Crypto Casinos – Latest Innovations in Online Gambling
The online gambling sector has gone through many changes, especially in the last decade. It has grown by leaps and bounds due to technological innovations which allowed online casinos and other gaming platforms to communicate with a new audience of casino players.
If we compare the casino sites from the late 90s and the online casinos we can access today, there is a stark difference between the two. First things first, the number of casino games today is increasing every single day, and there are huge libraries of casino games that consist of over 1000 titles as well as an increasing number of game developers.
On top of that, there are vastly more payment options that increase the accessibility of online casinos in general. Not only you’re able to make deposits and withdrawals with your debit and credit cards, but you can also use cryptocurrencies.
Nowadays, and as you can tell from just visiting an online casino, the casino sites are open to new technological innovations, and they are always on top of everything that’s going on in the iGaming sector, which is why they have remained successful in such turbulent times. In this article, we will take a look at some of the latest innovations in iGaming, which include crypto casinos and the integration of cryptocurrencies on online gambling sites.
What are Cryptocurrencies
Cryptocurrencies are based on a peer-to-peer based decentralized blockchain network that facilitates online payments outside the traditional financial system. Bitcoin is the first cryptocurrency developed on the blockchain network, and since 2009 there has been a sudden increase in the popularity of cryptocurrencies as well as the number of cryptocurrencies on the market.
For example, today, there are over 12,000 different cryptocurrencies that can be used for different goals. But the main reason why cryptocurrencies are important for online gambling is the advantages associated with online payments.
Namely, unlike fiat currencies, you would not have to pay conversion fees when you play with your crypto funds. Also, due to the decentralized nature of the blockchain system, each cryptocurrency is processed faster than any fiat currency since the approval process takes only a couple of minutes, and in some cases, it’s instant.
Although casinos might have different policies regarding the processing of specific withdrawals and deposits, the digital nature of cryptocurrencies makes them a better option when it comes to online payments.
Lastly, since the blockchain system is completely decentralized and transparent, it offers enhanced security when it comes to the sensitive details of the crypto senders and receivers. It’s also a beneficial solution for any business, not just online casinos because the businesses only have to purchase a crypto wallet which can be digital mobile or web-based, in order to receive crypto funds.
For businesses, there are multiple advantages in this case because there is a rising number of crypto owners which means that by accepting crypto payments, the brands have an opportunity to forge their way toward a different audience.
Crypto Casinos are essentially no different from any other online casino because you still have the same access to a rich library of casino games, specific bonuses and promotions, and various payment methods.
The only difference is in the payment methods because there are some crypto casinos that only specialize in cryptocurrencies, so you have to own crypto funds in order to play on the platform. Other crypto casinos might offer a mix of fiat currencies and popular payment methods alongside cryptocurrencies.
It’s also worth mentioning that some casinos tend to accept major cryptocurrencies which have already been established in the crypto market that, include Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Monero, and other crypto assets.
Also, if you’re looking to play with your crypto funds on online casinos, you will be able to play any game you want as long as you are willing to make deposits with your cryptocurrencies. So, all you need to do is find an online casino which is reliable and accepts cryptocurrencies. Then you will have the same gaming experience as you would if you choose to play with your fiat currencies.
Online casinos not only have the option to make deposits and withdrawals with your crypto funds, but because they are dedicated to serving crypto casino players, many offer different crypto bonuses, promotions, as well as loyalty rewards that are also based on cryptocurrencies.
The available bonuses and promotions are the same as any other online casino. You can access deposit-match bonuses, bonus spins, and cash-back offers, but they are paid out in cryptocurrencies; that is the major difference between regular online casinos and crypto casinos.
Spike in Crypto Casinos
Crypto casinos were a rare occurrence online. But, after the bull cycle of Bitcoin in 2020, loads of new online casinos decided to join the mainstream crypto adoption and decided to accept cryptocurrencies. This is why today; you can easily find a variety of crypto casino sites online.
This doesn’t mean that every online casino out there accepts cryptocurrencies, but there was a stark difference in just two years in how many online casinos decided to accept crypto payments. We expect in the future this number to go up.
Availability of Crypto Casinos
Needless to say, offering cryptocurrencies gives online casinos a competitive advantage in a highly dynamic and competitive market. It makes online casino games more accessible to an audience that wants to wager with their cryptocurrencies which opens a new audience for crypto casinos.
Also, this is the first time for casinos to offer the opportunity to use cryptocurrencies for online gambling, which hasn’t been done before. Moreover, it’s far easier for online casinos to integrate new digital technological innovations such as blockchain technology and cryptocurrencies compared to land-based casinos.
As far as we know, there aren’t many traditional casinos that are able to accept crypto payments in their establishments. However, there is an increasing number of reliable casino sites that do accept crypto payments and cater to crypto casino players, and additionally offer certain loyalty schemes, bonuses, and promotions.