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The online casino market has been exploding in recent years, thanks to an increased user base as laws loosen around the world, better games and a more immersive experience. Online casinos have so much to offer players that the industry is now competitive with more traditional forms of gambling, including land-based casinos.
As more players have joined online casinos, so the market has diversified. One of the more recent developments has been the creation of crypto casinos. Crypto casinos have capitalised on the increased popularity and acceptance of cryptocurrencies among the wider public.
These casinos generally combine a cryptocurrency purchasing or trading platform with an online casino that accepts cryptocurrencies. The entire site uses blockchain technology, giving users an anonymous and secure platform to play on.
Cryptocurrency has always occupied an unsettled space in the financial world but this doesn’t mean that these casinos are any riskier than regular online casinos. The current political situation in the United States has had dramatic negative impacts on the cryptocurrency market but we’ve already seen similar dips followed by even bigger recoveries. During this low point, it’s likely that many new investors will be drawn in by the low prices and the potential for recovery.
For those new to cryptocurrencies or those experienced investors who have never tried crypto casinos, this guide will have everything that you need to know about online crypto casinos. We’ve used the expertise of the researchers at JohnSlots to create this guide, and readers are encouraged to consult their dedicated guides for further information about individual casinos.
Security at crypto casinos
One of the reasons that most crypto investors cite for getting involved in cryptocurrency is because of the security it offers. Cryptocurrency exists using blockchain technology. The blockchain acts as a ledger, with each link being a record of what account has touched that coin. It makes it nearly impossible for cryptocurrency to be stolen without leaving a clear trail.
Since crypto casinos function using blockchain technology as well, they have the same security features. Crypto casinos also offer far more anonymity than traditional online casinos. Traditional online casinos require extensive proof of identity and address in order to withdraw any funds. This can feel very invasive.
Crypto casinos, on the other hand, have strict systems in place to preserve player anonymity. A user name and wallet ID are the only forms of identification that are required, since the blockchain provides any required verification of ownership of the cryptocurrency account.
Currencies you can use
Regular online casinos have begun to accept certain cryptocurrencies in order to remain competitive against crypto casinos. However, they typically only have the capacity to accept the most popular and widespread coins. Bitcoin and Ethereum are the most widely accepted at regular online casinos.
Crypto casinos recognise the variety of coins on the market and the popularity of alt coins, independent coins and regionally popular coins. Most of the big crypto casinos have platforms where users can invest in the cryptocurrencies that they want to use. This makes it very streamlined and easy.
The commonly accepted cryptocurrencies at crypto casinos are Bitcoin, Ethereum, Ripple, Litecoin, Tether, Binance Coin, USD Coin, Cardano, Dogecoin, Solana and Tron. Some crypto casinos even accept user suggestions to add coins to their accepted currencies list.
Some crypto casinos will also accept a very limited selection of fiat currencies. This is to facilitate conversion of cryptocurrencies to fiat currencies and to act as a bridge for players who are still uncertain about investing in cryptocurrencies.
Using multiple currencies
Crypto investors usually have one coin that is closest to their heart, but they also understand the importance of having a diverse portfolio in a fluctuating market. While investing in multiple cryptocurrencies is the norm, it is not common to use more than one cryptocurrency at a crypto casino.
At most crypto casinos, the player selects which cryptocurrency they will be using with that account. The account is linked to a dedicated wallet associated with a single cryptocurrency. In rare cases, a crypto casino will accept more than one currency per account.
Only using a single currency at a crypto casino is the smartest thing a player can do – it’s difficult enough to keep track of a casino budget in one currency, so adding a second cryptocurrency has the potential to create confusion.
Games at crypto casinos
When crypto casinos first appeared on the market, their game selection was incredibly limited. Most developers did not create games that were compatible with blockchain casino platforms. This meant that the sites had to create their own games or host the same limited selection of games as all other crypto casinos.
As they’ve grown in popularity, crypto casinos have been able to offer far more games to their players. Software providers have realised that crypto casinos were an untapped market with the potential to be incredibly lucrative. Today, crypto casinos can offer slots, table games and live dealer games from the same big name developers as traditional online casinos.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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