Why Cryptocurrency Casino Operators are Reeling in the Crowds

Bitcion Cryptocurrency Casino
Bitcion Cryptocurrency Casino

Foreword: Traditional online casinos revolutionized the gaming world for everyone.  Out of nowhere, virtual casinos sprung up in the 1990s. Today it’s a multi-billion dollar industry with global operations. These online gaming destinations present players with a smorgasbord of attractions including slots, card games, table games, video poker, and instant games too.  

One of the biggest challenges facing online casinos is credibility. For years, Internet casinos struggled to allay player concerns regarding trusted casino outcomes. Even today, sceptics refuse to accept that online casinos don’t doctor results to benefit the house. 

For example, if you bet on black in roulette what assurances do you have that the casino won’t make the ball land in a red slot? Likewise, if you choose the gamble feature on slots, and bet on black, how do you know that the casino won’t manipulate outcomes and make the gamble feature pick a red card?  

Perhaps you are one card shy of a Flush, Straight, Straight Flush, Full House, or Royal Flush? Since players cannot see what is going on behind the scenes, it’s hard to trust the software. It’s all very different to land-based casinos where you get to see the dealer dealing the cards, shuffling the decks, or spinning the roulette wheel. 

Provably Fair Gaming 

The conundrum to provably fair gaming was solved in an interesting way. Online casinos built up trust by conducting themselves accordingly: 

  • Fully licensed and regulated operations with reputable authorities such as the MGA, UKGC, Government of Gibraltar, Government of Curaçao, Kahnawake Gaming Commission, Antigua and Barbuda, and others.
  • Onboarding of reputable software providers such as Playtech, Microgaming, NetEnt, Yggdrasil, Thunderkick, Skillzzgaming, Playson, and dozens of others.
  • Independent testing and verification of game results through eCOGRA Safe and Fair, TST (Technical Systems Testing), iTech Labs, and others. These reputable authorities validate the credibility of casino RNGs (Random Number Generators).

Yet, even with all these controls in place there is still a degree of mistrust out there. Enter Litecoin casino operators. With blockchain-based systems in place, many of them decentralized gambling platforms, it’s not necessary to trust the online casino in question. These blockchain casinos run on different platforms. Some of them are EOS blockchain platforms, others are Ethereum platforms. If the casino is built on blockchain technology, it will use cryptocurrency to power transactions for gambling purposes.  

While Litecoin casino operators may use Litecoin (LTC), or TRON casinos may use TRON, and Bitcoin casinos may use Bitcoin, most crypto casinos actually accept a variety of digital currencies. It’s all done for convenience purposes, given the sheer variety of 10,300+ cryptocurrencies populating this massive decentralized market. 

What are the Benefits of Blockchain-Based Casino Games? 

Blockchain-based casino games offer many benefits over and above those provided by regular online casinos. For starters, there is greater trust, transparency, accountability, and credibility. According to Statistics (Statista), global gambling revenue is expected to hit $23,582 million in 2021 with a CAGR through 2025 of 7.36%. While online casinos have been around since the 1990s, crypto casinos are a relatively new phenomenon. 

Since trust is still lacking in gambling results and payments circles, blockchain presents as a valuable resource. Players still don’t trust online casinos to generate fair results, or to pay them out in a timely fashion. Sure, online casinos will take your money, but what about your winnings? These are valid concerns for anyone wanting to gamble online. Fortunately, crypto casinos are based solely on trust. Blockchain technology is digital, and transparency is paramount.  

Some crypto casinos run their entire platform with blockchain-based technology, while others use traditional online casino software providers and simply accept cryptocurrency as a means of transacting (deposits and withdrawals). The bigger Bitcoin casinos, Litecoin casinos, and Ethereum casinos may develop their own software, while the smaller ones use industry-leading software. For the operators, there are many other benefits to blockchain-based casinos. For one thing, no licensing is required since a pure blockchain-based casino operates anywhere, everywhere, without the limitations of established financial institutions, and regulatory bodies. This is really what separates the crypto world from the fiat world. 

Many Reasons Why It Makes Sense to Play at a Crypto Casino

There are also hybrid online casinos which accept both fiduciary currency and cryptocurrency, making it easier for players across-the-board to sign up and play. A certain degree of technical proficiency is necessary on the part of players. Since crypto is based on cutting-edge technology, it’s important to understand how to buy, transfer, and manage cryptocurrency. Clearly, there are benefits to playing at crypto-based casinos. Let’s take a look at the benefits of crypto-casinos: 

  • Safe and secure operations at cryptocurrency casinos.  This also means that you have a greater degree of privacy than you would have at any other fiat casino. For one thing, personal identifying information is not required at a true crypto casino. This makes it much more difficult for the authorities to track you. Most of the time, you don’t need to identify yourself in any way; you can use a fictitious email address, and a VPN or TOR when you play and win. 
  • Transactions processing is a big benefit for players. Traditional currencies require players to use intermediaries (middlemen when transacting online). This can be expensive, since there are transfer fees into and out of your account, and/or from the online casino in question. With crypto-casinos, that’s not a concern. Minimal fees are levied on transactions, making them the preferred option for players. Expect rapid payouts, instant deposits, and minimal complications. 
  • Geolocation tracking software is not required when playing at a crypto-casino. Since you are not restricted by the constraints of one regulatory body or another, it’s all built on a system of trust. 
  • Many crypto-casinos allow players to deposit substantially less than a traditional casino allows. Transactions as low as £1/$1/€1 are entirely possible at Bitcoin casinos, Litecoin casinos, and Ethereum casinos.

These are some of the many reasons why players are turning to crypto-friendly casinos for their entertainment.   

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