As online casino table games, such as poker and roulette, begin adopting advanced technology like live dealers and virtual reality, so, too, have the financial processes (depositing and withdrawing) surrounding online casinos.
Cryptocurrencies – with the helping hand of blockchain technology – move toward decentralized financing and offer instantaneous payments, total transparency and improved data security. As this becomes more popular, many industries, including gambling, are finding ways to implement cryptocurrencies into their platform.
Over the past five years, we have seen a noticeable rise in online crypto casinos offering the option to play using cryptocurrencies. This article explores the different types of crypto casinos that have evolved.
What is a Crypto Casino?
Using blockchain technology, cryptocurrency casinos are digital gambling platforms allowing players to bet and deposit using crypto. And if they’ve won money, the winnings can be withdrawn back into their crypto wallet in seconds.
From jackpot slots and bingo to poker, roulette and craps, cryptocurrencies can be used in a variety of games. In fact, if a casino allows crypto, such as Borgata Online, you’ll be able to use it for any casino game.
The most popular cryptocurrencies accepted by casinos include Ethereum, Bitcoin and Litecoin. Although, this varies between online platforms, as some only accept Ethereum and Bitcoin, while others allow all three. Be sure to research your online casino beforehand to avoid disappointment.
Why Are Cryptocurrencies Easy To Use?
Fast, reliable and secure, the decentralized nature of blockchain eradicates the middlemen (banks) and gives autonomous financial power to the user. Gone are the days of waiting three to five working days for a withdrawal. With cryptocurrencies, it’s generally instantaneous worldwide. For example, if you’re playing online slot machines abroad and are in the process of withdrawing your profits, it can be wired into your account in under a minute. In contrast, it could take a week for casinos that incorporate centralized banks.
Additionally, funds can be accessed by any device – mobile, tablet or phone – eliminating the need to deal with banks, resulting in a seamless transaction. No queues, no waiting around. And because you aren’t dealing with centralized banks, the transaction fees are heavily reduced.
The Different Types of Crypto Casinos
Although they’re relatively new to the online gambling scene, there are a few types of crypto casinos to choose from.
Traditional Online Casinos
A hybrid approach, these are online casinos that offer bettors the chance to play using traditional currencies (USD, GBP, EUR, etc.) or cryptocurrencies. They typically accept Bitcoin, Ethereum and Litecoin.
For beginners, choose a reputable and established casino before providing any personal information – read the reviews, ask friends who gamble and join online communities for further approval.
Bitcoin-Only Casinos
Probably the most popular crypto and definitely the most valuable, Bitcoin sparked the blockchain revolution. If this is your preferred option, you may enjoy Bitcoin-only casinos that only allow this cryptocurrency.
Crypto-Only Casinos
Rather than traditional casinos’ hybrid approach, Crypto-only casinos don’t accept fiat currencies (USD, GBP, etc.,) only cryptocurrencies.
Altcoin Casinos
Interestingly, Altcoins (alternative coins) are cheaper than Bitcoin, Ethereum and Litecoin, making this an ideal option for gamblers with low budgets – Altcoin casinos only accept alternative coins to the big three cryptos.
Pros and Cons of Crypto Casinos
Pros
Thanks to cutting out the intermediaries, digital signatures, decentralized ledgers and immutable records, transparency is one of the most significant advantages of blockchain technology. With cryptocurrency payments and withdrawals, the transaction is tamper-proof.
Cryptocurrency’s ability to cut out third-party processes (banks) cannot be understated; not only does the technology require minimal personal information, which limits the risks of identity theft, but it also embeds a series of encryptions that make it next to impossible for unwanted guests to hack your account. Therefore, it dramatically improves data security.
Additionally, speed and accessibility are other great benefits of gambling with cryptocurrencies. From instantaneous payments, regardless of where both parties are in the world, to being able to log in and pay, receive or withdraw on any device, whether on the go or at home, cryptocurrency provides convenience while eradicating the time spent dealing with banks.
Cons
Although cryptocurrency comes with an impressive list of advantages, many fear that it’s still an emerging technology in its early phases of development; no one can predict if it’ll be able to handle mass adoption.
Then there’s the environmental impact of integrating cryptocurrencies worldwide. To be globally integrated, many high-powered systems will need to be built, causing many to question, “Do we have enough space for it?”
Lastly, because cryptocurrency is relatively new to the scene, most casinos have yet to integrate crypto with rewards and bonuses, meaning most crypto casinos have no deposit bonus to offer.
How To Get Started With Crypto Gambling
For beginners, the first step is choosing a platform and creating a crypto wallet. And just as you should be mindful when online gambling, be sure to research your chosen crypto platform before providing your details. Below is a step-to-step guide on how to start gambling with cryptocurrencies.
- Set up a cryptocurrency wallet.
- Buy cryptocurrencies – great ones to start with are Bitcoin, Ethereum and Litecoin.
- Find a digital casino compatible with crypto.
- Create an account on your selected casino site.
- Deposit your cryptocurrencies via your crypto wallet.
- Start gambling
Gamble With Crypto on Borgata Online
Want to play at a casino online with crypto? Look no further. Modern and cutting-edge Borgata Online proudly welcomes the use of cryptocurrencies. Register today and gamble with crypto on any of the casino games online, from craps, bingo and slots to poker, roulette, variety games and blackjack.