Online casinos appeared relatively recently, just over 10 years ago. However, they quickly became as familiar a part of life as smartphones or high-speed Internet. According to experts, the volume of the global online casino market exceeded five trillion dollars and by 2026 this amount may reach seven trillion.
It makes sense that such a rapidly growing sphere as online casinos is constantly changing. Every year software developers present new games, with slots occupying a special place among them according to Nitro Casino Canada, and gambling platforms are becoming more and more high-tech. In addition, users can bet with real money https://casinorewier.com/real-money-casino/, and in recent years to play for money has been possible not only from your PC but also in mobile casino applications.
Among the latest developments in the world of online casinos, a special place is taken by crypto casinos, which operate using blockchain technology.
What is a crypto casino?
There are two types of casinos on the Internet that use cryptocurrencies. The first type is the usual online casinos that accept payments from users both in traditional currencies and in cryptocurrencies, such as bitcoins. By their structure, such online casinos are virtually no different from the usual online casinos. They use the same software and do not use blockchain technology. They are not crypto, but regular online casinos that accept payments and make payments using cryptocurrencies.
The second type is full-fledged crypto casinos that operate using blockchain technology. The entire infrastructure of such platforms runs on blockchain and such casinos have no server, no managers, not even licenses.
As we know, blockchain is essentially a huge centralized database. This technology does not require a central server, it runs on users’ devices. To access crypto casinos, users must install special extensions on their computers. In a crypto casino, all processes, such as games, RTP game control, payment processing, and all other elements of the online casino run on a blockchain. Moreover, even if the crypto casino stops its operation, all information will be stored on the blockchain, including players’ winnings. In addition, the blockchain automatically processes all payments with the smart contract feature. Thus, the correctness and honesty are controlled by the technology itself, as well as by the players, so cryptocurrency casinos do not need a license.
Differences between cryptocurrency casinos a regular casino
As mentioned, the key difference between a crypto casino and a traditional online casino is the software. In addition, online casinos need a license, which proves that the casino is regularly checked by competent organizations and that all games at this casino work following the algorithms established by developers. The cost of such a gaming license is quite high and can reach several million dollars. At the same time, the crypto casino does not require a license to operate, since all its processes occur automatically using blockchain. Accordingly, it excludes the possibility of manual intervention in the established processes.
Also, the traditional online casino requires contacts with software providers, hosting, a system for processing financial transactions, and much more. At the same time, such online casinos can accept visitors only from those countries, which are stipulated by the license. Cryptocurrency casinos do not require any of the above.
Advantages of a cryptocurrency casino
As you can see, cryptocurrency casinos have several advantages over regular online casinos:
- No license is required. Since a crypto casino does not have a central server located in any country, accordingly, it does not require permission in the form of a gambling license from the authorities of the country where the server is located. Moreover, such a casino has no restrictions on receiving visitors from a predetermined list of countries.
- You can be sure of the games’ RTP, which the crypto casino offers. Thanks to blockchain technology, players can check the RTP of the games they choose. This system cannot be cheated, so it does not require regular auditor checks.
- Crypto casinos can work automatically. Unlike the usual online casino, a cryptocurrency casino does not need to confirm every action manually. For example, players get their winnings automatically, as every transaction is already in the blockchain and every win is automatically linked to a smart contract. In simple words, this means that the winner is sure to get his winnings. Blockchain technology operates completely autonomously and does not allow for outside interference.
- The chances of winning at a crypto casino are higher than at a regular online casino. The games offered by crypto casinos and regular casinos have slightly different RTPs. In most crypto casino games, the RTP reaches 98-99%, while in regular casinos the figure ranges from 95% to 99%. Accordingly, in crypto casinos, the frequency of winnings will be higher.
As you can see, cryptocurrency casinos have several undeniable advantages compared to the usual online casinos. At the same time, crypto casinos are a fairly new phenomenon and many organizational issues in their work remain unsettled.