Navigating the Blockchain Revolution in Online Gambling

Blockchain technology heralds the future of online gambling – players are assured a fair game by a canonical ledger, while casinos can assure protection from cheats and spammers by autonomous protocols.

Crypto transactions are comparatively cheap and available globally, which means that it is possible to play from any location on Earth, even if there are no limitations to land-based establishments. This makes crypto-casinos rather attractive compared with traditional fiat casinos.

Bonuses

Crypto casinos offer big bonus incentives to their players to reward them for their play, such as deposit matches, free spins and loyalty rewards. And they are also safe and secure locations in which to enjoy playing their favourite games.

Crypto transactions help these sites manage costs, so they remain inexpensive to access, while still enabling exciting gaming experiences and data from multiple institutions is never necessary to provide them. Crypto also enables direct peer-to-peer transactions rather than running them through a third party.

Crypto casinos also offer special bonuses that other online casinos cannot, such as cashback offers where a percentage of losses are refunded for the player, and VIP competitions where regular or high-stakes players can earn higher withdrawal limits and be invited to exclusive events – the perfect way to entice new customers, and keep them coming back.

Games

Games at crypto casinos range from roulette and blackjack to video slots and scratchcards, some with fantastical or medieval themes, often offering ‘add-ons’ such as free spins or mini-games.

With blockchain technology, provable fairness can be achieved, whereby players can verify the results of a game independent of any intermediary, as well as transaction processing made easier among a network rather than having to rely on superfluous intermediaries.

Not only are blockchain transactions anonymous – whoever you make the payment to doesn’t know your identity – but crypto casinos’ fast and guaranteed withdrawal makes it an easy choice. While regulatory issues could be a problem – regulators cannot encourage innovation in gambling without risking mistakes – they are likely to be outweighed by the robustness of the platform.

Payment options

Crypto casinos offer live games, table games, video poker, live dealer poker and baccarat games, dice games, lotteries, slots, social casino games, virtual sports and bookmakers Vitruvian Son is a good online casino to check out. In addition to all forms of traditional banking transactions, crypto casinos offer players a variety of safe, convenient and competitively priced payment options, including: Transferring cryptocurrency Cross-platform cryptocurrency exchanges or bridges (decentralised finance [DeFi] protocols) Buying tokens to use in the games Platform tokens to play games or to incentivise behaviour using cryptocurrency Virtual tokens Purchasing tokens with cryptocurrency Virtual tokens – tokens that can be purchased (and sold for cash / cryptocurrency) that represent a virtual asset Winning in-game currency or tokens, or tokens to play games with Fractionalising valuable game assets into smaller cryptographically identifiable pieces (known as non-fungible tokens, or NFT) Online casino games that use tokens purchased directly from the casinos Players’ native currency – if they wish. In short, gamers across the globe can play at any online casino without incurring additional withdrawal or depositing fees or currency exchange fees, and they don’t have to pay their bank or payment service provider any transaction fees.

Along these lines, when choosing a cryptocurrency casino, choose one that offers a large selection of games from an independent testing house, and that provide provably fair games with clear accounting and easy transaction history, clear moderation and customer support that is quick to respond and help.

Legality

Crypto casinos are a new breed of casino that works under a set of protocols, using blockchain. What makes them stand out is provable fairness and instant withdrawal of funds, albeit with a grey-area legal status and some users taking precautions such as activating two-factor authentication and keeping their information secured.

In addition to these features, crypto casino games have another advantage over the classical casino games: no need to play on a certain currency because it will be accessible worldwide, without worrying about the volatile currency exchange levels and associated fees, which makes casino games more attractive for both convenience and efficiency. Finally, many of these sites give opportunities for gamblers’ right to ask for deposit limitations or exercising exclusion from the site to those potential gambling site abusers.

Regulation

Making crypto casinos adhere to this policy should therefore not be so hard. If successful, this will naturally create transparent crypto casinos, but that is not all. Provable fairness will follow as a natural consequence of this radical transparency because, once it is clear that no one, not even the facilitator of the games, has more knowledge of them than the players do, the only technical means for cheating is already precluded. Chances are, it will before too long. It is therefore not too premature to say that this radical financial technology could eventually lead to a new, bright era of trust between a player and a casino. A time where the doubting and the distrust – for quite some time part and parcel of questions about the real nature of many online casino businesses – will no longer justifiably belong to such a sector. But now these relationships will gain an entirely new trust and confidence. Gamers, take note.

Because crypto casinos enhance the security of payments, but also deliver instant payment processing and low transaction fees, to increase the levels of enjoyment while playing and accelerate the gaming process. This means that all your personal data does not have to be revealed, which is guaranteed by the registration on the blockchain, and unique individual code numbers stored within them that are created and sent to you. This is the key to your privacy when playing. You can play in cryptocasinos without worrying that the world will find out about the loss of funds.

They would also still be operating in a regulatory grey area: crypto casinos might be unable to accept players from certain jurisdictions without spending vast amounts of money, and they would need to build in some form of anti-money laundering compliance. They would also need to find ways to put in place responsible gambling measures, such as self-exclusion options, in order to minimise the risk of gambling-related harm to their customer base.