Crypto Casino 101: A beginner’s guide to getting started

Bitcoin lying on top of a laptop

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What is a Crypto Casino?

A crypto casino is a website that allows users to sign up and wager on random-number-generated games and live casinos. The main difference is that crypto casinos process their deposits and withdrawals as cryptocurrencies. While the supported cryptocurrencies may differ from one platform to another, most crypto casinos support payments in Bitcoin, Ethereum, and Tether.

Like regular online casinos, crypto casinos are regulated and licensed to protect player interests. As a result, you’ll enjoy access to the best games and customer service. However, each platform is regulated based on its jurisdiction. This means you’ll only find a crypto casino in a region where cryptocurrency transfers are supported.

How Do Crypto Casinos Work?

As mentioned earlier, crypto casinos are similar to other online gambling websites, but you’ll pay and withdraw your winnings in cryptocurrency. This means bettors must choose a preferred cryptocurrency and crypto wallet exchange. Next, sign up for an account on this exchange platform and buy your favourite coin. Afterward, you’re expected to link your account on this exchange platform or wallet to your betting profile. It’s a relatively easy step to complete within a few minutes.

What Are the Benefits of Crypto Casinos?

So, why should you sign up on a platform that only supports crypto deposits and withdrawals? There are several merits to consider. Here’s a list of the benefits of registering as a crypto casino user:

  • Faster Transactions: Cryptocurrency is renowned as a private and secure means of payment, and the blockchain powers its transactions. Hence, payments can be processed relatively quickly, irrespective of the proximity between the sender and receiver.
  • Secure Payments: Another benefit of crypto casinos is based on their blockchain characteristics. Crypto casinos process payments via the blockchain. As a result, they cannot be hacked. This means you don’t have to worry about hackers.
  • Low Transaction Fees: Another exciting benefit of crypto casinos is that deposits and withdrawals are processed with low transaction fees because crypto-based transactions are cheaper than traditional payments.
  • Support Privacy: When gambling on an online casino, your payments are processed without using your details. Hence, you can stay anonymous and avoid online identity theft.

What are the Disadvantages of Crypto Casinos?

Crypto casinos have innovative features that distinguish them from regular gambling websites. However, they aren’t without their disadvantages. Here’s a list of the potential demerits of crypto casinos:

  • Cryptocurrencies are prone to price fluctuations: To use a crypto casino, you must store your digital assets. However, these assets are prone to volatile price changes due to factors like bad news. For instance, news of the arrest of the FTX CEO caused the prices of crypto assets to dip even further. When the prices of these assets reduce, you could lose money.
  • Deposits and withdrawals at online casinos require experience: If you want to add and remove money from your betting profile, you must know your way around crypto exchanges and wallets. This may be an easy or steep learning curve, depending on the level of your technical know-how.

What’s Next for Crypto Casinos?

Crypto casinos have become more popular than their conventional counterparts because of the innovative benefits they offer players, but it’s worth noting that not everyone has joined the cryptocurrency bandwagon. Several regions worldwide prohibit the use and transfer of cryptographic assets. Here, legislators believe that bettors can use these platforms to launder money due to the anonymity of their payment channels. They also think these online casinos would be harder to control because their payment channels don’t require a Know Your Customer (KGC) protocol.

So, it’s difficult for bettors in these restricted regions to access the features of these innovative platforms. For instance, it’s illegal to create, sign up for, and stake in a crypto casino in the United States. However, as more countries adopt crypto payments in their jurisdictions, you can expect more developers to create these blockchain-enabled platforms.

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WARNING: The investment in crypto assets is not regulated, it may not be suitable for retail investors and the total amount invested could be lost

AVISO IMPORTANTE: La inversión en criptoactivos no está regulada, puede no ser adecuada para inversores minoristas y perderse la totalidad del importe invertido

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