Crypto Casinos

Advantages of Crypto Casinos

Cryptocurrency has been all the rage for a few years now, 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 ‘decentralised’ model has remained at the core of each and every new cryptocurrency’s design.

That is all very well, 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.

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. There are even anonymous casinos that specialize in this.

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 transactions are not carried out through any external banking system or service.

This also acts as an advantage for players wanting to play at online casinos that are based outside of their jurisdiction. Sending crypto for deposits and withdrawals incur significantly lower fees than sending fiat money across borders.

However, it is important and necessary to ensure that crypto gambling is legal in your area.

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 With no intermediaries involved, your currency can be withdrawn (or deposited) as fast as the casino takes to authorise your request.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.

This doesn’t necessarily mean that you will always receive your winnings this quickly, but the potential for instant transactions is through crypto payments offers a game-changer for the gambling industry.

4. Get More Out of Your Bonuses and Promotions

If you know your online casinos, you might have noticed that the casinos embracing crypto are also usually the spots with the best bonuses. This is no coincidence.

Playing at crypto casinos can often grant you access to not only a wider range of deposits, but more sizable ones too. On top of that, you’re cutting out the transaction costs, allowing you to enjoy more bang for your buck.

See some of the best casino promotions available this week.

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 digital currencies like Bitcoin use a cryptographic algorithm (using blockchain technology) 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 that allows players 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. It’s a Damn Good Investment

Bitcoin hit record highs at over 60,000 USD in both February and April 2021, due to events involving Tesla and Coinbase, respectively displaying epic return on investment.

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.

Whether you prefer to play with Bitcoin or any other of the 10,000 cryptocurrencies out there, as the world moves into a more digital space it’s only a matter of time before (widely accepted) currencies become digital too.

Biggest Winners On Crypto Casinos Around The World

While we’ve spoken about tapping into sizable bonuses, let’s take a look at the sizable wins that have been recorded over the past few years. Below is a breakdown of some of the biggest payouts from crypto casinos, and how the lucky players won.

USDT

Playing on Money Train 2, one lucky player hit a 6,883x after placing a €10 equivalent in USDT bet. The total cash out? €68,830 worth of USDT.

ETH

Evolution Gaming’s Crazy Time is known to dish out some pretty impressive multipliers. One player hit the jackpot when they lucked out on a 0.32 ETH (worth roughly $730 at the time of writing) bet and walked away with 400 ETH (just under $920,000).

BTC

This player won a sizable chunk of change at the corner of Mayfair and Park Lane (if you know you know). Trying their luck on Monopoly Live, they turned their 13 mBTC bet into an 18.93 BTC win! At the time of writing that equates to a roughly $440 bet turning into a $642,450 win.

BTC

In March 2017, a very lucky and equally confident player made off with a very impressive win. Immersing themselves in Troll Hunters, their 0.16 BTC (worth roughly $5,400 at the time of writing) bet won a whopping 160 BTC prize ($5,430,080). While most players would’ve called it a day and cashed out, this confident player went on to win another 56 BTC making their total winnings that session equate to 216 BTC – an incredible 1,340% gain!

Play with Your Favorite Cryptocurrency!

At the end of the day, cryptocurrencies aren’t going anywhere any time soon. The advantages that Bitcoin (and other 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.