Since cryptocurrency came onto the scene, lots of businesses and ventures have begun to support this new medium of exchange. Crypto casinos are staking sites where cryptocurrency can be spent, and lately, there have been lots of rumors about them. Here, we’ll be demystifying this new online betting platform and exposing 10 unique truths about them.
10 Things you should know about Crypto Casinos
Free cryptocurrency, large bonuses, and worldwide access are how many stakers characterize Bitcoin (BTC) casinos. However, these aren’t defining features of Bitcoin casinos, as many lies are mixed in with these truths. Hence, the 10 truths that are stated below would straighten out many stakers and enlighten them about Bitcoin casinos.
Crypto Casinos offer Anonymity
This is one of the first things that a typical gambler thinks about when considering Bitcoin casinos, and it’s accurate. Bitcoin casinos offer virtually perfect anonymity to stakers, allowing them to play without fear of being found out.
Traditional betting sites require players to offer some sensitive pieces of information like their address and government-issued identification. This makes it easy for the government, all authorized bodies, and the casino to be aware of their identity. Deposits and withdrawals would pass through official channels, making a punter’s bank aware of their actions.
Crypto casinos, on the other hand, do not request any personal identification when you’re registering with them. Their withdrawal and deposit channels deal with cryptocurrencies, which are beyond the control of the government or any legal authority.
Most Crypto Casino Games Do Not Allow Cheating
Most Bitcoin casinos are hosted on blockchains, and since the blockchain mechanism prevents alterations, casino games also enforce that idea. This means that neither the player nor the casino can make any alterations to the games.
However, this characteristic is only peculiar to Bitcoin casinos that are hosted on the blockchain. Some casinos are just ordinary casinos that accept crypto deposits. So, if players can hack the casino software, then they can cheat on the games.
Some Crypto Casinos Are Legal
This is a grey area for cryptocurrency casinos and cryptocurrency as a whole. In countries like China, cryptocurrency has been banned, making Bitcoin casinos illegal as well. Canada accepts cryptocurrency and regards casinos under its regular betting laws.
However, most countries have yet to state their stand on cryptocurrency or Bitcoin casinos. So, the legality of Bitcoin casinos depends on the staking laws in that country.
If the government outlawed cryptocurrency and online gambling, then crypto casinos would be illegal. On the other hand, crypto casinos may be lawful there if they haven’t said anything and don’t have any laws against them.
Crypto Casinos Accept Various Cryptocurrencies
There are lots of cryptocurrencies out there, like Bitcoin, Ethereum, Dogecoin, Litecoin, and Tether. So, besides the few cryptocurrency betting sites that only accept one digital coin, most of them accept various cryptocurrencies.
In fact, Bitcoin casinos that accept only one cryptocurrency are in the minority. Nevertheless, the virtual coins that a Bitcoin site accepts would always be listed on the platform.
Bitcoin Casinos Offer Lower Transaction Fees
Since Bitcoin casinos do not follow any legal channels, they do not need to pay any legal dues. Transactions on crypto platforms are performed without worrying about deposit fees, withdrawal fees, and the like.
Crypto staking websites deal with the blockchain, so the only fees that players incur are the blockchain’s transaction fees. These charges pale in comparison to the numerous taxes, bank fees, and legal expenses that traditional casinos impose.
Crypto Casinos Cannot Be Hacked Easily
The truth is that crypto casinos are notoriously hard to hack, not that it’s impossible to do so. This is a result of the blockchain’s hash algorithm and its decentralized nature. For a hack to be remotely successful, the hacker needs to hack all or most of the computers in that network.
Since that’s practically impossible, people say that blockchains are impossible to hack. However, if it is possible to hack all or most of the computers connected to a network, the blockchain will be compromised.
Some Crypto Casinos Are Run by Scammers
Most platforms online are run by scammers, and some BTC staking sites are no different. So, if you’re unlucky enough to deposit your virtual coins on such websites, you’ll lose them.
Nonetheless, this doesn’t mean that all BTC staking websites are run by scammers. Most of them are legitimate sites with betting licenses from recognized online staking authorities.
Crypto Casinos Offer Better Bonuses
Compared to traditional online casinos, Bitcoin betting sites offer a wider variety of bonuses. Some of the bonuses that you can find on Bitcoin casinos include:
- No deposit bonuses
- Cashbacks
- Welcome bonuses
- Event tickets
- VIP programs
The bonuses that cryptocurrency betting platforms offer are not limited by taxes or other legal fees that conventional casinos pay. As such, they’ll have lots of funds that they can afford to invest in the bonuses that they offer their customers.
Crypto Casinos Offer More Games than Traditional Casinos
Despite having been around longer than cryptocurrency betting sites, traditional betting websites feature fewer game options. That’s because crypto casinos offer both the games that you find at regular casinos and some crypto-based casino games.
Sometimes, these particular games can also be peculiar to a blockchain. This means that punters will have a lot to choose from when they visit various cryptocurrency staking websites.
Crypto Casinos Suffer No Geographical Limitations
Distance has always been an issue with regular betting sites. The presence of betting jurisdictions makes it impossible for many traditional casinos to operate in certain areas. As such, the bettors in those areas would be unable to access that casino.
Conversely, Bitcoin casinos have no betting jurisdiction that they have to abide by. Their transactions are built on the blockchain, which has no legal limitations in its activities.
Conclusion
Ten truths about Bitcoin casinos have been revealed in the article above. This indicates that some of the widespread rumors about cryptocurrency betting sites are unfounded. Even though Bitcoin casinos have surpassed traditional casinos, they’re not as magical as some players would have you believe.
