Cryptocurrency casinos have grown in popularity over the last two years after Bitcoin caught the attention of more investors with a strong 2020 rally. As digital currencies become more common, they are also being accepted by more merchants, with casinos blazing the trail.
Immediate withdrawals, light regulation, and attractive bonuses and rewards are some of the features that have seen punters flocking to these sites. In this article, we will look at the adoption of cryptos at casinos and what it could mean for the broader industry.
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What Are Cryptocurrency Casinos?
According to cryptocasinos.net, Bitcoin casinos are a new breed of online casinos that are openly accepting digital coins for deposits. Many traditional casino websites have started to dabble further in the acceptance of cryptocurrencies, but there is a growing trend for crypto-only sites. The reason for this trend is that cryptocurrencies have been gaining in popularity and they also allow businesses to set up away from the glare of traditional finance and gambling regulators.
Some gambling authorities, such as the UKGC, SGA, and newly formed Dutch gambling authority have clamped down on the betting sector in recent years, while there are strict Know-Your-Customer (KYC) rules for new entrants.
Simple Registration Process Attracts Users
The process for registering with a cryptocurrency casino can be easier than for a standard casino. Depending on the jurisdiction, there may not be strict requirements for identification. Although that sounds risky, it is not a problem for those simply looking for a small flutter, while some due diligence can help you to uncover a reputable site. Some sites advertise that you can gamble without any registration.
Fast Transfers And Increased Safety Are Another Benefit
Another feature that attracts users to Bitcoin casinos is the faster deposit and withdrawal time. Bitcoin is said to have an average transfer time of ten minutes for sending and withdrawals. Although that sounds like a long time for a deposit, the sites benefit on the withdrawal side.
Some traditional sites will require around 1-2 days for a withdrawal back to a debit card, sometimes longer for a bank wire. Many cryptocurrencies are faster than Bitcoin with Litecoin processing at around 2.5 minutes.
Cryptocurrency casinos are offering an increasing amount of digital coins, such as Ethereum, Dogecoin, and Bitcoin Cash. Deposits would be made from a cryptocurrency exchange, which is known as a hot wallet, or from a cold wallet on your pc or mobile device.
Safety is another important feature of cryptos, as every time we pay for something online, there’s a risk that hackers can attain our financial information. Blockchain technology has inherent security features that make hacking extremely difficult.
Every transaction completed on the blockchain is recorded on a virtual ledger system with a unique identifying code, which is impossible to modify. Blockchain technology uses end-to-end encryption and stores information securely.
Bitcoin Casinos Offer Unique Bonuses
The crypto casinos offer bonuses and rewards in the same way as traditional casinos but have some freedom to offer unique bonuses. Casino regulators can also clamp down on marketing, and that can limit the attractiveness of welcome bonuses or rewards.
Welcome bonuses at crypto casinos are usually a mix of a matched deposit amount, with several free spins. Cashback rewards and VIP programs are also common features. The ability to earn money in cryptocurrencies is a unique proposal, as gamblers could withdraw a big win at the tables to increase their digital coin holdings.
The Bitcoin casinos are also more generous for their high transaction maximums, so high rollers can feel at home, without the glare of betting authorities. Daily refunds are available at some of the casinos accepting digital coins at up to 15% and that can help to limit losses.
Exciting Games Catalogs
The casinos offering digital currency deposits will offer an exciting catalog of games. Many advertise games catalogs in the thousands, with popular offerings from some of the most popular game developers in the industry. The most popular casino games are there, such as slots, live dealer roulette, and poker.
Bitcoin Dice is a game that emerged with the rise of crypto casinos and offers users the opportunity to play games of chance with dice to earn BTC rewards. As with traditional casinos, these games are audited for their payout ratios.
International Acceptance And Anonymity
Cryptocurrencies are becoming more popular globally, and the coins offer an opportunity to cross international boundaries without the use of different international fiat currencies. Another benefit of using cryptocurrencies is their anonymity and users can send their coins knowing that a bank is not snooping on their activity. Many bettors like to keep their gameplay separate from a bank account if they need to apply for a mortgage or other loan, and credit cards used to provide that in the UK before they were banned.
At present, there is no global regulation for cryptos, but countries such as the United States are moving more closely towards this. Traditional casino firms are unable to offer cryptos, especially the firms that are listed on stock exchanges with public investors. For now, the ability to use cryptocurrencies freely, and anonymously, is still possible at the Bitcoin casinos.
Conclusion
Cryptocurrency casinos are becoming more popular with investors and allow them to spend their cryptocurrency holdings in a unique and fun way. The sites offer many attractive features such as fast withdrawals and anonymous transactions, but the sites are also offering generous bonuses and rewards.
Traditional casino sites are finding their businesses hampered by the authorities in areas such as marketing, betting limits, and funding methods. Bitcoin sites are moving to fill that void, and many gamblers are now moving across to them in order to retain a level of freedom and benefit from the many features that these new sites can offer.
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