We already mentioned that small-to-medium game developers most often make crypto-exclusive titles. Some blockchain-based casinos however create games just for their platforms. This makes it more attractive to try out new casinos and keep returning for more.
You can also play casino games with cryptocurrency. Some games also use non-fungible tokens. You play the game and earn tokens or assets which are saved to the blockchain ledger. These assets are more tangible than online and video games. These assets can be sold, traded or collected in real life.
Crypto Gambling Regulations
Financial policymakers see cryptocurrencies as volatile and risky. It’s impossible to predict whether the coin’s value will rise or fall. It is possible to predict patterns, but there is no direct correlation between the change in real life and the increase or decrease of the coin’s value.
The UK Gambling Commission (UKGC) is the UK’s foremost authority on gambling-related issues. This organization seems to have been open to cryptocurrencies being used in gambling in recent years. However, the casino must meet certain criteria to be permitted to use cryptocurrencies.
First, they must adhere to strict anti-money laundering regulations. A second requirement is that the casino acts responsibly.
All of these rules still apply to fiat money payments. However, digital money’s decentralized, peer-to-peer nature makes it more difficult to regulate.
Many cryptocurrency casinos are not licensed by the UKGC and operate outside the UK. Curacao licenses are the most popular since they are the easiest to get using digital currencies.
Player protection can be a major concern if you play at a casino outside of your home country or without a license. If something does happen, you are responsible for your own decisions. These platforms are even riskier because of the volatile nature of digital currencies.
Crypto Casinos Vs Traditional Online Casinos
When blockchain-based casinos became available, the online casino world was forever transformed. We will get more technical about blockchain technology in this article. It is important to remember that casinos that accept cryptocurrency for payment are not the same as casinos that use blockchain technology.
Regulation Vs Decentralization
The decentralization factor is the most significant difference between regular and cryptocurrency online casinos. Traditional online casinos use a centralized licensing authority to ensure the platform complies with strict laws such as anti-money laundering, fair play, and privacy. They are often located in jurisdictions with a solid legal background or cannot prosecute gambling.
You should ensure that you have a valid licence if you decide to play at an online casino. You won’t be protected if you get scammed or something goes wrong.
Blockchain-based casinos allow players to play without any intermediary while still ensuring fair play in a second (just by using a hash)
Transparency in Information
Online casinos typically have detailed terms and conditions. These include rules regarding bonuses, withdrawals, and any disputes. It can sometimes be difficult for players to understand it.
Licensed casinos are known for being transparent and will not conceal any information. They don’t have any vague terms that could confuse players. This is usually frowned upon in the community. Although it might seem daunting to read and understand the T&C, it will protect you from any nuisances later.
You should be aware of all terms and conditions that cryptocurrency casinos enforce. There is another layer to your responsibility. This includes general knowledge and technological awareness about crypto. These are just a few of the many aspects that you need to be aware of:
- Exchange rates.
- Choosing a safe wallet and how to use it safely.
- Keeping up with all recent crypto developments.
Fast Transactions and Affordability
Online casino enthusiasts who have been around for a while will know that traditional payment methods can be slow. Ewallets made withdrawing easier with a shorter processing time than bank transfers and credit cards. E-wallets offer more privacy as you don’t need to share financial information.
Transactions are now easier and quicker with cryptocurrency. You receive your winnings in just a few minutes; no personal information is shared.
The fees associated with traditional payment options are another reason. These fees are not only applied by banks and financial institutions but also the casino processing fees.
Because the transactions are decentralized and automatically executed, cryptocurrency casinos charge relatively low fees. A few casinos have wallets that are made specifically for their customers.
Variety of Games
Both traditional and blockchain-based casinos both have large libraries of player-favourite games. While some famous titles may not make it to blockchain platforms similarly, you can still find great graphics and entertaining themes at crypto casino.
Slots are a popular choice, followed by video poker, baccarat, and roulette. Because of the provably fair nature of gambling, dice and craps have also reached peak popularity.