Since the introduction of Bitcoin in 2009, a new system of digital currency has taken the world by storm. These decentralized currencies offer a sense of ownership and credibility since they are not controlled by a single authority. Any user can opt out when he wishes due to the peer-to-peer network of the system. The encryption technology reduced the frequency of fraud and the mobile currency created a free market structure. Due to the plethora of benefits, cryptocurrencies have found wide adoption. From respectable financial institutions to gambling dens and cryptocurrency casinos, many organizations have started dealing in digital assets.
Gamblers and casino operators are showing considerable interest in cryptocurrencies. Some of the interest revolve around the physical coins. However, the enthusiasm is mostly directed at an online landscape.
This is particularly attractive to those in countries where the governments don’t permit crypto transactions. As a result, such cryptocurrency casinos are flourishing at the same rate as the increase in the market cap of the digital assets.
What are Cryptocurrency Casinos?
As the name suggests, it is a casino dealing in cryptocurrencies. Existing cryptocurrency casinos operate online as betting venues where the method of payment is digital assets. Similarly, the payouts made to punters are also in crypto form.
The processing of payments and the issuance to winners are based on the current exchange rate of the particular currency.
Types of Digital Currencies Used
Initially, only Bitcoin was an acceptable mode of payment for withdrawals and deposits. However, with time, more and more casinos started accepting additional cryptocurrencies.
Benefits of Cryptocurrency Casinos
Cryptocurrency casinos are thriving due to the multitude of benefits that are associated with them. One of their biggest advantages is transaction ease. It is only necessary for each party to provide general personal information. Following this disclosure are instant withdrawals or deposits.
Due to the elimination of cumbersome, long-winded banking procedures, transacting on this system is extremely fast. An additional advantage of this system is that transactions can occur without users having to reveal sensitive personal information.
Famous cryptocurrency casinos
With the increase in popularity of digital assets, many cryptocurrency casinos are starting to use various coins. Below are the existing casinos in alphabetical order that accept Bitcoin, Ethereum and some other cryptocurrencies:
- 7 Bit Casino
- Bit Casino
- Bitcoin Penguin
- Bit Vest
- Bitcoin Video Casino
- Bob Casino
- Bovada Casino
- Cafe Casino
- Cloud Bet
- Crypto Games
- Heritage Sports
- One Hash
- Vegas Casino
In addition the official websites, many additional sites offer honest reviews and comparisons online. Therefore, interested gamblers can check them out and select the best option for them.
The factors in favor of Cryptocurrency Casinos
Besides the benefits mentioned above, many additional factors make these casinos a lucrative option for gamblers.
Most online wallets used in other kinds of online gambling schemes take up to two days to process payments and withdrawals. The reason is that it is currently necessary for them to navigate multiple complex banking channels. Therefore, punters find the online cryptocurrency casinos highly convenient for conducting payments. For instance, in Bitcoin casinos, the gamblers can withdraw their currencies within minutes, thereby, saving a lot of time in the process.
The reason behind such rapid transactions is the decentralized blockchain framework on which cryptocurrencies operate. This system eliminates the various intermediaries. In fact, it ensures that the funds are directly transferred to the crypto wallets.
The icing on the cake is the little or zero transaction fees associated with all cryptocurrency casinos. Since no banks are involved in the process, bank commission fees don’t exist. Therefore, this greatly reduces the expenses of the online gamblers.
Everyone is allowed to Gamble
The biggest factor driving these online cryptocurrency casinos is their access to people from countries where gambling is banned. Since users issue the digital assets and not the national government, it is difficult to track them.
Therefore, gamblers and punters use these assets for betting even in countries with a gambling ban in place.
Anonymity for Parties Involved
When using crypto assets for transactions, it is not necessary to submit any personal information; either to another party or governing body. As a result, gamblers in the US, for instance, can gamble anonymously despite restrictions involving gambling. However, this lack of tracking does not imply that criminals can use the crypto assets. Despite the anonymity, there are other measures in place for detecting and tracking illegal crypto users.
So, anonymity is advantageous since it offers privacy and protection from governments and banks. Even if someone has access to your bank account, they won’t be able to track your activity in these casinos.
Wallet Security is High
One of the main features that makes crypto transactions appealing is the high security of the wallets. Due to high level of encryption, it’s impossible to hack them without a decryption key.
Additionally, casinos employ a complex identification process, making it tougher for hackers to gain information. Therefore, the gamblers using cryptocurrency casinos can bet and be assured of the safety of their funds.
The wide of range of benefits, from cheap and fast transactions to anonymity is making cryptocurrency casinos extremely attractive for gamblers. At the moment these casinos only accept a few known digital coins. However, as more cryptocurrencies rise to prominence, more types of cryptocurrency casinos will emerge as well.
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