Ever since the genesis of Bitcoin in 2009, cryptocurrencies have been the darling of the online casino world. From the get-go, cryptocurrencies proved attractive to casinos as a totally unique ‘universal currency’. Thereafter, it didn’t take long for the players themselves to pick up on all the advantages that crypto brings to the gambling experience. From provably fair games, to complete anonymity, low transaction fees, instant payments, and ever-growing jackpots, Bitcoin casino brands soon became legendary.
Over the last decade, we have seen thousands of new cryptocurrencies (known as ‘altcoins’) surge in popularity, many of which have been taken on board by existing online gambling establishments. As a consequence, the crypto-based casinos that you’ll find today are catering to a wider market, are more secure and have far sleeker processes. At the end of the day, that’s what technological progress is all about, right?
Our Favorite Crypto Casinos
In recent years, the original Bitcoin casinos (that we’ve come to know and love) have taken newer cryptocurrencies on board, broadening their scope to cater to a wider range of player preferences. At the same time, we have seen brand new online casinos dive headfirst into the crypto game, accepting a host of novel crypto-currencies from the moment they open their digital doors. Overall, the crypto-gambling landscape looks pretty damn exciting. That’s why we are constantly keeping our eyes open for new developments in the scene, so you can get the most out of gambling with crypto. Below, we’ve compiled a list of our favorite crypto-casinos to grace our screens.
Advantages of Crypto Casinos
Cryptocurrency has been all the rage recently, with stories of investors making miraculous leaps to millionaire status and reports of multinational corporations investing billions into the industry. While all this is true, it’s not the only reason why online gambling establishments have climbed aboard the crypto bandwagon.
When Bitcoin launched back in 2009, its primary purpose was to create a peer-to-peer payment system that no longer needed to rely on third parties. In other words: cryptocurrencies let us sidestep the involvement of big banks and financial institutions in our everyday transactions. This ‘decentralized’ model has remained at the core of each and every new cryptocurrency’s design. This is fair enough, but what does that mean for casinos and the players?
1. Privacy and Anonymity
The decentralised nature of cryptocurrencies makes it impossible for authorities to track player activity. This means that gamblers transacting with crypto have the advantage of complete anonymity and total privacy. The bottom line? You own your money and you’re in full control of your transactions.
2. Lower Fees
Apart from keeping your personal information secure, crypto-based transactions tend to have incredibly low (or totally negligible) fees attached. Once again, this is because crypto-based transactions are not carried out through any external banking system or service.
3. Super-Fast transactions
The decentralisation of cryptocurrencies also makes transactions incredibly fast. With no intermediaries involved, your currency can be withdrawn (or deposited) as fast as the casino takes to authorise your request. While fiat currency can take up to 3 days to be transacted (sometimes longer), cryptocurrencies can be processed within 10 minutes. While this doesn’t mean that you will always receive your winnings this quickly, the potential for instant transactions is a game changer for the gambling industry.
4. Get more out of your bonuses and promotions
If you know your online casinos, you might’ve noticed that the casinos embracing crypto are also usually the spots with the best bonuses. This is no coincidence. While traditional gambling establishments generally offer a (50% – 100%) match bonus up to a couple hundred of USD, the bonuses offered by Bitcoin casinos are rarely less than 1BTC. That equals over 50,000 USD!
5. Provably fair
Games that use cryptocurrencies can also be made “Provably fair”, which ensures that every outcome is totally random. Provably fair technology is totally unique to crypto-gambling. This is because currencies like Bitcoin use a cryptographic algorithm (blockchain) that is very difficult to decode or hack. You’ll find that pretty much all crypto casinos use something like Random Number Generators, Hashing, or Random Seed Generation to verify each transaction that takes place on its site. Each game or transaction has its own algorithm and it can be verified to determine its fairness.
6. Because it’s a damn good investment
At the time of writing, Bitcoin has reached the value of 56,811.90 US Dollars, according to CoinMarketCap. The cryptocurrency hit record highs at over 60,000 USD in both February and April 2021, due to events involving Tesla and Coinbase, respectively. In short: it’s a fast-paced and super lucrative business. So, if you play your cards right, gambling with cryptocurrencies could be the ticket.
Cryptocurrencies Available at Crypto Casinos
The crypto casino brands above have enabled payments in Bitcoin and at least one other cryptocurrency. The most popular cryptocurrencies accepted by online casinos are the following:
Play with Your Favorite Cryptocurrency!
At the end of the day, cryptocurrencies aren’t going anywhere any time soon. The advantages that Bitcoin (and newer altcoins) bring to both casinos and players means that crypto has become a staple in the gambling industry. So, what are you waiting for? Now that you know a little more about the crypto-casino hype, choose your favourite brand and start reaping the benefits.