A blockchain casino is an online casino that utilizes blockchain technology in its operations. This includes using smart contracts to facilitate automatic payment to customers, accepting cryptocurrency deposits, and even paying out winnings in crypto.
Currently, there are no true blockchain casinos in operation. What this means is that the casino doesn’t operate entirely on the blockchain. If it were to do so, the casino could only offer blockchain-based games — thus severely limiting their range of offerings.
Instead, blockchain casinos offer a mix of conventional games such as poker, craps, and slots while still receiving crypto deposits, and paying out their winnings in the form of crypto.
Are Blockchain Casinos Legal?
This is something of a gray area as gambling is outlawed in most countries. Some nations like the United States and China have legal land-based casinos where punters are free to gamble as they please.
However, blockchain or online casinos are something else entirely. Few countries in the world recognize cryptocurrencies as legal tender, a few tolerate its use, while others have outlawed its use entirely.
So keep this in mind if you intend to gamble at an online casino. Besides that, there’s also the fact that cryptocurrencies are 100% unregulated and totally decentralized.
Meaning that if you get scammed or if your cryptos get stolen, the authorities probably won’t help you. And even if they did, there is a very slim chance of you ever recovering your lost assets.
Why Do Blockchain Casinos Matter?
Blockchain casinos represent the next step forward for the gaming industry. Being one of the early adopters of cryptocurrency, online casinos are uniquely positioned to leverage on new tech developments. And this has the potential to bring about new and exciting developments such as automated payouts, better game management, and autonomous player verification.
Will Blockchain Casinos Become Mainstream?
All of this depends on the current political and economic climate. As is, cryptocurrencies are viewed by suspicion by governments worldwide. And this makes it exceptionally difficult for digital assets to break into the mainstream.
That being said, rising distrust of government institutions everywhere may actually push more consumers to start making use of cryptocurrencies. As cryptos are 100% unregulated and decentralized, it allows individuals to move outside of the control of banks and governments.
However, we still have a long way to go before any of that becomes true. What we will more likely see is an increase of online casinos that accept cryptocurrency payments.
Now that we’ve gotten all of that out of the way, let’s take a look at why you should consider betting with digital currencies:
What Are The Benefits of Betting With Cryptocurrencies?
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Faster/near immediate fund transfer
One of the biggest advantages of betting with cryptocurrencies, such as a Litecoin or Bitcoin casino, is the speed at which funds are transferred. This is because cryptos do not make use of banking infrastructure.
Instead, transactions are verified and recorded on the blockchain, thus allowing funds to be transferred almost immediately.
From a punter’s perspective, this is a tremendous advantage as you can now have instant access to your winnings. In the past, winners had to wait for up to 3 working days depending on the circumstances to access their money.
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Improved security
Gambling on the internet can be a risky affair given how rampant identity theft and other cybercrimes are. And this is one of the main reasons why so many punters are reluctant to visit online casinos despite numerous security measures being in place.
However, cryptocurrencies present online gambling enthusiasts with a safe and effective alternative. Rather than having to input your personal financial details, you only need to input the casino’s wallet address and transfer the funds directly.
The same applies when you’re registering with the casino as the only information required is your own crypto wallet address. Such an approach significantly reduces the risk exposure faced by punters when they’re playing at an online casino.
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Anonymous betting
The same can also be said for punters who desire anonymity. While most gamblers are perfectly responsible individuals, the entire scene is tainted by certain people who have given gambling a bad name.
Due to this, some punters seek to distance themselves from the crowd by playing over the internet. Unlike a land-based casino, online casinos let you place bets safely and peacefully from the comfort of home.
And with cryptocurrency payments, this is now possible. Instead of having to worry about credit card bills, crypto allows punters to discreetly place bets without arousing suspicion of any kind.
Blockchains casinos are an interesting development for the gaming sector and will probably be here to stay. Given the current circumstances and the rise of crypto, blockchain casinos have the potential to become part of the mainstream.
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