Is the growing popularity of crypto casinos something to worry about? The following lines will answer everything about crypto-based operators.
What Makes Crypto Casinos Better Than The Others?
Crypto casinos legislation is subject to much speculation nowadays. Since they first appeared, cryptocurrencies have been raising a lot of eyebrows. The reasons for that are in the fact that people knew little to nothing about it. Today, more than a decade after the first encounter, most people have gotten used to cryptos and now accept them as a standard payment method. Consequently, the hype around the most popular of all, bitcoin, has spread all over the gambling industry as well. Naturally, the same questions surrounding BTC have also been replicated to crypto-based casinos. On the one hand, some people are afraid of them; on the other, there are advocates that bitcoin casinos are the future of online gambling. So, without further ado, let’s dig into crypto-based casinos’ legislation.
Introduction To The Blockchain Technology, And How It Works
In connection to crypto casinos, let’s find out (or remind) about the story about Blockchain. Although the first mention of this technology dates in the 80-es, its first appearance was in 2008. The details about its founder are still subject to much speculation. However, what we do know by now is that some mythical person(s) behind the name of Satoshi Nakamoto is responsible for the Blockchain’s existence.
The simplest way to describe this technology goes as follows: Blockchain records the information in such a way to make it extremely difficult (if not impossible) to change or hack. Furthermore, it contains a chain of virtual blocks (data bundles), where every bundle carries all the transaction details. Each time a new transaction happens, Blockchain will add a new record of that transaction to every participant’s ledger.
What are Crypto Casinos?
Given the competition within the gambling industry, casinos are trying to find creative ways to attract more clients. Consequently, they do that by providing their clients many options and freedom in terms of depositing funds. In simple words, to keep every client satisfied, gambling operators offer different payment methods.
In this regard, we can conclude that every casino that, besides the traditional fiat currency, accepts cryptos as a payment method can be considered a crypto casino. Having this in mind, these casinos will defer between the specific crypto payment offer. In this regard, the list of cryptos available are as follows:
- USD Coin
- Uniswap and many others.
Some casinos will accept one cryptocurrency, some maybe more. Nevertheless, as long as the gambling platform accepts at least one of those mentioned above, we can call it a crypto casino. In addition, crypto casinos come with the same (if not more) benefits as the traditional fiat-based operators.
The Pros & Cons of Crypto Casinos
Gambling with cryptos can have its advantages and disadvantages. In this regard, we’ll review all the aspects of such a way of gambling. So, let’s see what the usage of your crypto-wallet instead of a traditional one can bring you.
When speaking about anonymity, we may come to a number one reason why people support cryptos. On the other hand, the fact is that cryptos are transparent. They can even be trackable. How’s that possible?
Every person can have their crypto address. These addresses don’t contain any private information. Also, someone can have multiple addresses and use a different one with each transaction. The Blockchain contains information about every transaction; therefore, it’s fully transparent, and it’s possible to see every cryptocurrency move from one wallet to another. Simultaneously, it’s also possible to view the specific crypto addresses’ balance. This is how transparency works.
Until the specific person’s crypto address is not connected to its private information, it will remain completely anonymous.
That being said, if you’re looking to gamble without your wife/husband knowing, your crypto wallet may be a perfect solution for saving your anonymity.
There are two things a crypto paying method can not do:
- To keep your anonymity, if you connect your personal information with a crypto address
- To prevent your wife/husband from standing behind you while you gamble
To remain competitive compared to their fiat counterparts, most cryptocurrencies are taking no fees. In this regard, if you choose a crypto casino, most likely, it’s going to cost you zero commission. When it comes to fiat currencies, depending on the payment method, or in some cases the region where you’re at, can cost you some percentage.
There’s nothing better than hitting the jackpot and making money instantly. This is something that you can do if you are using cryptos as a payment method. When it comes to fiat money, as you probably already know, the time frame of your money’s arrival will depend on the payment method. Having this in mind, if you, for instance, opt for a wire transfer, it may last up to three days until you can see your money on the account. The same goes for withdrawals as well. In some cases, you can wait seven business days until your money is again in your bank account. With the crypto casinos, all you need to do is to click on one button, and your funds will jump right back in your wallet within an hour or so.
The Crypto Casino Legislation
There are many controversies surrounding cryptocurrencies. Naturally, this all reflects crypto-based casinos as well. As the gamblers’ primary concern is the safety of their funds and private information, the questions that most people ask concern the laws around crypto gambling establishments.
In a nutshell, any casino that wants to operate legally must obey specific regulatory laws. This way, clients are protected against any mistreatment by the gambling operator. In other words, regulatory bodies are there to ensure the platforms’ fairness and trustworthiness. From this angle, many casinos are regulated by the most reputable regulatory bodies in the world, yet they offer cryptocurrencies as a payment method.
Just as an illustrative example, we’ll take one of the most famous – BitStarz casino. This operator is just one of many venues that accept cryptocurrencies, and at the same time, goes under strict regulatory supervision. Looking at this casino, you’ll notice that although it offers cryptos as a payment method, it goes under the same legislation as any other regulated platform. Therefore, we conclude that, as long as casinos follow the rules and respect regulations, there is no cause for alarm.
Considering all mentioned above, we can conclude that every regulation that concerns transactions with fiat currency can also apply to crypto payments. Therefore, crypto casinos that hold regulations are no different than their fiat-based counterparts.
Still, it’s essential to check every casino to make sure it’s fair and reputable. If there are no further concerns, you have a green light to join your favorite crypto-based operator.