The popularity of cryptocurrency has been growing in the last few years. So, it was only a matter of time before different casinos and sites, like the best bitcoin casinos, started using these virtual currencies as the main currency. Let’s take a closer look at this phenomenon.
Difference between online and crypto casinos
So, what is the difference between online and crypto casinos? To start with, both are casinos where you can play different games online. All the classics like slots, baccarat, roulette, and blackjack are available.
The transactions and types of bets wagered by those platforms draw a line between a crypto casino and an online casino.
The main difference is that online casinos use fiat currencies and have mandated KYC processes. Crypto casinos, on the other hand, do not require all these processes because they use decentralized currency, which provides additional privacy and anonymity.
Benefits and disadvantages of crypto casinos
Crypto casinos have some benefits and disadvantages, like any other project. Benefits are:
- Tighter security. Thanks to blockchain technology, crypto casinos can provide higher security. Plus, they use additional top-notch security protocols for every data taken or given by the casino.
- Decentralization. All transactions using cryptocurrencies are transparent, although due to the decentralization of these currencies, they are perfectly anonymous. However, you can see which account numbers are used for transactions; you can’t know who owns them.
- Faster transactions. Since all transactions are processed through blockchain, they are processed faster. You don’t need any additional payment processor when you want to deposit or withdraw funds.
However, there are some disadvantages:
- There is a small variety of choices. Crypto casinos are a new and still developing part of the industry, so there are very few platforms. This leads to a need for choices when you start exploring new options.
- No specific regulations. Also, since these casinos are new, countries and gambling regulators are still developing laws and restrictions for them. This leads to the appearance of scum schemes and risky platforms because only default restrictions and regulations are applied to these platforms.
- Cryptoscamers. Some people use cryptocurrency’s advantages to scam unsuspecting victims into giving them money through fishing or fraud schemes or by luring them into unregulated casinos, as mentioned above.
Future of crypto casinos
To highlight all the above, crypto casinos are a new and fast-developing part of the industry. There is still rising interest in all cryptocurrencies. In a few years, you will have the opportunity to surf through several crypto casinos and platforms. In the future, they may even displace online casinos or at least compete with them.
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