The internet gambling industry has seen steady growth for decades now and continues to gain popularity. One of the critical reasons for the sustained increase in this industry is advancements in technology. Online casinos have taken advantage of new technologies to make their platforms faster, safer, and more user-friendly.
One of the latest internet technologies is blockchain and cryptocurrency. Although crypto was first developed over a decade ago, the possibilities of what is possible with the tech have made considerable strides in the past few years.
The technology has been developed to the point where Bitcoin and other cryptos are becoming readily accepted by several providers. On top of this, there is an increasing number of crypto-only casinos. You can use this guide to see some of the best Bitcoin Casino sites.
It is clear that crypto casinos are gaining a foothold in the market, but what are the benefits, and are they the future of online gambling? This article will help you answer those very questions.
Crypto and Online Gambling – a perfect Match?
As I mentioned in the introduction, online gambling has been a growing industry for several years. Just like online gambling, the uses and popularity of cryptocurrencies like Bitcoin have also grown significantly in the past decade.
However, it has only been more recently that the growth of both seems to have exploded. Not only are online casinos and crypto perfectly suited in terms of technology, but they have also both seen a tremendous spike in popularity throughout the past few years and especially during the pandemic.
More people than ever are gambling online, and more people hear about crypto thanks to Bitcoin’s massive price growth in early 2021.
It isn’t just the fact these two industries are growing together; the overlap in their audiences is vast. Many people interested in online gambling fit the profile for the kind of person cryptocurrency tends to appeal to.
This all ends in two industries that are a perfect match on several fronts and happen to be seeing a popularity spike alongside each other. It is no wonder crypto gambling looks set to emerge as one of the hottest online trends in the coming years.
What Makes Crypto Casinos Different?
If you haven’t used a crypto casino before, you will be wondering exactly what makes them different from the traditional online casino platforms. Here are some of the main differences and reasons you might be better off using a crypto casino.
More Control Over Funds
Online casinos have long been a cause of frustration when it comes to handling their customer’s funds. Customers are regularly restricted, unable to deposit money, and sometimes accounts even get frozen for withdrawals.
Many of the issues come from the fact that third parties are always involved anytime you wish to deposit funds. For example, banks need to approve transactions anytime credit or debit cards are used.
Crypto is different and allows direct control over your funds, so you can use them however you wish. There are no third parties to restrict how you spend crypto, which gives you complete control over the money you’ve worked hard to earn.
Of course, the downside to this is that you are totally responsible for how you spend and look after your money. If you lose a password or key, there will be no one there to recover it for you, and your funds could be inaccessible.
The trade-off for having more control is taking on more responsibility when it comes to security, but, as an adult, this really should not be much of a problem.
Provably Fair Games
Crypto casinos use a technology known as the blockchain to build their games. In simple terms, the blockchain is a digital ledger that records every single data transaction ever made on the blockchain.
The blockchain operates as a transparent and decentralized system, which means anybody can view the transactions, but nobody can control, edit, or manipulate them. This decentralized network means customers can easily see precisely how a crypto casino’s games operate.
By checking a series of encrypted keys on the blockchain, a gambler can prove beyond doubt that the games inside their chosen casino are indeed random and fair, which is something traditional online casinos cannot offer.
You can see in the video below how this provably fair system works for a traditional card game:
A lot of people don’t feel comfortable giving their personal information to too many companies online. Of course, the more places you enter your details, the more likely they are to be sold to third parties for marketing uses or even worse.
Crypto-only casinos remove the need for any kind of sign-up process because your funds aren’t linked to a bank account. To send and receive crypto, all you need is a set of encrypted passkeys.
As a result, there is no need to enter any other information when gambling in a crypto casino.
Pros and Cons of Crypto Casinos
- Provably fair games
- Anonymous gambling
- Fast transactions
- Additional bonuses for crypto deposits
- Interfaces not as user-friendly as traditional platforms
- Requires customers to be much more tech-savvy
- Crypto price fluctuation and volatility
Are Crypto Casinos the Future?
When it comes to the technology and the potential benefits it offers, cryptocurrency casinos should undoubtedly be the future of online gambling. However, there are a few hurdles that providers must overcome before they become the standard.
Firstly, the adoption of crypto for the general public needs to increase. Too many people still don’t know what crypto is, let alone how to purchase and use it. Until people become comfortable using it as a currency, crypto casinos can never truly take off.
The second big hurdle is to improve the user experience. As it stands, the interfaces of crypto casinos are far behind the streamlined offerings of best traditional online casinos. You still need to be much more tech-savvy to play in a crypto casino, which rules out a huge part of the market.
The good news for crypto casinos is that these problems are similar to ones faced when online gambling was first introduced, so there is no reason to believe they cannot be overcome.