In addition to classic casinos, a new trend has now appeared – so-called cryptocasinos. These are arcades where you pay with cryptocurrencies. Cryptos have become quite popular in the last decade. You notice this quite quickly when you look at how many of these currencies exist now, but also when you examine the Bitcoin exchange rate.
Cryptocasinos therefore have the potential to become even more important in the near future. Therefore, we will go into what makes this type of casino what it is, where the advantages lie, but also what risks may be associated with it.
The benefits of cryptocasinos
An important advantage of cryptocasinos is that you remain anonymous. Due to the nature of cryptocurrencies, transactions cannot be linked to one’s own identity. Unlike normal casinos, you will not be asked to authenticate your identity there. Therefore, it is possible to play at cryptocasinos even if you live in a country where it is not allowed. However, it should go without saying that it makes itself punishable.
Crypto casinos typically have lower fees than their traditional counterparts. This primarily affects payouts. Normally, there are no fees for depositing or withdrawing cryptos. Converting to another digital currency is also usually quite cheap. It can also take up to 20 minutes for a withdrawal to arrive in the crypto wallet, but this is much better than at some online casinos where you sometimes have to wait weeks for your money.
In cryptocasinos there are also games that cannot be discovered in any other way. This includes not only the classics, such as blackjack, slots or poker, but also sports betting and betting on the development of cryptocurrencies. In fact, crypto casinos have some games that can only be found there.
Of course, crypto casinos also have different promotions to offer. This allows you to get a number of discounts when you sign up. We have listed some examples here:
The number of cryptocasinos is increasing rapidly, it is estimated that around 150 new providers enter the scene every year. The number of cryptos is also increasing. Fortunately, most crypto casinos allow you to pay with a wide variety of currencies. The first cryptocasino, which opened in 2013, is hardly popular today, as it only allowed Bitcoin to be used there. Other operators have learned from this fact, so you now have a huge choice of payment methods.
Disadvantages of crypto casinos
Of course, cryptocasinos should not be viewed uncritically either. Some advantages give rise to equally significant disadvantages almost immediately. Above all, this is the case with anonymity. Since you do not authenticate yourself and payments via blockchain are irreversible, you hardly have any legal recourse against a provider. Especially if you are not actually allowed to play at online casinos. There are casino operators who have taken advantage of this and some crypto casinos are nothing more than scams. You are promised good offers and odds, but once you have deposited money, you cannot withdraw it.
If you want to be on the safe side with a crypto casino, you should make sure that there is an official license. As a rule, you should also check that it is a European license. If this is not available, it is not allowed to offer gambling in Germany and you may also be prosecuted for using these offers. Modern SSL encryption should also be in place as this ensures that no third parties have access to data shared with the casino.
The games can also be cheated if a casino is not regulated. Unless you know how to program, it’s hard to tell if a slot machine’s probabilities have been tampered with. Independent monitoring bodies are needed to ensure that players are not cheated in this way. Trusted providers will disclose what license they have and how they maintain safety and fairness to the player.
If the crypto casino market is still too uncertain for you, but you still want to play with cryptocurrencies, you can also choose them as a payment method in some classic casinos. This ensures that you are dealing with a trustworthy provider but can still use your cryptos. In this way, the advantages of both concepts are ideally combined.