Having online casinos is a big development in the casino industry. It’s easy for players worldwide to access the most popular games without going to physical casinos. With the internet, players are given a chance to play at home anytime. Even more fascinating is the development of blockchain technology, which allows online casinos to use a decentralised system to provide more benefits to players. Today, crypto casinos are revolutionising the gambling industry.
Decentralisation in blockchains
Some people might think that decentralisation 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 (decentralised finance). With DeFi, lenders and borrowers meet in an ecosystem with more freedom. If borrowers need to pay high fees in a centralised system, they can choose a loan with lower fees and pay the debts whenever possible. Decentralisation 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. As we go along in this article, let’s talk more about why decentralisation matters in the casino industry.
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 favourite 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 favourite 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 decentralisation 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. You undergo the usual KYC process to ensure you use your true identity when playing. So, in an online casino, you must provide your IDs to comply with the operator’s rules and regulations. The cards you deposit and withdraw your money from 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 traditional online casinos are such a hassle for some players. The main difference between traditional online and crypto casinos is that the former is under a centralised system while the latter is decentralised. Centralisation 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 decentralised 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 decentralisation matter in the gambling industry?
Let’s talk about how decentralisation matters in crypto casinos and how it benefits you as a player or crypto investor.
Freedom to explore the gambling industry
First and foremost, decentralisation makes it easier for players to move around the industry. In traditional finance, players are not allowed 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 decentralisation doesn’t mean that crypto casinos allow 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 rules regarding deposits and withdrawals. Normally, there are daily, weekly, and monthly withdrawal limits. The operator imposes these limit rules to protect the company’s financial stability despite the fast circulation of money. On top of that, operators try to protect players by allowing them to slowly take out their money in case they win massive earnings. With decentralisation, players won’t feel that casino operators are holding back their money. Therefore, there is a reduction in 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’ wallets. Nevertheless, you still get to decide when to take your money once you meet the minimum amount.
Ease of deposit and withdrawal
Decentralisation eliminates the most inconvenient thing about deposit and withdrawal in conventional online casinos: verification. In online casinos where you use fiat money, it usually takes time for the operator to verify your deposit. You must wait at least 10-20 minutes before your account is loaded with money, which is already fast. You’ll have to wait longer if there are issues with your deposit. Regarding 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 decentralisation, the waiting time is reduced. Blockchain networks can process multiple transactions in minutes, meaning 10 minutes is the maximum waiting time. For example, on BC.Game, you must wait 5 minutes for the transaction to reach your wallet. Afterwards, you can already withdraw it through centralised 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, decentralisation 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 swaps. Integrating other services won’t be possible in a centralised system since you still have to apply for a new permit and other approvals from the authorities. In other words, decentralisation is a whole new level of system for entrepreneurs.
Are crypto casinos the right casino types for you?
For the final part, you must 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 regarding the games and player requirements. Depending on how you use the new system, crypto casinos may or may not be an advantage. 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, this may not be the best option if you’re still confident in using crypto.
Decentralisation 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 are used to playing these casino games before. The ease of usage is incomparable. With decentralisation, it becomes easier for you to manage your money and investments.