As the popularity of online casinos is constantly growing, new forms of online gambling are constantly appearing and reshaping the gaming industry. With the appearance of cryptocurrencies and their major rise, it was inevitable to see blockchain casinos join the online gambling market.
When we look separately at both the online casinos and cryptocurrencies, we will notice that each of these markets is massive and extremely popular, and combined they can reach a new high. In this article, we will explain everything that you need to know about blockchain casinos.
Cryptocurrency and Blockchain Technology
Before we dive into the blockchain casinos, we must explain what cryptocurrencies are and what is the technology behind them? The most basic definition is that a cryptocurrency is a digital form of money that can be used to buy goods and services, such as online gambling.
The people who want to use cryptocurrencies have to exchange real currency in order to obtain a cryptocurrency that they can use to pay for goods or services. A very sophisticated technology named blockchain carries out the use of cryptocurrency.
A blockchain is a technology that is decentralized, distributed and often public, a digital ledger that is made up of records called blocks which are used to record transactions across several computers. This technology records and manages all the transactions that are made with cryptocurrency.
The cryptocurrencies and the blockchain technology are favoured by the people because of the security and anonymity they get from them. Some of the most popular cryptocurrencies that are using the blockchain technology are:
BitcoinEthereumLitecoinTetherDogecoinBitcoin CashUSD Coin
Now that you know the basics of cryptocurrencies and blockchain technology we can easily explain what blockchain casinos are.
Blockchain casinos are online gambling platforms where the players are using cryptocurrencies as a payment method when wagering on the featured online casino games, applying for a certain bonus or promotion, or withdrawing their winnings.
Are Blockchain Casinos Better Than Regular Online Casinos?
As the majority of players are wagering at regular online casinos, mostly because they don’t own or don’t understand the concept of cryptocurrency, that form of online gambling is more popular. But are traditional online casinos better than blockchain casinos?
In order to give out an answer, we have to lay out a few crucial differences that separate both forms of online casinos. In the table below we will lay out some of the crucial features that distinguish both forms of online gambling.
Blockchain CasinosTraditional Online CasinosUses cryptocurrenciesUses regular currencies like USD, Euro, GBP, etc.Fast and easy transactionsThe transactions may take up to 5 business daysNo need to layout your personal information when making a transactionMust lay out your personal information when making a transactionDecentralizedCentralizedNo additional fees are attachedMay attach additional fees
First of all, blockchain casinos are more transparent than regular online casinos and have a simpler online gambling platform which allows the players to quickly notice if there are some unusual and unexpected changes.
Blockchain casinos also offer faster and easier transactions, whereas at the regular online casinos the transactions may take up to 5 business days to be processed. Additionally, transactions with cryptocurrency are the safest form of online payment.
In order to protect the player’s identity from theft, the crypto transactions do not require any personal information to be laid out. Also, with cryptocurrencies, there can be no chargebacks, which means that the transaction cannot be reversed or changed from the way it was registered, which lowers the risks for merchants.
Another major advantage for blockchain casinos is that they tend to offer fairer games compared to regular online casinos. Most blockchain casinos are using a fair algorithm and have a low house edge, which gives better chances to the players.
Blockchain casinos also tend to have a massive game library, which is superior to the traditional online casinos. The majority of players are preferring a casino that has a wide variety of casino games, especially if those casino games offer a high return percentage.
Summing up everything that we’ve laid out above, we can say with great accuracy that blockchain casinos are offering a better and safer gambling experience to the players compared with the traditional online casinos.
Are Bitcoin Casinos the Same as Blockchain Casinos?
It is very common amongst the players to use bitcoin and blockchain interchangeably, which is wrong. Although the difference between blockchain and bitcoin casinos is hard to spot, there are some things that distinguish them.
Any regular online casino that accepts Bitcoin as a payment method can automatically be considered a bitcoin casino. But, when players are wagering at such a casino, they are using blockchain technology to transfer the funds.
However, cryptocurrency gambling is considered as scratching the surface of blockchain technology, which has a very big potential. Online casinos can incorporate blockchain technology into their core structure and become a true blockchain gambling platform.
We can have an online casino that includes cryptocurrencies as a payment method and that casino can resort to smart contracts, making the payments for each game automatic and instantly available in the player’s wallet.
As the popularity of online casinos and cryptocurrencies is expected to keep on rising, it is only natural to assume that blockchain casinos will rise even further. This newer type of online gambling has many great features that are much more sophisticated and by far better than the features from traditional online casinos.
Blockchain casinos are using the extremely popular cryptocurrencies in order to conduct transactions, which are based on blockchain technology. The players can have a more secure and private gambling experience at the blockchain casinos than they would have at the regular online casinos.
It is no wonder the future of online gambling lies in the blockchain casinos and sooner or later every online casino in the online gambling industry will use blockchain technology as a way to conduct gambling activities.