What is a crypto casino and how does it work?

The digital sphere is an ever growing and evolving industry that expands year on year. Concepts that were not even thought of only a decade back are being developed at present. One of the biggest and newest technologies to hit the online market in the last few years has been crypto currency. The Bitcoin boom of a few years ago put virtual currencies on the map, driving up the price of computer graphics cards, due to blockchain mining, and revolutionized the way in which payments and investments could be made, forever.

Bitcoin has been a hot topic in conversations over the past while and for good cause, as it has made so many people some serious finance over the past few years. It was only a matter of time before crypto currency would be accepted as trade in the casino industry, but we have got there and got there quickly.

WHAT IS CRYPTOCURRENCY?

Crypto currency is a virtual currency made up of data which is mined through following algorithms online. It can be traded and has a monetary value attached to it, but remains decentralized and unregulated by financial institutions such as the central reserve bank and the government.

The value of crypto currency is determined solely by its popularity at any given time. Because of this, it is extremely volatile, which could work either for your disadvantage or advantage, depending on the current climate. It is in no way fixed to the value of fiat currency or capital assets in any way.

It is mined online by complex computer systems, called ASICs or FPGAs. These monitor the web for very specific algorithms, which they capture and store in blockchain and is tied to addresses made up of specific keys, rather than to individual identities. Blockchain wallets are therefore able to decipher the codes and make them available for transactional use. The very first crypto currency that was fully implemented was Bitcoin, which is now just one of over a thousand different currencies.

In case you were wondering, Blockchain is a digital ledger that stores very precise information captured via algorithms and coding.

HOW DOES CRYPTO CURRENCY WORK FOR THE CASINO INDUSTRY?

There is a very real value attached to crypto currency, and where ever there is a value, a trade can be made. In the case of Bitcoin or crypto casinos, the trade of gambling entertainment for virtual currency deposits is the name of the game. Of course, when players win, the funds are remunerated back in the said crypto currency.

Players who have invested in, or have mined Bitcoin, store it in a crypto currency wallet. This is a digital wallet, much like an e-wallet that allows for the movement of funds to and from the account. These wallets can both be debited to pay casino deposits and credited by the casino when they pay out winnings.

Prominent Crypto currencies accepted at some of the better crypto casinos include Bitcoin, Etherium, Ripple (XRP), Bitcoin Cash, Litecoin and EOS.

HOW CAN I GET CRYPTO CURRENCY?

Crypto currency can either be mined or purchased from a Bitcoin exchange. Mining is an expensive layout because the computers involved in the task are really costly. Purchasing Bitcoin and others can be done at a Bitcoin exchange. Here, you will need to ensure that you download a suitable wallet to store the data on before your purchase. The rate of trade varies from day to day, so be sure to monitor the state of the currency and try and buy low with a hope that the currency will recover and grow in the short term.

PROS AND CONS FOR THE USE OF BITCOIN AT CASINOS

Of course, as with most usable entities in life, there are certain pros and cons involved in their usage. Below we will look at the advantages and disadvantages involved in using crypto currency online at casinos.

Advantages

  • Bitcoin and crypto currency offer you anonymity when using them. You do not have to offer up your identity to make or receive payments. This means that you are less open to fraud when trading in this form of currency.
  • There are no third party providers required when transacting via Bitcoin and others, which saves you on time, frustration and related service fees. It’s, therefore, one of the cheapest forms of making deposits and withdrawals online.
  • There is no quicker way of transacting than via crypto currency. Often deposits and withdrawals are made immediately, in real time. This is handy if you don’t want to wait around before being able to play your credits on the slots or at the casino tables.

Disadvantages

  • The main downside to crypto currency gambling is the volatility of the currency, itself. The value can plummet overnight, as it is not a fixed to anything of real worth, other than its popularity at the time.

WHAT SORT OF ENTERTAINMENT AM I AFFORDED AT A CRYPTO CASINO?

Some of the casinos offering Bitcoin play are hybrid casinos that offer both fiat money and virtual money entertainment. Here, just about every game available in real funds can be played in Virtual funds.

Sole Bitcoin casinos offer a grand selection of popular games as well, so there is no need to worry about the entertainment value on offer. Play online slots, casino table games, live casino games, video poker, Keno, Roulette, Bingo and Sports betting, without a hassle.

Most of the time, the credits will reflect in actual crypto currency to help you keep track of how much coinage you are spending.

Many Bitcoin casinos offer Provably Fair Games for its players. In the gambling industry, the term, ‘provably fair’ refers to the fact that a game’s outcomes can be legitimately verified to prove that all results are truly random. Players can view the algorithm at any stage in the game, to check whether the game algorithm was altered after your responses and moves. A change in algorithm means that the game is rigged.

MOVE ONWARD AND UPWARD IN CONFIDENCE

Players should embrace change in the market and harness every advantage of new innovations. The world has not advanced in technology because of people who have been reticent to change, but rather by people who have embraced it.

Gambling regulators are currently working hard to bring safe and regulated gaming to block chain and crypto casinos, which they are advancing hard and fast on. The Malta Gaming Authority is the leader in this race, who together with the Malta Innovation Authority aim to provide fair and safe gambling for players and a protected environment for investors and operators, as well.