How do crypto casinos work/ How to play?
Gambling is an ever-evolving industry with innovations taking the lead every year. It has thus not been a surprise that people have taken to using cryptos when making wagers. They do this in the hope of remaining anonymous, enjoying speedy transactions and reducing transaction fees, among other motivations. If you are curious about what crypto gambling entails, this piece will answer most, if not all, your questions on this matter:
The growth of cryptos
Cryptocurrencies started small, but in the years that followed, it became clear that they were here to stay. Anyone who invested in them early on made quite a kill. And even now, there are tons of chances for investors to make some good money, including using the currencies in gambling. The fast growth of these monies has seen many casinos embrace their use in online transactions. They have either made their sites fully crypto-reliant or introduced the digital currencies as a form of payment.
These currencies are relatively new in the market, having come to be in 2009 when Bitcoin made its first appearance. Satoshi Nakamoto was the brains behind this invention, which now works as well as other fiat currencies, with the added benefit of not having governments watching the transactions, unlike the case with traditional monies.
These monies not only offer security, but they also provide transparency and immutability, benefits which many gamblers hope to get. The lack of intermediaries in the transactions ensures fair gaming and no tampering with the processes. Note that while two casinos may accept cryptos, they will not operate in the same way. However, they will have some fundamental similarities. For one, they will provide provable fair gaming, an aspect that appeals to many a gamer.
You will find that most people who work with crypto casinos are very adamant about this feature. As such, very few sites will allow you to deposit cryptos without assuring you of this feature. Secondly, there are fast withdrawals that take place in a matter of hours or less. This benefit gives the cryptos advantage over traditional means of payment, which could take days to complete. The third feature is safety such that the monies remain in cold storage, where hackers cannot get to the funds. This added security feature goes a long way in attracting gamblers to a given site.
Types of Crypto Casinos
These sites are quite different, and other than the features discussed above; they tend to be quite categorical as follows:
The first type only accepts cryptos. These casinos are thought to have been the turning point in merging the crypto and gambling worlds. These sites provide their own interactive and fun games which rely on blockchain technology. You can trust these sites to have full automation and decentralization, giving you all crypto benefits. They work such that once you place a bet and win, the price goes straight to your address. That removes the hassle of following up on wins as the processes are automatic.
Additionally, these casinos are not subject to geographical or legal restrictions , allowing just about anyone to place a wager. Of course, these sites also have some downsides. For one, getting bonuses is quite limited, and you may find the experience to be rather dull once you compare other sites to this. However, there is a bright side in that you can hold the site accountable regarding fairness and transparency.
Hybrid casinos are in place to counter the downsides associated with pure crypto casinos. These work like any other casino site, in that they allow players to enjoy a wide range of games. They borrow from pure crypto casinos when it comes to speedy transactions and fairness. They then add the aspect of bonuses, attracting more clients. On the downside, they have to comply with local laws and can thus end up restricting who can access their services, as per their licenses.
The last option is that of online casinos which are open to accepting cryptos, among other payment options. The problem with this is that you might not get provable fairness and other such benefits that accrue from pure crypto casinos. They are pretty much what you would expect of any site, only with the added benefit of more payment means.
How to gamble with crypto
Having seen the above modes, you can choose which option would work best for you. The next step lies in buying some crypto of your choice by opening a wallet in a reputable crypto online service. After you register and provide the required details, you can sign up for an account and start buying crypto. Most online platforms allow users to make purchases using traditional modes of payment. You can then choose a site, going for a hybrid, pure, or normal site that allows you to gamble using your preferred digital currency. When doing this, be sure to look into the reputation of the site (For more information read the article 'Best bitcoin online casinos') and its licensing. Other factors, such as customer support, safety, bonuses, and versatility, should also come into play.
If you are interested in the topic, do check my next article and find out what bitcoin faucets are and which casinos have them.
All the best!