If you’re wondering what a crypto or Bitcoin casino is, well, many definitions have emerged in recent years. The simplest described them as a casino platform that both accepts and pays out in cryptocurrencies such as Bitcoin. And for those unsure of what cryptocurrencies are, they’re a digital version of physical cash, an alternative kind of money if you will.
The difference between traditional and crypto casinos is that Bitcoin casinos maintain an anonymous functionality. By anonymous functionality, we mean that you don’t need to submit your details before your winnings can be paid; all you need is your cryptocurrency wallet address to start making transactions. Meaning that theoretically, people can gamble using them even if they are not of legal age because anyone can hold cryptocurrency.
The acceptance of Cryptocurrency and the emergence of Bitcoin Casinos
Today, it is no longer news that casinos worldwide accept cryptocurrency payments. This event was motivated by the fact that both big online and offline corporations have accepted these new currencies as payment methods. So, it will only be rational for the casino industry to cash into these emerging technologies or be left out completely.
When you use cryptocurrency at a Bitcoin casino, you can always cash out your winnings through your crypto wallets. You can then easily convert them to traditional currency using one of the many crypto exchanges that are around. But many people keep their winnings as a cryptocurrency, as they are much easier to carry around because it’s all online. Plus there are so many choices to choose from because there are over 21 million coins in the world to invest in.
As companies continue to adopt a specific coin for their platform, so are many casino platforms. These crypto casinos that have adopted the BTC as their payment method are called Bitcoin casino platforms. This is because Bitcoin is the most popular of all the coins, and even those crypto casinos that don’t use BTC are now referred to as “Bitcoin Casino platforms”.
While some casinos may have adopted Bitcoin, others have gone for coins like Ethereum, Shiba Inu, Dogecoin, Gala, Mbox, etc. And just like how traditional casinos offer bonuses to their players, crypto casinos do the same: they offer different bonuses depending on their terms and conditions. This is why anyone hoping to sign up on any platform should endeavour to read their terms and conditions to see if it suits their preference.
Some of the common workings of Crypto/Bitcoin Casino platforms
Crypto casinos come in two types: exclusive and hybrid casinos. The exclusive casino deals exclusively with cryptocurrencies, as in, players can pay and get paid using this means. And on the part of the hybrid crypto casinos, they accept both the traditional payment means and crypto. So, this means that you can still use your debit cards and your crypto wallet to transact while on the platform.
As a new gambler on either of the platforms, you have to understand that you can still use your usual currency to buy the cryptocurrency you need to stake on the platform. But if you have some coins already in your wallet, you can easily swap them to the acceptable coin required to stake bets on your chosen platform.
Meanwhile, it is advised to create a separate crypto wallet you should use in storing coins you need in placing your stake. There is no specific reason for this, but those who practice this have testified that it encourages clarity. Again, those new to the system should endeavour to input their crypto address in their wallet to make it easier to transact and make withdrawals and deposits.
Try to envision the games you wish to play before you finally go for it. This is called “game planning:” the ability to analyze your game-play before fully going for it. And lastly, note that to get bigger rewards on any of these casino platforms, you must purchase coins with higher market value.
It is important to mention that crypto casino games are more secure than traditional casinos. This is made possible because of the presence of blockchain technology. And from different reviews, it means that it also offers better entertainment than the conventional casino games as we know them.
Finally, whether you have chosen the crypto/Bitcoin casino over the traditional means or not, the fact remains that it is just a matter of time before all the hybrid crypto casinos go exclusive to crypto. But until then, it remains the most innovative thing that has happened to the casino industry in recent years.
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