Online casinos have been going from strength to strength as more people want the opportunity to play their favourite casino games without having to actually visit a brick-and-mortar casino.
There are hundreds of online casinos available, some of which are affiliated with actual physical casino companies, while others are the online arm of a bookmaking company that you might find in a typical high street. However, some companies are online only, providing players just like you the opportunity to get involved in games like poker, blackjack, slots, and even bingo.
Online casinos offer safe, fast, and effective gameplay, and the regulated and licenced companies ensure that not only are your personal and financial information safe, you can also make easy deposits and get fast withdrawals, too.
However, in recent months there has been a lot of noise about cryptocurrency – and you can find some casinos that offer players cryptocurrency transactions for their gaming. Is that something that you should be getting involved in? What is a crypto casino, and how does it work?
Summary
What is Cryptocurrency?
It was during the pandemic that many people learned about cryptocurrencies. Elon Musk made headlines when he said he supported Dogecoin, and Bitcoin was beginning to be accepted as a currency for making purchases online and even in person in some shops.
However, if you weren’t keeping up with the news, you might be a little confused as to what cryptocurrency actually is.
Cryptocurrency, in its simplest form, is a type of currency that is not tied to any banking system or to any government. There are no geographical restrictions to crypto, and it does not have a physical form. Cryptocurrency is part of the algorithm that makes up the blockchain, a decentralized network of computers that is completely separate from any regulations.
For the people who think cryptocurrencies are the future, this means that no one entity can control altcoins. The value of each coin is decided by how many people want to buy it and how much they will pay, which is why popular coins like Bitcoin (BTC) have peaked in value – one BTC was worth £58,000 in March 2024.
However, this decentralisation comes with its own problems. No oversight or regulation means no protection for consumers, and the volatile price fluctuations could mean that a coin worth thousands today could be worth pence tomorrow.
What is a Crypto Casino?
A crypto casino is a casino that uses cryptocurrency for transactions. Any games you play at a crypto casino will take altcoins as currency and pay out in them too, so you need to make sure that you have your wallet and keys ready.
Digital wallet transactions are practically instantaneous, and the blockchain technology that allows cryptocurrency to be used can also be part of the gaming experience; you can play games that are recorded on the ledger of the blockchain, removing any doubt that there is any foul play as every single transaction is recorded. You will also receive immediate payouts when you win; there is no need for any intervention as the algorithms and the ‘machine’ can tell who has won and when.
Crypto casinos allow for cross-border gaming. You are not limited to the providers that are available in your geographical area when you choose to play a crypto casino, which gives you more options.
However, it is not always as simple as more games, more fairness, and faster payouts. As a decentralised system with no oversight, you might be able to take advantage of the lack of identification needed (traditional online casinos must collect information about their customers to meet their regulatory obligations). Crypto casinos are anonymous – because you are using an online wallet to wager and collect, you don’t need any other identification. This also applies to people who might have more nefarious plans – criminals and hackers, drug traffickers and terrorists are known to use crypto to move money around.
The lack of regulation might mean that no government or bank is in charge, but it also means that you lose any sort of protection that you might have from regulated and licensed operators. If you are playing on a site that is licenced, your information is safe – and if there is a breach, your cash is protected. This is not true with a crypto casino.
For some, the risk of losing money, the crypto losing value, and the potential for criminal elements to be involved might be a step too far, but for others who enjoy the anonymity and the decentralised nature of altcoins, crypto casinos are the natural next step in an online world where nobody is who they say they are.
If you’re curious about how to get involved from the business side, opening a Bitcoin casino follows a relatively streamlined process thanks to modern software providers and licensing solutions. The first step is to secure a reputed gambling license from a crypto-friendly jurisdiction.
Then, you’ll need to partner with a casino platform provider that supports crypto features — like Rosloto that supports blockchain games
and instant wallet payments. Once your platform is set up, you can begin customizing your gaming portfolio, integrating payment options for Bitcoin and other coins, and focusing on marketing to attract a crypto-savvy audience.
Remember, always check that the online casino you are playing at is licensed and regulated – sharing identifiable information is less risky when you know it is protected.
