Cryptocurrency Casinos – Should You Use Them Or Stay Away?

Posted: October 13, 2023

Updated: October 13, 2023

The idea behind playing at a crypto casino does appear to be alluring at first. After all, there are only tiny fees, and the transactions are much faster than any other online casino banking option. Furthermore, there's the promise of total anonymity. However, as crypto has become more mainstream, the more it's now better regulated. As such, many of its initial advantages have now vanished.

With the advancement of technology in online casino table games, such as poker and roulette, integrating features like live dealers and virtual reality, have led to seeing the financial aspects of online casinos changing significantly. Thanks to the power of cryptocurrencies and blockchain technology, financial processes like deposits and withdrawals have shifted towards decentralisation. In doing so, they offer swift payments, complete transparency, and enhanced data security.

This trend has gained traction in various industries, including the realm of gambling. In fact, there’s been a noticeable surge in the past five years in the emergence of online cryptocurrency casinos. Today’s Gamingzion.com article delves into the diverse types of cryptocurrency casinos that have evolved in response to this trend.

What Exactly Are Cryptocurrency Casinos?

Cryptocurrency casinos are digital gambling platforms that use blockchain technology to enable players to wager and deposit using cryptocurrencies. Moreover, any winnings can be swiftly withdrawn back into the user’s crypto wallet. Whether it’s jackpot slots, bingo, blackjack, poker, roulette, or craps, cryptocurrencies can be used across a wide array of casino table games. As a matter of fact, if a casino supports crypto, such as one of the best online casino sites in the UK, 22Bet Casino, then you can use it for virtually any type of casino game.

The most commonly accepted cryptocurrencies by these casinos include Ethereum, Bitcoin, and Litecoin. Nevertheless, the specific cryptocurrencies accepted can vary between online platforms, with some exclusively supporting Ethereum and Bitcoin, while others are open to all three. However, it’s essential to do some research on your chosen online cryptocurrency casino to avoid any unexpected limitations.

What Makes Cryptocurrencies User-Friendly?

The decentralised nature of blockchain technology makes cryptocurrencies fast, reliable, and secure. In doing so, they eliminate the need for intermediaries like banks. They aso empower users with autonomous financial control. This shift has eradicated the days of waiting three to five business days for withdrawals.

Cryptocurrency casinos have transactions which are typically instantaneous, even on a global scale. For instance, if you’re playing online slot machines abroad and wish to withdraw your winnings, your funds can be in your account in under a minute, though much will depend on the amount of blockchain traffic. In contrast, casinos relying on centralised banks could take a week for such transactions.

Additionally, cryptocurrency funds can be accessed from any device, be it a mobile phone, tablet, or computer, eliminating the hassles associated with traditional banking procedures. There are no queues, no waiting periods. Furthermore, because you bypass centralised banks, transaction fees are significantly reduced.

The Different Types Of Crypto Casinos

While they are relatively recent additions to the online gambling landscape, there exist several categories of crypto casinos to consider:

Conventional Online Casinos

These are a hybrid type of online casino that provides players with the option to use traditional currencies (such as USD, GBP, EUR) or cryptocurrencies. Typically, they accept popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin.

For newcomers, it’s advisable to select a reputable, licensed, and well-established casino. To help make the right decision, we suggest you thoroughly review user feedback, seek recommendations from friends who gamble, and participate in online communities and forums to gather additional insights.

Bitcoin-Exclusive Casinos

Bitcoin, the most popular and valuable cryptocurrency, played a pivotal role in the blockchain revolution. If you have a preference for Bitcoin, you can explore Bitcoin-exclusive casinos that solely accept this cryptocurrency.

Crypto-Exclusive Casinos

In contrast to the hybrid approach of traditional casinos, crypto-exclusive casinos do not entertain fiat currencies like USD, GBP, and others. These casinos exclusively operate with cryptocurrencies.

Altcoin Casinos

Altcoins, which are alternative cryptocurrencies, often come at a lower cost compared to major cryptocurrencies like Bitcoin, Ethereum, and Litecoin. This makes Altcoin casinos an attractive choice for gamblers with budget constraints, as they exclusively accept alternative cryptocurrencies, like Tether and Ripple, distinct from the three prominent ones.

Pros And Cons Of Cryptocurrency Casinos

Of course it’s only natural that users of crypto will only sing its praises. But the story isn’t only one of rainboews and unicorns. There are some serious downsides to its use and all players should be aware that utilising crypto for online casino games might not be the pefect means of funding they first imagined.

Advantages

Blockchain technology offers unparalleled transparency by eliminating intermediaries and ensuring immutable, decentralised ledgers through digital signatures. This technology provides tamper-proof transactions when using cryptocurrency for payments and withdrawals. The elimination of third-party processes, such as banks, minimises the risk of identity theft due to the minimal personal information required. Additionally, the incorporation of robust encryption measures enhances data security.

Furthermore, the speed and accessibility afforded by cryptocurrencies are significant advantages for gambling. Almost instantaneous payments are possible regardless of the location of the parties involved. Furthermore, users can seamlessly transact on various devices, whether on the go or at home, reducing the time-consuming interactions with traditional banks.

Disadvantages

Despite its numerous advantages, cryptocurrency remains an emerging technology in its early development stages, leaving uncertainty regarding its ability to handle mass adoption. Moreover, the global integration of cryptocurrencies poses environmental concerns, as it would necessitate the creation of high-powered systems, prompting questions about its environmental footprint.

Additionally, many casinos have yet to integrate cryptocurrencies fully into their reward and bonus systems, resulting in a lack of deposit bonuses in most cryptocurrency casinos. Then there’s the massive volatility of crypto, which can rise and fall by huge amounts in a single day. For example, we know from online gambling news in the UK that Bitcoin went up to $68,000, before plunging to $16,000. Today, its value is around $26,000.

With the initial introduction of crypto, many gamblers were happy at the prospect of total anonymity. In other words, they could gamble online without ever revealing their true identity. However, this is no longer the case. Thanks to more recent KYC (Know Your Customer) requirements set up to combat money laundering and underage gambling, all players at licenced online cryptocurrency casinos will have to provide a copy of a government-issued ID, along with a recent utility bill as proof of address.

Getting Started With Crypto Gambling

For beginners, the initial step is to select a suitable platform and create a cryptocurrency wallet. As with any online gambling, it is crucial to research your chosen crypto platform before providing personal details. Here’s a step-by-step guide on how to commence gambling with cryptocurrencies:

Make a cryptocurrency wallet.
Purchase cryptocurrencies, with popular options including Bitcoin, Ethereum, and Litecoin.
Identify an online casino that supports cryptocurrency.
Register an account on your chosen cryptocurrency casino website.
Deposit your cryptocurrencies using your crypto wallet.
Collect any welcome bonuses.
Begin gambling.

Cryptocurrency Casinos – Gambling At 22Bet Casino

If you’re looking to engage in online casino gaming with cryptocurrencies, 22Bet Casino offers a modern and cutting-edge platform that welcomes cryptocurrency use. Register today and enjoy the convenience of gambling with crypto across a wide range of online casino games, including craps, bingo, slots, poker, roulette, and blackjack.