Gambling used to be only an activity that people could partake in at land-based venues legally authorized to offer such services. Yet, over the past two and a half decades, all that changed thanks to the invention of the internet. Now, with the Web 3.0 era appearing, this hobby is undergoing another revolution, powered by the rise of cryptocurrencies.
Digital money first showed up in 2009, and two years later, it first got accepted at sites that offered games of chance or better known as Bitcoin casinos. Today, such platforms are slowly becoming the norm, and VR-powered metaverse casinos seem to be the next step in the evolution of this pastime. However, since that category of virtual gaming spots is still in their inception below, a light gets cast on the intricacies concerning what, on the surface, are seemingly regular gambling sites that allow digital coin use, but underneath are so much more.
What Is a Cryptocurrency Casino?
A crypto casino is nothing more than an interactive gaming platform that accepts one or more forms of digital money. These sites initially appeared in 2011 and were primarily dice-only casinos that allowed Bitcoin gambling for fun. They did not accept any fiat money whatsoever. Over the years, the definition of who gets classified as a member of this online casino category has broadened. It now encompasses pretty much any betting website that supplies casino-style gaming through cryptocurrency wagers.
Why Sign-Up Is Super Fast at Crypto Casinos
There are a few reasons why the registration process at gambling sites targeting the crypto niche is rudimentary. First off, given that they cater to a more tech-savvy, younger crowd, these operators do not wish to hassle their customers with needless form-filling, which everyone finds annoying. Hence, they wish to make the registration procedures as elementary as possible.
Usually, the steps required for a player to create a crypto gambling account involve:
- Navigating over to the desired site.
- Clicking its register now button.
- Inputting a user name and password.
- Confirm the membership by pressing a link sent via email.
While the operation described above may seem basic at best, some crypto casinos aim to make things even simpler. They do so by allowing people to sign-up with their social media accounts, or they auto-generate a user name and password for them.
It is noteworthy to mention that many casinos accepting cryptos have Curacao-based licenses. That means they do not have to follow identity verification procedures on sign-up.
How Fast & Safe Are Transactions at Cryptocurrency Casinos?
Depending on the fiat method used, money transfers at online casinos can take anywhere from twenty-four hours to seven working days. In some instances, this process can stretch to more than ten banking days if gamblers opt for wire transfers or checks. Naturally, this refers to withdrawals only. At 99% of gambling sites, deposits are instantaneous. That is so regardless of the payment option used.
At Bitcoin casinos, players can remove funds from their balances in minutes. Possibly even seconds. The speed with which a transfer occurs on these platforms is entirely reliant on the coin used and network congestion. Litecoin and Ripple have a reputation for boasting some of the fastest speeds while offering the same security features as coin juggernauts Bitcoin and Ethereum.
Keep in mind that some gambling sites that accept cryptos will follow Know Your Customer policies. So, they will likely require that all players complete an identity verification process before they get their first requested withdrawal.
Are Bitcoin Casino Bonuses Different?
Concerning deposit matches and traditional bonus offers, a cryptocurrency casino will list the same types of stipulations that a fiat one does. Promotion-wise, where these casinos differ is that they essentially always give out far more generous deals for crypto gamblers than fiat ones. Since cryptocurrencies transactions do not get overseen by financial institutions, they are faster and do not incur similar processing hassles and fees.
Crypto gambling sites also have a range of promos that are unique to them. For example, a free faucet is a way anyone can get some free-play funds in their balance to try their luck by testing out a game of choice with a looming real money prize on the line. Rain is a similar promotion that rewards parties’ activity in the site chat. Cashback bonuses are also fairly standard at Bitcoin casinos.
What Games Do Crypto Casinos Offer?
In the past, cryptocurrency casinos stuck to only supplying provably fair games. These are gaming products that feature simple gameplay and random number generation algorithms that can get reset. Players can also inspect the randomness of their game results on these titles through a separate game page. The most established provably fair gaming picks are dice, hi-lo, crash, Plinko, mines, and limbo. These can get found at hundreds of Bitcoin casinos. They get considered mainstays, favored by veteran gamblers.
Nowadays, on top of provably fair picks, most higher-end online casinos that accept cryptocurrencies also feature modern slots, streaming dealer games, and lottery-style gambling choices. Thus, the top industry competitors have quite robust gaming libraries.
A Bitcoin Casino Can Provide Anonymity & Global Acceptance
The terrific thing about a cryptocurrency casino is that it will likely accept players from over one hundred territories. If it is a site that offers only one or few provably fair choices, it will allow gamblers from every part of the globe to use its services, as such platforms rarely have a license and operate on a good faith basis with their clientele. It is necessary to differentiate such platforms from shady online casinos that do not get overseen by anyone. Yes, these hubs may also have no regulator, but they are well-known online and have histories that can get scrutinized.
Operators in this section of the sphere will not even ask anyone to go through an identification procedure, as they let their user base remain totally anonymous. If a crypto casino hosts slots from interactive gaming behemoths like NetEnt, Pragmatic Play, Playtech, and others, then it probably has a license and asks players to undergo a KYC process, regardless of its classification as a Bitcoin site.