It is no secret that the global gaming industry is evolving to accommodate the usage of cryptocurrencies. According to a report from Fortune Business Insights, an Indian market research firm, the internet gambling sphere is now on track to pull in annual revenues of $158 billion in the next six years. By its estimates, the rise of blockchain technology is one of the main factors helping fuel this Bitcoin casino revolution.
The subheadings that follow explore crypto casino sites and how these platforms quickly got a tight hold on this sector, acting as one of its predominant choices for new-age gamblers.
What Defines a Bitcoin Casino?
The chief thing that separates Bitcoin casinos available on sites like cryptocasinos.net from fiat ones is that they accept virtual currencies for deposits and payout wins in them. Naturally, they also have other distinctive characteristics, such as unique bonuses and community options unavailable at regular gambling sites. Still, their primary attribute is that they facilitate gambling via virtual currencies. The first set of these platforms appeared online in 2011, shortly after the initial Bitcoin exchange got birthed. It was then that people had a way to put a value on a unit of BTC democratically.
One area where cryptocurrency casinos sizably differ from standard ones is that they have narrowed the account creation process to only a few seconds. Instant-play sites do exist. These let fiat gamblers enjoy casino-style games with no registration. However, these are only available in specific markets like Scandinavia and require an online bank account. Crypto gaming platforms let interested parties sign-up for their service with their social media credentials, meaning their Google, Twitter, or Telegram accounts. So, anyone willing to play at these sites can do so in seconds.
Alternatively, they can go through a registration process that usually does not demand that they provide personal info. Instead, the process often entails only:
- Clicking the Sign-Up bottom on the casino’s home page.
- Entering a username, password, and email address.
- Clicking on a verification link delivered to the designated user email
In the past, online gamblers had to wait three to five working days to see their withdrawal requests get processed and their winnings land in their accounts. When e-wallets showed up on the scene, they cut this wait time to 24 hours at some hubs. Now, cryptos can get sent and received in minutes, seconds even depending on the coin used. Bitcoin has an average network transaction time of ten minutes, and options like Ripple conduct coins from one wallet to another in three to five seconds.
It is also vital to note that crypto transfers boast high-end safety protocols. Crypto casino gamblers can also set a permanent withdrawal address at their chosen site, and if they use a trusted wallet, that limits the payment worries to around zero.
Regarding bonuses, much like traditional gaming platforms, cryptocurrency casinos also offer standard deposit matches. If a site has fiat and crypto offers, as a rule of thumb, the latter will be the more generous of the pair in 95% of cases. In the other 5%, they will at least be equal.
Hence, fans of virtual currencies can expect to see welcome matches, free spins, and reloads at crypto gambling hubs. But, they can also find bonus-rich VIP schemes that incorporate a tier system that often gives away cashback and various other benefits. Furthermore, most crypto sites reward users for helping build a community presence and raise awareness about their brand on social media. That means participation in Twitter contests, the on-site public chat, and the official Telegram group gets rewarded. Mystery chests are often also part of VIP rewards at casinos accepting cryptos. These function similarly to loot boxes.
Exciting Catalog of Games
The classic Bitcoin casino gambling choice is dice. It is the option that pioneered wagering with digital money and is a mainstay at many websites that run casino-style games. Most operators have a proprietary crypto dice version, although, in recent years, multiple providers have dived into the simplistic provably fair genre. Provably fair refers to a concept that the original set of crypto games implemented, allowing gamblers to check the validity/randomness of round outcomes. Plinko, hi-lo, mines, and crash are a few other provably fair picks that remain popular with old-school players.
That said, nowadays, Bitcoin casinos also feature modern slots, streaming tables, video poker, bingo, keno, and a range of other gambling games. In fact, many higher-end Curacao-regulated sites have gaming arsenals consisting of more than five thousand titles. That is a figure that was inconceivable a decade ago. These options differ not only in gameplay but also in wagering limits. Some, such as live dealer games from Evolution, are only suitable for high-roller action, while low-variance penny slots cater to casual users who are mainly looking to have fun.
Secretive Gaming & Global Acceptance
Yes. Know Your Client (KYC) procedures, also known as Know Your Customer policies, have been a consistent thorn in the side of crypto casino gamblers, as they require that players identify themselves to their chosen operator. They do this by asking that they send copies of a proof of address (utility bill), an ID, and in some situations, a source of funds. They usually ask that their members comply with this procedure when gamblers want to complete their first withdrawal, and at that point, their anonymity goes out the window.
Still, multiple provably fair gaming sites and a few Bitcoin casinos that do not care about the Know Your Client process exist. It is vital to remember that operators following KYC rules are often not mandatory. It is not something their regulators obligate. Instead, sites choose to adhere to this standard as a way to avoid potential legal hassles in various jurisdictions. Yet, as mentioned, some operators try to be more alluring to players by featuring no KYC stipulations, letting their player pool gamble in secret, with their transactions remaining hidden from prying eyes.