Crypto online casinos (sometimes called bitcoin casinos) have brought many changes and lots of benefits to the gambling industry, and cryptocurrencies are probably going to be adopted by the majority of the online gambling industry in the months and years ahead.
Let’s take a look at the differences between traditional online casinos and crypto online casinos.
The currency is the main difference between traditional online casinos and crypto online casinos. Traditional online casinos use fiat currencies such as the Euro, US Dollar, Yen, Sterling, etc. On the other hand, crypto casinos focus on cryptocurrencies such as Bitcoin, Litecoin, Ripple, Ethereum as well as many other cryptocurrencies.
Safety & Security
Security is the key for any online gambling operation. If players don’t feel safe they don’t play. Crypto online casinos provide e-wallets that are much more secure than both credit and debit cards, and bank accounts. Not just greatly reducing the theft of funds through fraud, but also identity theft.
It is undoubtedly easier for hackers to hack into traditional online casinos than crypto casinos. Crypto online casinos have higher security encryption, and all transactions are recorded using blockchain technology.
Another key element that guarantees security is complete anonymity. Unlike traditional online casinos, crypto casinos don’t require players to provide personal details. This is a big plus for the security of a player’s identity from theft.
A further key aspect of crypto casinos is that cryptocurrency runs on decentralized technology. It means that unlike traditional online casinos and fiat currencies there is no need for financial institutions, central banks or government fiscal bodies. This could mean that the central authority has the power to freeze a players bank account at any time for specified reasons. When a player uses cryptocurrency, they have full control over their account and money. A player’s crypto account and money can’t be frozen or taken by authorities.
Provably Fair Games
Another big difference between crypto casinos and classic online casinos is the fairness of the games offered. Crypto online casinos provide games with fair algorithms and a lower casino edge (casino house margin). This makes it easy for crypto players to win more and more often. While traditional online casinos have a higher casino margin (house edge) and are less competitive than crypto casino games.
Most classic online gambling sites hide crucial information from players. Moreover, classic online casinos take advantage of players with a high house margin, on the contrary, crypto casinos are transparent and allow players to check any bet transaction, and even the return to player is easily verifiable.
Crypto online casinos are very convenient and playable for players from countries where online casino laws are restrictive. By using cryptocurrencies players have access to online casinos that are safe.
Managing winnings is also very convenient for players, because players at crypto casinos have full control of their funds in real-time, with lower costs, regardless of where they are in the world.
Moreover, another difference is that crypto online casinos either have very low fees or no fees at all because crypto online casinos are not regulated by central bank institutions and, therefore, transactions come with fewer costs, are more convenient, and quicker.
Although it is fair to say that crypto casinos had far fewer games than traditional online casinos in the beginning. Today, crypto online casinos provide a wide range of games often comparable with more traditional online casinos. And, therefore, players can play all the games they know and love such as poker, poker, blackjack, baccarat, roulette, and live dealer casino games.
The main difference comes with the payout, crypto online casinos offer games with RTPs up to 99%, which is much higher than the 90-95% average offered on most games at traditional online casinos. The number of games with a high return to player is also higher in crypto online casinos than classic online casinos.
Crypto Online Casinos and Classic Online Casinos: Are There Any Similarities?
Yes, there are several similarities in these two models, both crypto and classic online casinos operate under a gaming licence. Crypto online casinos are licensed under Curacao and some other jurisdictions, while classic online casino work under Malta Gaming Authority (MGA), UK gambling commission (UKGC) and other jurisdictions.
Another common point is the game libraries, which are not so different. With both, players can bet on slots, poker, blackjack, roulette, baccarat, betting, lottery and many other games.
Moreover, both casinos generally operate from offshore regions, where the regulatory gambling frameworks and cryptocurrency adoption is more open and flexible.
The differences between crypto online casinos and classic online casinos are important, as highlighted above. These differences ultimately changing the gaming experience for the better. By playing at crypto online casinos players don’t have to deal with any third parties (such as banks), funds are stored on the blockchain (so called smart contracts), payouts are instant, bets can be checked at any time, odds are fair. All of these differences needing to be considered carefully by players before choosing where to play.
On the contrary, classic online casinos will never disappear, big online casino sites still provide a wide range of games and services and have endless resources to attract new customers, who don’t care or understand the differences between these two types of casinos. However, we believe in the medium to long term the adoption of crypto online casinos will be massive and constant, changing the rules of online casino games a lot in the process.
There are several good bitcoin casinos accepting different cryptocurrencies, such as Coinsaga bitcoin online casino, where players can pay in many different cryptocurrencies and play a wide range of provably fair games as well as those from top tier one world game providers such as Evolution, Netent, Play nGo, and many others
Bitcoin casinos provide the best level of anonymity available, that is because it is impossible to track a player’s identity, their money movement, as well as gameplay information.
Bitcoin casinos are faster than traditional casinos, the payment process is instant, essentially because cryptocurrencies don’t depend on a bank or other financial institution to go through its set processes and according to financial regulations.
The biggest difference is that fiat currencies are legal and issued and backed by the government authority which assigns value to them. On the contrary, cryptocurrencies are independent and no central authority has any power over them. Cryptocurrencies can be only virtual, the miners (who are the people who create those currencies) determine their value and market supply (for example, Bitcoin has a limited number of 21 million bitcoins). Moreover, inflation does not affect digital cryptocurrencies.