In November 2021, the crypto market reached all-time highs, with Bitcoin soaring to above $60,000 per unit. However, according to a recent Bankrate survey, the popularity of digital coins plummeted in 2022, particularly among Millennials, virtual currencies’ most feverish supporters. That got spurred on by evidence of just how volatile cryptos could be, which was on full display in 2022. Yet, one sphere where blockchain technology plays a massive role that has shown no signs of slowing down is Bitcoin casino gambling.
It became a thing more than a decade ago, and over the past two years, it seems to have gained such substantial steam that many believe that this sector’s 11.2% annual growth can, in large part, get contributed to it.
Hundreds of gambling sites that facilitate coin-based wagering now exist, and due to the many benefits, they offer compared to fiat ones, it is becoming clear that they are the wave of the future. Riding high on primarily unique bonuses, fast transfers, and gambling anonymity, cryptocurrency casinos are now all the rage, and what follows is a short presentation regarding the top aspects that set them apart from traditional internet gaming platforms.
So, What Classifies as a Bitcoin Casino?
Bitcoin casinos listed on sites like cryptocasinos.net are internet gaming hubs that allow individuals to deposit cryptos that they can use to enjoy chance-based gambling games. That is the short of it. Naturally, most sites falling under this classification also have other distinguishing features, such as novel bonuses, diverse game catalogs, loyalty schemes, and more. Those elements will get elaborated on in the subheadings below. It is also worth pointing out that the term Bitcoin casino often gets used as an all-encompassing phrase to define all sites accepting cryptos. That means that if someone uses it to describe a platform, that website does not necessarily have to only permit the world’s initial cryptocurrency.
Almost Instant Sign-Up
Many cryptocurrency casinos incorporate technology that lets users create an account using their social media credentials. The networks most often allow this to happen are Facebook, Twitter, Discord, Telegram, and Google login data. Thus, when someone opts to give away what they have supplied to one of the mentioned services to their chosen gambling app, that allows them to have an account ready with it in seconds.
Alternatively, crypto gambling website users can take the traditional route and fill in a standard sign-up form. That procedure differs from the one at fiat online casinos as it does not require that gambler input much, if any personal information. It only demands that they enter a username, password, and email and confirm their account by clicking on a link delivered to their inbox.
Swift Blockchain Transactions
The online gambling sphere appeared in 1994 when Antigua and Barbuda passed the Free Trade and Processing Act. In the first few years following this sphere’s inception, credit/debit cards and bank transfers were the only allowed payment method. They facilitated almost instant deposits, but withdrawals through these transaction options took three to seven days to go through. In the late-1990s, PayPal got birthed, and at the start of the 2000s, Neteller and Skrill appeared on the scene, lowering withdrawal periods to twenty-four to forty-eight hours.
In 2011, the first cryptocurrency casinos showed up, lowering the payment speed threshold to an hour. Today, funds sent over the Ripple and other blockchains reach their ledger destination in seconds, making online casino withdrawals as fast as deposits.
For over two decades, the interactive gaming mainstay promo type was a deposit match, usually given away at sign-up or for players funding their accounts on specific days. These offers remain highly popular, and many Bitcoin casinos implement them. Nevertheless, they also seek to diversify their promotions arsenals by adding bonuses that reward on-site interaction and loyalty. Concerning building a community presence on their platforms, operators look to stimulate this by delivering chat rain, listing giveaways on their social media pages, and more. Regarding loyalty, most of the sites in this promo category encourage frequent play by running VIP schemes with multiple tiers that players advance through their betting activity. The more they pay on a site, the more VIP points they accumulate, leading to better perks.
Mystery chests, akin to video game loot boxes, are also something that makes crypto casino hubs unique gaming homes, as these are often loyalty benefits that give away unpredictable rewards. That enhances the online casino experience by making players feel like they are gambling, even when they are not playing games but rather when they are receiving promos.
Exciting Gaming Portfolios
While the cryptocurrency casino section of the interactive gaming sector started by only offering simple provably fair products, these days, all modern gambling games are at the fingertips of crypto fanatics. That includes high-end slots, live dealer tables, and lottery-style options. Even virtual sports get hosted on many of these platforms, letting users test their luck on simulated horse races, tennis, football, and basketball matches.
The terrific thing about the crypto casino landscape is that most hubs get licensed by Curacao regulators like Curacao e-Gaming and Antillephone. Due to the lower technical game regulation criteria these bodies implement, virtually all known providers work with them. That leaves the door open for their licensees to house thousands of games in multiple genres, which many opt to do. Hence, it is not unusual to see crypto websites with gaming libraries consisting of five to six thousand gambling choices.
Anonymity & Global Availability
No, Know Your Customer (KYC) procedures have not removed the option for gamblers to test their luck anonymously at crypto casinos. Many unlicensed provably fair sites are around with unblemished records of always paying out wins that allow this. And some Curacao-approved operators forego these policies as they are not mandatory.
Moreover, sites with no KYC are also super likely to accept players from most corners of the globe, regardless of local laws. They open their doors to pretty much all willing to join their ranks.