Everyone is starting to wake up to cryptocurrencies. Whether you’ve read stories of people who accidentally threw away hard drives loaded with Bitcoin, or others who wasted their funds on buying a coke, cryptocurrencies are a hot topic.
- 1 Which Casinos Accept Several Cryptos?
- 2 What is Cryptocurrency?
- 3 Why Should I Use Cryptocurrency at Online Casinos?
- 4 Which Crypto is Best for Online Casinos?
- 5 What Coins Are Out There?
- 6 What is the Future of Cryptocurrencies at Online Casinos?
Which Casinos Accept Several Cryptos?
After emerging in 2009, cryptocurrencies have gradually moved towards the mainstream. And this has even opened the door for cryptocurrency casinos to start up. These are some great examples of crypto casinos that accept several types of currency:
- CryptoGames.net: Bitcoin leads a large selection of crytos, including Monero and DogeCoin. Cryptos can be used to play blackjack, roulette, slots, and more.
- FortuneJack.com: The crypto casino offers a range of deposit bonuses of 50% or higher on a selection of currencies, including DogeCoin and Bitcoin.
- DuckDice.io: A site where players wager cryptos on a random number game that goes from zero up to 9,999. Bonuses can be earned through contests.
- BetCoin.ag: Ethereum and Bitcoin deposits can be welcome with a 100% match bonus. Players can then enjoy the live dealers, tables, and video slots.
What is Cryptocurrency?
When explaining cryptocurrency, you can go to extremely complex lengths, so let’s try to make it understandable for the good of our collective sanity. So, to begin, cryptocurrency is the coming together of cryptography and currency to form a single grouped concept.
Inspired by Ancient Greece
Cryptography was pioneered by the Ancient Greeks, who developed encryption techniques to ensure their messages could not be interpreted enemies, of which there were many warmongering foes. As centuries went by, many more civilisations jumped on the bandwagon and began to create ciphers for covertly delivering their instructions.
In the tech age, it is so much harder to crack cryptography principles because they are now built on highly sophisticated algorithms that are driven by computers. By this point, we all know that computers are capable of much greater processing power than the human noggin or a roll of parchment.
Decentralized Digital Currency
The next major principle is that cryptocurrencies are supposed to be decentralised and not controlled by major banks or governments. In the case of Bitcoin, there was desire to create a finite numbers of units and prevent the creation of new currency. This would make it impossible for the crypto to create new currency to ease any supply issues.
Cryptocurrencies are also embracing of peer-to-peer (P2P) and open source methodologies, with all transactions publicly recorded in a blockchain. This will list any sending of cryptocurrency between users and/or exchanges, with the record acting as direct evidence as to who owns the currency and where it came from.
The operation of the blockchain is down to individual users or larger groups that use their processing power to complete a technical challenge in order to record the blockchain. This is extremely difficult and requires immense processing power. The appeal for completing this duty first is the reward of cryptocurrency, thereby increasing the circulation.
The people who modify the blockchain in turn facilitate the transfer of currency on crypto exchanges. The fact that they receive a reward largely mitigates the need for transaction costs to be paid. This being said, you might find that you have to sacrifice 1% to some of the larger crypto exchanges.
How Cryptocurrency Works
For the average person, like ourselves, we sadly have to pay for our cryptos. The simple fact of the matter is that we do not possess an evil genius network of computers, much as we would like, so we have to exchange real-word currency and keep a close eye on all of the price fluctuations.
This is a process that can be undertaken once you have acquired a cryptocurrency wallet. These are the most secure when installed as an app or else used from an external drive. In either case, your crypto wallet can be used to transfer any currency acquired once you have made a transfer using your real-world payment method, such as a credit card.
Why Should I Use Cryptocurrency at Online Casinos?
Here at Casino Juggler, we have engaged in so many debates that it would make your head spin. In the vast majority of cases, there are viable pros and cons for each side. You might have your own opinions on the verdict, but we are merely trying to present a balanced discussion on using cryptocurrency at casino sites – don’t shoot the messenger!
The Pros of Crypto Casinos
Naturally, we are going to start with the benefits of crypto at casinos. The following pros are the reasons why many players are already on board:
- Global freedom: The decentralised and autonomous design of cryptocurrencies means that they have been able to avoid intervention from banks and authorities. As a result, players can navigate the waters of casino gaming with less red tape.
- Smaller fees: Miners are the ones responsible for processing crypto transactions by adding to the blockchain of records. This service that they provide automatically earns them a share, so this minimises the threat of transaction fees.
- Safer payments: Credit card details will grant a vendor complete access to your account, which is why this payment method is vulnerable online. In contrast, a crypto pushes the payment and restricts the information that you share.
- Identity protection: Crypto transactions are completed through the sharing of your public address, which is an encrypted selection of letters and numbers. This will ensure that you do not have to give out personal details that you want to be private.
- Innovative casinos: Crypto casinos can often be more willing to innovate. For instance, you might find games or software that you have not seen before, or else an improved loyalty system on traditional casinos.
The Cons of Crypto Casinos
And now we arrive on the other side of the debate, where you have to consider the possible detractions to using your precious cryptos with online casinos:
- Wagering perceptions: There is a period of familiarisation that every player should undertake. They will be naturally be familiar 2ith wagering in their native currency, but it is difficult when dealing with crypto that displays 0.001 BTC instead.
- Crypto value: Bitcoin is still prone to small bubbles that can burst out of nowhere, but a rate of 1BTC to £8,000 would still be way above the meagre starting price. Basically, you should be wary of gambling with your highest value cryptos. There are plenty of accepted alternatives that have lower entry levels.
- Crypto design: The security of cryptos is immense, but they are designed to be like precious metals, which has led to them being treated like stocks rather than currency. This can be prohibitive and risky when it comes to using some cryptos.
- Wild West: Many new technologies go through a period of infancy where global powers of authority have no idea how handle them. There are plenty of cryptos implicated in black market activities, so this could eventually lead to action from government bodies wanting to crack down on crooks.
- Limited circulation: Cryptos are designed with a limited circulation and will eventually run out. This is going to be years from now, but it would suggest a limited lifespan for crypto casinos that focus on a single currency.
Which Crypto is Best for Online Casinos?
Crypto casinos are still a niche area in gaming, so we do need to see further transformation before the movement becomes commonplace. Some of you might be raring to get involved, but you should understand that it can be difficult to find suitable sites.
Wider Range of Bitcoin Casinos
Obviously, we have helped you out by sharing the list above, but it was no mean feat finding such good options. Each of the casinos shares at least a couple of cryptos, but the conversation keeps coming back to Bitcoin – just like in popular media!
Honestly, Bitcoin is going to remain the best crypto – for now, at least – because of the coverage that it will grant you. Little by little, the major casino operators are also going to hop on the Bitcoin bandwagon. By using Bitcoin, you can be assured of access to the very best selection of casinos.
Best of the Rest
A special mention must also go to the likes of Ethereum, Monero, and DogeCoin. These also appear quite commonly at Crypto casinos while having the added advantage of being less precious compared to Bitcoin. Alternative cryptos might even offer quicker speeds of transfer compared to Bitcoin.
When using Bitcoin, you should adopt a less risky strategy and be stricter in setting your target for winnings and the amount you can accept to lose. The rises and falls in Bitcoin value are so strong that you do not want to miss out on a sudden surge. This is why it can work well try the alternatives if you do not want the risk.
What Coins Are Out There?
Bitcoin draws the wealth of attention in the cryptocurrency sphere, but there are so many other cryptos to consider. When you also consider the vast cost of acquiring Bitcoin, it makes sense to try and enter the market with something more affordable. The following is a list of the most worthwhile cryptos to consider using.
Bitcoin is the reason why cryptocurrencies are so prevalent nowadays. The creation of Bitcoin is generally traced to the release of a curious 2008 research paper outlining the functionality of a digital currency based on cryptography. Add in a mysterious name in Satoshi Nakamoto and Bitcoin quickly attained cult status after launching in January 2009.
Bitcoin Cash (BCH/BCC)
August 2017 brought about division in the original Bitcoin blockchain. In layman’s terms, this caused a creation of Bitcoin Cash as a breakaway crypto from the original Bitcoin. Bitcoin Cash retains all of the history of the original crypto, but the obvious change is that it starts from block zero. Existing owners of Bitcoin have access to the new crypto.
Ethereum was launched by Vitalik Buterin, in July 2015, as an alternative to Bitcoin. This being said, Ethereum was still founded on the technical aspects of being open source and block utilising blockchain. In 2016, there was the collapse of a project from an organisation called DAO. This led to Ethereum (ETC) and Ethereum (ETC) splitting into different blockchains.
Litecoin was devised in 2011 on the basis of mimicking the technical aspects of Bitcoin. As a result, Litecoin is also a P2P crypto that is driven by open source software infrastructure and without a central organising authority. A notable difference from Bitcoin is that Litecoin transactions can be processed in 2.5 minutes instead of a slower 10.
DASH was first released as XCoin, back in 2014, before then changing to Darkcoin. The emergence of DASH represented the legitimising of the crypto in 2015. The perks of using this open source, P2P crypto is that users can benefit from InstantSend and PrivateSend transactional functions.
In 2016, the introduction of IOTA gave crypto users a new currency that would be based on directed acrylic graph (DAG) technology instead of blockchain. IOTA was founded in 2015 and has drawn major investment in the years since.
All Zcash transactions are listed on a public blockchain as standard, with any holders of the crypto required to pay for the optional privacy feature. Those who pay for the extra can conceal the sender, recipient, and value of the transaction. Zcash has a total of 21 million units, having been decided on at its launch in October 2016.
April 2014 marked the emergence of Monero as an open source, P2P crypto where transactions appear in a public leger and mining can lead the obtaining of new units. The elite level of Monero’s security has led to undesirable parties use the crypto because it has the ability to be changed untraceably.
Edgeless is more of a crypto casino than a currency in of itself. Nevertheless, the gambling sites does accept Ethereum and converts the funds into EDG that can subsequently used to wager on games or betting markets.
The RLC abbreviation stands for “Runs on Lots of Computers” and is intended to showcase the state-of-the-art philosophy preached by the iExec cryptocurrency. RLC is a crypto that is decentralised and open source, but it also embraces cloud technology for operational purposes.
Quantum-Resistant Ledger (QRL)
QRL is one of a number of organisations using the Quantum name in the crypto marketplace. In this case, QRL is a forthcoming crypto that is complexly described as a “post-quantum secure harsh-based digital signature library”. For the layman, you honestly don’t need to worry unless QRL starts featuring heavily in the marketplace after launching.
0x Protocol (ZRX)
Ox Protocol is a much smaller organisation, but functions as a decentralised crypto exchange where users can easily transfer Ethereum tokens. Ox Protocol embraces blockchain as the fundamental methodology for facilitating secure transactions.
TRX comes from the TRON Foundation and is fresh to the marketplace in 2017. P2P, open source, and blockchain are the commonalities shared with Bitcoin, but TRON also offers storage capacity for consuming entertainment. Like Bitcoin, TRON has also become highly volatile, with the crypto exploding by 500% in value in just a few days in December 2017.
Real-time gross settlement system (RTGS) is the term used to describe a platform that is equipped to transact cryptos. When completing transactions, this leads to the creation of Ripples, with the unit called XRP. The advantage of using Ripple is that all manner of real-world currency can be brought in, with frequent flier miles also an option.
What is the Future of Cryptocurrencies at Online Casinos?
Cryptocurrencies carry a level of convenience that is almost certain to guarantee them a future in the online casino market. So, let us gaze into the crystal ball and examine some of the forthcoming issues that could impact cryptos.
Wagering Alignment in Games
Online casinos can stipulate that they accept all manner of currencies, but this can sometimes mean that your funds are converted into one of a handful of currencies. Obviously, this would not be appealing for cryptos, as these have high values and you would prefer to get your winnings in crypto.
To make this viable, software developers need to make a more concerted effort to accommodate cryptos and their displayed values in slots and other games. This would make it easier for casinos to play ball and let players use their cryptos directly without awkwardly converting the funds.
Software Studios on the Rise
Hubii is an interesting crypto and network that is designed to allow for content creators to generate earnings without having to use intermediaries like Spotify or Netflix. This might be a crazy suggestion, but combining currency and content on a single network could appeal to small software studios wanting to create a niche market for crypto slots.
Instead of a casino, the studios would make their games available over the crypto platform. In theory, the studios could receive returns on their games and pay winnings. There could be confusion from a licensing standpoint, in regard to definition of the service, but this might be an area that studios will explore.
The world’s largest marketplaces often have stringent regulations to govern online casinos. For this reason, it is simple impossible for casino sites to operate legally without licences from the likes of the UK, Malta, Gibraltar, the Isle of Man, and Curacao as major jurisdictions.
For crypto casinos to be legal, they must be fully licensed and able to comply with regulations. As a result, we would expect a higher degree of regulation to be leveraged against crypto casinos in the future. After all, gambling authorities have the power to shut down and seize funds from operators who are found to be doing business illegally.
Bitcoin transactions are completed at a sluggish rate of six transactions every hour, as they can take 10 minutes each time. For all of the advancement offered by Bitcoin, this is so much slower than simply using your credit card to deposit funds with a casino. Bitcoin does have its advantages, but the speed can be an issue.
Moving forward, there will be a need for faster cryptos if players are going to be able to fund their accounts as and when they want. Litecoin has shown that the time to create a transaction can be cut from 10 minutes to 2.5 minutes, so it can be done. This is an issue for brighter minds to solve, but speed should be addressed.
Casino deposits and bonuses can often be treated as one complete value and carry wagering requirements. Considering the ever-changing values of cryptos, this could raise the prospect of dedicated cryptos being made for the gambling industry.
Mainstream cryptos are restricted in their circulation and are used by industries all over the world. Therefore, there is a smaller potential circulation of mainstream cryptos for the gambling industry to use. Basically, the emergence of dedicated gambling cryptos could provide a solution.
Crypto technology has the potential to be integrated over an entire casino site. So long as the casino has a dedicated crypto that is fast to process, it should be feasible for all gaming sessions to be logged in the blockchain. The appeal for this process is that the players would enjoy complete transparency in their wagering.
This would be a huge undertaking, but the concept is worth discussing because players would appreciate the integrity of the approach. At the same time, they would be able to enjoy lower costs if the casino were able to enlist miners to handle the processing, with the reward being a share of the gambling crypto used by the casino.
Cryptos are highly volatile and often used for investment rather than as currency. Therefore, the high value of some cryptos can make them unsuitable for casino gaming, but you can still find plenty that are more suitable, even quicker, and still highly secure.