Having online casinos is a big development in the casino industry. With the internet, players are given a chance to play in the comfort of their homes at their chosen date and time. It’s easy for players worldwide to access the most popular games without going to physical casinos. Even more fascinating is the development of blockchain technology, which allows online casinos to use a decentralized system to provide more benefits to players. Today, there are crypto casinos revolutionizing the gambling industry. 

Decentralization in blockchains

Blockchain
Blockchain

Some people might think that decentralization only works with cryptocurrency projects. Well, these networks are just the starting point. Blockchain technology allows many projects with different purposes to be deployed without adhering to strict regulations. One good example is DeFi (decentralized finance). 

With DeFi, lenders and borrowers meet together in an ecosystem with more freedom. If borrowers need to pay high-fees in a centralized system, they can choose the loan with lower fees and pay the debts whenever they can. Decentralization is indeed a huge help for users and investors. 

The same goes for crypto casinos. With online casinos built on blockchain technology, players will have more freedom to do whatever they want without relying on certain regulations created by the casino operator. Let’s talk more about why decentralization matters in the casino industry as we go along in this article. 

Overview of Crypto Casinos 

Crypto casinos are online gambling sites that use cryptocurrencies instead of fiat currencies. Compared to traditional digital casinos where you need to deposit USD or EUR, crypto casinos allow you to use any token as long as it is acceptable by the operator. 

In BC.Game, for instance, you can conveniently use your preferred token like Bitcoin, Litecoin, BNB, Cake, and DOT to play your favorite casino games. A complete list of supported currencies that you can play with on BC.Game is shown in the picture below. 

Crypto casinos adopt the usual online casino games. So, whether you’re looking for your favorite roulette or poker game, you can also find them in crypto casinos. 

Of course, aside from using your cryptocurrencies in crypto casinos, other benefits will surely entice you to move from your normal online casino. 

Traditional online casinos vs. Crypto casinos

The concept of decentralization might be new to you, especially if you are accustomed to physical and online casinos. In physical casinos, you use chips to play games and exchange them later for fiat money. You use your debit and credit cards to deposit fiat money in your account in online casinos. Here, you undergo the usual KYC process to ensure that you are using your true identity when playing. 

So, in an online casino, you have to provide your IDs to comply with the operator’s rules and regulations. The cards you use to deposit and withdraw your money should have the same name as your account. You should also comply with the minimum deposit and withdrawal amount before getting your money out of the system. There are a lot of rules to think about, which is why for some players, traditional online casinos are such a hassle. 

The main difference between traditional online casinos and crypto casinos is that the former is under a centralized system while the latter is decentralized. Centralization is a concept where the authorities control the system. For banks and other money-related stuff, the central bank controls the regulations. This is why traditional casinos would ask for your identity and income proof before allowing you to deposit or withdraw your money. 

In a decentralized system, no one is in control. You have more freedom to choose what you want to do with your cryptocurrencies. The KYC process is more lenient, and if you have a crypto wallet, you can easily start playing casino games. 

Why does decentralization matter in the gambling industry? 

Online casino
Online casino

Let’s talk about how decentralization matters in crypto casinos and how it benefits you as a player or crypto investor. 

Freedom to explore the gambling industry 

First and foremost, decentralization makes it easier for players to move around the industry. There are instances in traditional finance where players are not given the opportunity to play because of the lack of documents to pass the KYC process. And although they are potential clients, lacking these requirements makes them ineligible for playing. 

But decentralization doesn’t mean that crypto casinos are allowing all players to join the space. There are still processes to adhere to, but they are more lenient, which means more freedom for beginners and experts in the crypto industry to choose where they want to spend and grow their digital assets. 

Reduction of custodial elements in online casinos 

As mentioned earlier, traditional online casinos have their rules regarding deposits and withdrawals. Normally, there are daily, weekly, and monthly withdrawal limits. The operator imposes these limit rules to ensure that the company’s financial stability is protected despite the fast circulation of money. On top of that, operators try to protect players as well by allowing them to slowly take out their money in case they win massive earnings. 

With decentralization, players won’t feel that casino operators are holding back their money. Therefore, there is a reduction of custodial elements in online casinos. You have the freedom to decide when to deposit and withdraw without adhering to strict rules on daily, weekly, and monthly limits. Though some crypto casinos still give a limit as the minimum withdrawal, the amount will depend on how many cryptocurrencies are in the players’ wallet. Nevertheless, you still get to decide when to take your money once you meet the minimum amount. 

Ease of deposit and withdrawal 

Decentralization eliminates the most inconvenient thing about deposit and withdrawal in conventional online casinos, which is verification. In online casinos where you use fiat money, it usually takes time for the operator to verify your deposit. You have to wait at least 10-20 minutes before your account is loaded with money, which is already fast. If there are issues with your deposit, you’ll have to wait longer. In terms of withdrawal, the fastest turnaround time is three business days since the money has to be verified with your bank. A lot of time is wasted waiting.

With decentralization, the waiting time is reduced. Blockchain networks can process multiple transactions in minutes, which means that 10 minutes is already the maximum waiting time. For example, on BC.Game, you have to wait for a minimum of 5 minutes for the transaction to reach your wallet. Afterward, you can already withdraw it through centralized exchanges without waiting for three business days. Deposits are also made almost instantly, depending on the confirmations of blockchain networks. 

An opportunity to expand the business 

Business-wise, decentralization is a great system to expand the enterprise. Several crypto casinos right now are affiliated with different blockchain projects. Some even have integrated crypto services such as crypto swap. Integrating other services won’t be possible in a centralized system since you still have to apply for a new permit and other approvals from the authorities. In other words, decentralization is a whole new level of system for entrepreneurs.  

Are crypto casinos the right casino types for you? 

For the final part, you have to ask yourself, are crypto casinos right for you? 

Most players in the industry have experience playing in physical and online casinos. The experiences are different, but the rules are quite similar in terms of the games and player requirements. The crypto casinos may or may not be an advantage depending on how you use the new system. Although the game rules are the same, you may find it more convenient to use cryptocurrencies to deposit and withdraw your earnings. 

Since more and more people are embracing cryptocurrencies as a means of payment and a store of value, the industry is growing into a more rewarding and welcoming place. If you have started to venture into cryptocurrencies and you believe in the future of it, crypto casinos are another way for you to grow your digital assets. But then again, it depends on how you play. Responsible gambling is always recommended. 

The downside is that you can’t avoid the volatility of the crypto market. So, if you’re still confident in using crypto, this may not be the best option for now. 

Final Thoughts 

Decentralization changed a lot of things, including online casinos. With hundreds of cryptocurrencies available for trading and spending, crypto casinos are open options for you to grow your money continuously. Playing the usual card games and roulettes is a good alternative to trading if you used to play these casino games before. The ease of usage is incomparable. With decentralization, it becomes easier for you to manage your money and investments.