dead “or” Stardust ” can also be found in modern crypto casinos. Since both variants rely on similar or the same game providers, players always enjoy the desired experience.
Are there any differences to a normal online casino?
Anyone who comes into contact with the term Bitcoin online casino for the first time probably wonders one thing: What are the differences to a normal gambling provider?
The answer is simple: in a pure crypto casino, only cryptocurrencies are played. This can be seen not only in the deposits and withdrawals, but also in the games. Instead of euros or US dollars is played as around mBTC.
Attractive offers increase popularity
The special thing about crypto casinos is that in many cases they score with the more attractive bonus offers. Often they are significantly better than those of normal online gambling. Especially the amount of sums attracts many visitors. In many cases, however, the turnover and bonus conditions are similar to conventional currencies.
Nevertheless, many providers now offer a compromise solution. Instead of just offering cryptocurrencies, gamblers can pay with both cryptos and fiat currencies.
This step is not only taken by young casinos who want to keep all doors open for their players. Rather, it has the reason that not every gambler is familiar with cryptocurrencies. After all, gambling for real money still dominates in the industry.
What are the advantages of playing Bitcoin, Ethereum and Co?
In terms of the offer, normal online casinos differ little from the crypto casinos. This raises the question of what benefits it brings to play digital currencies in the first place.
- Those who already have Bitcoins can use them to spin slot machines or participate in the digital poker table.
- Players are not required to provide a credit card or bank account.
- Crypto casinos convince with their good number of members, as the creation of customer and account data is usually the biggest hurdle.
- The intended budget for gambling does not mix with the rest of the monthly budget. This makes it easier to clearly separate both issues.
- The payments are largely anonymous, at least as long as there is no suspicion of money laundering.
- The decentralized wallets, the so-called cold wallets, offer the highest security.
- The personal payment data will be protected.
- Coins, or rather the funds, are insured in most cases.
However, the crypto casino does not only offer advantages. As in any field, disadvantages can also be found here.
- The biggest disadvantage is certainly the exchange fee. Fiat currencies are exchanged for coins. These fees are sometimes quite high, which is why it is worthwhile for regular players to compare the wallets in advance. This keeps costs within a manageable range.
- The player should always pay attention to possible course fluctuations.
- The new customer bonus, with which many providers advertise, often only applies to fiat currencies. If this is the case, there is a note in the terms and conditions that excludes the welcome offer for the deposit of cryptos.
Crypto Casinos: Gambling without rules?
Although playing with cryptocurrencies seems straightforward and anonymous, the reality is a little different. For the casinos it is not quite as easy as it may sound at first. In order to be able to gamble, you still need a license. This means that you must adhere to the licensor’s guidelines. There is no special permit.
Therefore, it is not completely anonymous. Gambling operators are obliged to cooperate in the fight against money laundering. If there are doubts about integrity, you must be able to identify individual players. For gamblers, this means: Despite the supposedly anonymous cryptos, anonymity is not maintained in case of doubt.
Players benefit from the fast and complicated payout
Since different casinos are aimed at different groups of players, the so-called Bitcoin casinos are an excellent addition. Because a visit to a crypto casino can be worthwhile. Especially when it comes to the payout of profits, the Bitcoin shows its strengths. Even if the casino is located abroad, there are no exchange fees. After all, the profit is paid not in euros, but in the respective cryptocurrency.
Instead of waiting for the classic bank transfer days, the coins usually offer a very fast payout. Most of the time, the entrance to the crypto wallet is already recorded after less than an hour.
The decoupling from the payment methods used in everyday life is what ultimately convinces many players. Thus, all transactions of a casino can be processed through the wallet, while the account remains untouched.
It is important for new players that there are different alternatives to receive coins. Probably the most famous option is trade. However, those who do not want to trade with the cryptos can buy and hold them. This allows you to play online gambling as you wish, without taking any other risks. The fact that they are now available on numerous wallets makes getting into the crypto casino particularly easy. This makes it an excellent addition to the normal casino.