The growth of crypto casinos

Whether you’re looking for a good bonus for a PayPal casino or you only play using your credit or debit card, you’ve probably noticed that many casinos now offer the opportunity to play your favorite games using some of the most popular cryptocurrencies.

Crypto casinos are not exactly new; they’ve only begun to take on greater prominence as digital currency has become more mainstream.

But where do you start with crypto casinos? Why are they popular – and are they a good thing?

One Minute Cryptocurrency Basics

Although it’s difficult to track the number of cryptocurrency users due to the decentralized nature of the currency, the best analyses have shown that the global user base of cryptocurrency has risen 190% between 2018 and 2020 and continues to grow. Some statistics claim that one in four Americans have invested in some form of cryptocurrency.

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Cryptocurrency is essentially a digital currency that is exchanged through a computer network, protected by cryptography. The decentralized technology is managed through the blockchain, which is a ledger that is managed by a distributed and disparate network of computers.

Crypto is described as decentralized because, unlike physical fiat currency, it is not reliant on a government or bank to uphold or maintain it – which means that it is theoretically immune to interference or manipulation.

Although crypto is not yet used in many retail transactions, interest in the area from companies like Mastercard and Tesla have increased legitimacy, making more people interested in investing in the altcoin network.

Why Crypto Casinos?

Cryptocurrencies are being offered as a deposit method by online casinos around the world. Some are “traditional” online casinos that offer the alternative method alongside using credit and debit cards, bank transfers, and PayPal.

Other crypto casinos are set up to only accept altcoins as a deposit and withdrawal method, and you might need to use a VPN (Virtual Private Network) to access them because they are not widely regulated or accepted in every jurisdiction – partly because cryptocurrency is notoriously difficult to oversee and monitor by global governments.

The global crypto gambling market is predicted to reach $1.6 billion by 2024 – so why are people choosing this new way to play?

Anonymity

The whole point of cryptocurrency is that it is a decentralized, anonymous exchange method. Crypto casinos do not require you to sign up using any identifying personal information, and the transactions are encrypted in such a way that the coins are recognized numerically.

It is worth noting that crypto is not completely anonymous, and the travels of a Bitcoin or any other altcoin can be tracked by their digital trail.

Speed

Using cryptocurrency cuts out the middleman. No bank or other institution needs to be involved in making transactions happen – all you need is the public and private key information, and away you go.

The other benefit of no third-party involvement – and being decentralized – is that if there is catastrophic failure, for example a bank system crashes or the stock market crashes, altcoins will still be available for use.

Ease of Use

Crypto is stored online, in digital form – so you never have the cash in your hand. The wallet where the coin is stashed can be a personal one, or it can be held by a specific company – but it is only available for you to access, using the combination of public and private keys that only you know the details of.

You just need to transfer it to your crypto casino account, and you are ready to play making crypto easy to use.

Fairness of Games

Cryptography secures cryptocurrencies, and it also creates them – and the same technology can be used to create algorithms that we rely on when it comes to playing in online casinos. Aside from the live dealer games, all the casino games that you play are reliant on gaming technology like Random Number Generation (RNG) to make the games work – and to make them fair.

Using blockchain level algorithms in creating slots and other games for you to play is part of the reason that the games remain fair and balanced, and you can rely on them to be about luck rather than the whim of the casino company.

Bonuses

Like all casinos, bonuses are the main attraction for new players. Although crypto casinos do not currently offer many bonuses, this is likely to change as competition for customers increases. Some crypto casinos have already introduced deposit matching and rake back bonuses, but there is potential for other types of bonuses as well.

Online casino bonuses typically include deposit matching and free spins, and we can expect these to also be offered to new players at crypto casinos. However, with so many other benefits to playing casino games with cryptocurrency, bonuses may not be the only incentive.

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