Cryptocurrencies have found a unique niche in online gambling, offering numerous advantages such as anonymity, instant withdrawals and minimal transaction fees. But how exactly do these crypto casinos function? Let's take a look at the inner workings of crypto casinos, shedding light on the payment process, variety of games, safety considerations, and more.
The Basics of Crypto Casinos
In many ways, crypto casinos are similar to traditional gambling sites. Players need to create an account, deposit funds, choose their preferred game, and hopefully – withdraw their winnings. What’s more, many crypto casinos use the same software providers as conventional providers.
However, there are some clear differences between crypto and regular casino sites.
The unique aspect of crypto gambling is the speed of payments. In particular, withdrawals are often processed automatically. That means that from requesting a withdrawal to receiving the winnings, payments take minutes.
Deposits and withdrawals are made on a wallet-to-wallet basis. That offers an extra layer of security on deposits, as transfers are made externally. Players can also avoid privacy risks when gambling with a crypto casino. Without needing to provide personal information or a government-issued ID, the risk of data hacks is removed.
How do Cryptocurrency Casinos Work?
1. Registration. After selecting a suitable crypto casino, players need to open an account. Bitcoin casinos simply ask for an email address, password, and possibly a username. That is unlike regular online casinos, which are legally required to collect personal information.
2. Deposits. Players can often choose from a range of popular cryptocurrencies when making a deposit. That typically includes Bitcoin, Ethereum, Tether, Dogecoin, and Litecoin. After selecting a crypto, the casino will display the unique deposit address. Players need to transfer the cryptocurrencies to this address from a private wallet. Payments should be credited in a couple of minutes.
3. Games. Leading crypto casinos offer thousands of games from reputable software providers. That can include slots, table games, live dealers, video poker, and sports betting. Some crypto casinos also offer 'provably fair' games, backed by blockchain technology.
4. Withdrawals. The biggest benefit of using a crypto casino is that many offer automated withdrawals. You'll need to provide your crypto wallet address. That is where the casino will transfer the funds. In most cases, the tokens should appear in your private wallet in a few minutes.
Benefits of Playing in a Crypto Casino
1. Anonymity and Privacy.
Most crypto casinos only collect an email address from players and the result is that crypto casinos can offer anonymous and private accounts. This means no personal information is needed when opening an account.
2. Quick Deposits and Withdrawals.
Crypto casinos are known for their fast deposits and withdrawals. Bitcoin deposits are usually credited in about 10 minutes. Altcoin deposits, such as Ethereum and Tether, are even faster.
There is no human input; deposits are automatically processed as soon as they’re confirmed by the blockchain. Withdrawals are the stand-out feature of crypto casinos; they’re usually approved and processed instantly.
3. Low Transaction Costs.
You can avoid high transaction fees when gambling at a crypto casino site. Deposits are made from a private wallet, meaning players only need to cover the blockchain mining fees.
This varies depending on the network but averages $1-2. This is the case regardless of how much you're depositing. Reputable crypto casinos do not charge withdrawal fees. If they do, then this shouldn't be more than what the blockchain network is charging.
In contrast, withdrawals from regular online casinos can be costly. Bank wires, for example, average $50 per withdrawals. Some payment methods attract a variable fee, such as 2% of the total amount.
Most supported cryptocurrencies
Consider what cryptocurrency you want to deposit, gamble, and withdraw. You can then focus on crypto casinos that accept your preferred option. Most support Bitcoin, Ethereum, Tether, Litecoin, Bitcoin Cash, and Dogecoin.
Conclusion
With the introduction of cryptocurrencies to the world of online gambling, operators are providing players with opportunities that a few years ago were unthinkable. With Gaming Entertainment's Fortuna iGaming Platform and our Crypto Casino Solution, you can build a successful crypto casino that will open new horizons for the world of crypto and its fans.