Going by the latest cryptocurrency statistics, the global crypto market cap stood at $1.06 trillion in August 2022, with approximately $112 billion in digital coins traded daily. In the last decade, the price of the world’s first cryptocurrency, Bitcoin, has jumped by more than 540,000%, with $22 invested in it in 2012, worth more than a million today. Hence, it should be no surprise that the online gambling sphere is diving deep into supporting the rise of Bitcoin casinos and coin-based gaming in general.
Crypto gambling became a thing in 2011, and experts now predict it will act as one of the driving factors in this sector, reaching annual revenues of over $150 billion by 2028. That is why it is vital that parties interested in testing their luck on casino-style games of chance get familiar, more in-depth, with these platforms and learn how they are paving the way for a new online gambling market.
What Is the Definition of a Bitcoin Casino?
A crypto casino like those listed on https://cryptocasinos.net/cryptocasinos.net is any gambling site accepting digital coins as a viable payment method. That is the short of it. Naturally, these hubs also have other distinctive features. However, for a platform to earn the moniker of a cryptocurrency gaming site, it first must allow its user base to stake virtual currencies in games of chance.
The other ways these platforms differentiate from standard fiat online casinos are that they provide unique promos unavailable at regular gaming sites and promote a sense of community among their player pool. They also house products that let gamblers check the validity of the result-generation process.
Swift Sign-Up Provided
One super notable aspect that makes cryptocurrency casinos stand out is that some allow registration by only requiring an email and password to get entered, with these sites auto-generating a username that can later get changed inside a player’s profile page. Moreover, many crypto hubs allow users to become members by providing their social media account credentials. That is right. Gamblers can instantaneously become members of a Bitcoin gaming platform by accepting to send over their Google, Twitter, Facebook, Discord, or Telegram account details to their chosen operator.
As a rule of thumb, becoming a member of a coin-based casino site without tying in a social media profile usually entails:
- Clicking the sign-up button in the top navigation bar.
- Fill out the provided registration form.
- Verifying the created account by clicking a link sent to the inputted email.
At traditional online casinos, the payment arsenal consists of a blend of e-wallets, credit/debit cards, bank wire transfers, and pre-paid solutions. Payment processing through these diverse methods ranges from twenty-four hours in the best-case scenario to seven banking days or more in the worst.
Concerning coin transfers at Bitcoin casinos. The speed with which these payments get processed starts at a second. And it moves to an hour at the high end. For example, on average, Bitcoin transactions take around ten minutes to finalize, Terra ones take six seconds, and Ripple transfers are almost instant. Of course, network congestion plays a role in the time it takes for coins to move from one wallet to another on a blockchain, but the speed with which they do so is dramatically faster compared to fiat payment options.
As mentioned in the first subheading, gamblers can expect novel promos, like chat rain, mystery/loot boxes, and cashback at an established crypto casino. Every such hub features a loyalty scheme that works via a point-collecting system, where gamblers move up levels thanks to their wagering activity. The more points they accumulate and the higher status one reaches in these programs, the more access to more lucrative perks that individual gets.
Crypto sites do also feature deposit matches on sign-up and reload ones. If they supply fiat and crypto versions of these, almost always, the coin offers will be far more enticing from this pair by a significant margin.
Staggering Game Catalogs
In the pre-2010 era, gambling websites would boast game libraries consisting of only a hundred or fewer titles. These days, it is common for Curacao-approved cryptocurrency casino platforms to have gaming portfolios featuring more than five thousand games. These are a mélange of slots, RNG table games, live dealer ones, video poker, lottery picks, and provably fair choices. The latter group is the crypto staple, headlined by options like dice, Plinko, crash, hi-lo, mines, and limbo. These are simplistic products with rudimentary graphics that allow gamblers to check the fairness of their outcome-generation procedures.
In the past, only a specific figure of reel spinners accepted Bitcoin/altcoin bets. Now, all do if they get housed by an operator licensed/monitored by a regulator that permits this practice. So, yes, jackpot slots are on hand at crypto casinos. Microgaming’s Mega Moolah and NetEnt’s Hall of Gods mega prizes can get won via coin wagers, something that was previously inconceivable.
Anonymity and Global Acceptance
Despite popular belief, KYC (Know Your Client/Customer) checks have not made anonymous gambling a thing of a bygone era at Bitcoin casino hubs. It is accurate that most gaming sites now follow these identity verification procedures. Yet, they are not mandatory. Operators do so to avoid potential legal hassles in various jurisdictions. Nevertheless, some hope to boost their appeal by foregoing these policies and letting their users bet in secret.
Given that most sites that only feature provably fair games have no gaming license, they make no bones about accepting gamblers from all corners of the globe and letting everyone explore if good fortune is on their site using made-up names. Their lack of proper regulatory approval does not discourage players from joining their ranks, as many of these hubs, Bitcoin casinos, have operated in this sphere for years on a good-faith basis with their clientele, forging relationships of trust. So, few worry about not getting paid out on these platforms, making them legit gaming homes for many.