Crypto is taking the world by storm. There can be no doubt of the impact that it has already had on the world of finance. Like it or not, it seems that crypto is here to stay. The natural progression of crypto has gone in a number of ways, many more unexpected than others. One that I think most of us could have predicted, though, is the rise of crypto casinos.
These casinos make use of crypto’s many advantages and pass that on to the consumer. The biggest are already huge and continuously growing, both in revenue and in attracting new consumers.
Today, we’re going to look at the features of the biggest online crypto casinos—what they do, and how they’ve had their success.
Let’s get started.
- Security and anonymity
Perhaps the single thing that those in the crypto world enjoy most about the crypto casinos is their security and anonymity, and the level of privacy which you simply don’t get elsewhere. Cryptocurrencies like Bitcoin are pseudonymous, meaning you’re only ever using an alias to identify yourself.
In the modern world, data breaches are a bigger concern than ever. Around 1,200 breaches happen yearly, with 1 in 5 small to medium businesses reporting cyber attacks of some form or another.
When it comes to betting, some of your most sensitive personal data is potentially at risk. With traditional casinos, your credit or debit card and potentially even your bank details are all on there.
Though cyber security is growing more and more robust, the traditional methods always leave you at some level of risk. Anonymous cryptocurrencies more or less remove that issue entirely. That said, there are, at the moment, some issues with recourse—there is somewhat of a trade-off between the anonymity and protection in the case that something goes wrong with your transaction.
If anything, though, this is what modern crypto casinos are moving to change. As crypto casinos continue to grow in popularity, they will extend their services to protect the assets of those who are getting involved for the first time.
An extension of that is decentralisation.
- Decentralisation
All traditional currencies are controlled and regulated by governments and banks. While this isn’t necessarily a bad thing, crypto is truly in the hands of the users—and you aren’t stuck at the whims of the rich and powerful.
When it comes to the biggest crypto casinos like Coin Casinos, they are so successful because they essentially become self-regulating. There is no outside force determining the value of the currencies, or how the financial transactions need to take place. Speed and efficiency are at the forefront, so crypto casinos wind up doing a great deal more business over a much shorter period—and this will only become truer in the coming years.
While financial regulations typically have the best intentions, on several occasions, under the Criminal Finances Act 2017, people’s banks and accounts have been unjustly frozen and access to their money taken away. With the decentralized crypto casinos, you would never need to worry about this.
According to some estimates, the total value of all Bitcoins in circulation is over $1 trillion USD. As that is spread to more and more users, the power of the people will only continue to grow.
- Transaction fees
It’s often easy to forget the amount of money in e-commerce. Millions of transactions are happening online every minute, and at the moment the cast majority are still handled by a small number of operators like VISA. While this is great for efficiency in many ways, the monopoly has also meant that transaction fees can essentially be dictated by these organisations.
Though it may seem like a more minor thing in some ways, one thing many people love about crypto is how it all but eliminates large and hefty transaction fees on things like withdrawals and deposits. Typical transaction fees on many large withdrawals from online casinos can be as high as 5%.
Crypto, on the other hand, incurs only tiny transaction fees. On a transaction of over $19 million USD, there was only a $0.40 transaction fee.
If you intend to use the casino a lot, then a crypto casino would actually save you potentially thousands over the years through the negligible transaction fees.
A lot has happened to shake up the traditional world of casinos up to now. They were first rocked by the advent of online betting, which has and continues to fundamentally change and grow the way people bet. Now, with the advent of crypto, gambling has essentially never been safer. We can all enjoy total anonymity on the blockchain, and you don’t have to spend money on transaction fees for the central bank middle-man.
Crypto casinos are the future, without a doubt.