At the time of writing, the crypto market is experiencing a lull period, listing a 19% decrease year-over-year, with an overall trading volume of $24 billion. Despite this, many experts believe that the blockchain sphere will survive the events of 2022, when the prices of its top coins, Bitcoin and Ethereum, dropped more than half from their all-time highs achieved in late 2021.
One of the most massive optimists regarding their comeback and long-term sustainability is the crypto casino sector. Bitcoin casinos debuted on the Web in 2011 and had slowly grown in popularity throughout the 2010s. When 2020 rolled around, they received a massive spike in interest as digital coins reached the public consciousness, leading to hundreds of cryptocurrency casino platforms opening. Now, these sites have taken a significant chunk of the fiat sector and are expanding their presence online one step at a time, en route to becoming the industry norm. Below, a short outline of why this is happening gets presented.
Crypto casinos are gambling sites that accept virtual currency deposits, meaning digital funds that gamblers can later put up as a stake on gaming products such as slots, table games, unique provably fair picks, and more. These include any online site that allow players to enjoy crypto gambling at online betting sites that accept digital currencies such as Bitcoin. Note that many individuals also use the term Bitcoin casino to define sites that fall into this genre. That is due to the prevalence and dominance of the world’s initial crypto, a fungible token that many people see as synonymous with blockchain transactions.
Standard casino apps require that players fill out multi-page forms on sign-up. At least, that is what most sites regulated by country-specific bodies demand. That is something that the majority of online games of chance fanatics hate, finding the process cumbersome. Plus, they are not super comfortable with the thought of giving away personal data so freely. Bitcoin casinos have changed the game by facilitating almost instant account creation. Most brands in the platform class only ask that their new user input a username, password, and email. That is all. Some even go so far as not to even ask for a username and password. They automatically generate these once a player enters their email and clicks the sign-up button. Once a member, everyone can modify their login credentials inside their profile page after verifying their account through a link sent to their email inbox.
Also, some operators allow an option for gamblers to join their ranks using social media credentials. That is possible by users deciding to share the info they have already given to a network like Google, Facebook, Twitter, Discord, or Metamask. And opting to do so generates an account with their chosen cryptocurrency casino brand instantly.
Bitcoin transactions, on average, occur in around forty minutes or so. The process can go through faster depending on the network load. Nevertheless, forty minutes is a good rule of thumb. That is often the time from when a withdrawal request gets approved at crypto casinos to when it lands in a designated wallet address. That is the same amount of time it takes Dogecoin transfers to finalize. Yet, it is vital to point out that these cryptos are in no shape, or form, close to the top of the crypto standings regarding speed. Tron transactions occur in a minute, and Ripple ones happen in seconds.
There is no comparison between the payment swiftness at crypto casino hubs and the one that fiat options offer at standard ones. For example, credit/debit card withdrawals usually get completed in three to five working days, and e-wallet funds take around twenty-four hours to move from sender to recipient.
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Online casinos have stuck to offering deposit matches on registration for two decades now. That has been the backbone of this sphere’s marketing efforts. Few gamblers know, but gaming businesses do not enjoy the same advertising freedom as other companies get allotted for obvious reasons. Thus, they have relied on substantial amounts of free-play cash on sign-up to lure slot and table lovers to their lobbies.
Cryptocurrency casinos stick to this tried-and-tested formula, but some forego deposit matches altogether, choosing to focus on attractive loyalty schemes, ones offering cashback. These are rebates that players get, and the more they bet, the higher their payback percentage grows. Rewards like lotteries, social media giveaways, and prizes for chat participation are new approaches Bitcoin casino apps take to boost a sense of community on their platforms. Mystery chests, which are loot-box-like promos, are also something that many gamblers adore about crypto casinos, as these promotions are more-or-less gambling while gambling.
When the original sets of Bitcoin casinos popped up on the internet, they only offered one product per platform, usually custom-made versions of dice or crash. Today, thanks to Curacao-based regulators licensing and overseeing cryptocurrency casino hubs, such brands can feature products from virtually any provider on Earth since Curacao’s master license holders approve just about anyone. That means it is fairly common for operators functioning in the blockchain gambling landscape to have vast game sections that boast several thousand games.
These picks include video poker, scratch cards, reel spinners, RNG and live table games, streaming presenter options, arcade shooters, simplistic provably fair choices, and more.
Despite the prevalence of Know Your Customer identity verification procedures, many cryptocurrency casino websites, even licensed ones, don’t implement them. Many do, but only in instances where gamblers seek to withdraw a substantial amount from their balance. Given that the majority of sites offering provably fair titles have no regulatory approval, they do not care about who hails from where and their real identity. They primarily operate on a good-faith basis with their user basis and have done so successfully for years with little to no hiccups. So, region-free gambling in secret is possible at Bitcoin casinos online.
John Kiguru is an astute writer with a great love for cryptocurrency and its underlining technology. All day he is exploring new digital innovations to bring his audience the latest developments.
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