When SatoshiDice launched in 2012, it began the crypto movement in igaming. The site was the first in a long line of crypto casinos built on the framework of the recently released Bitcoin. Since then, hundreds of developers have tried their hand at crypto casinos. And while they remain a niche part of the industry, there are enough of them to demand attention. In this blog, we look at how these new types of casinos differ from the everyday online casinos we know.
Crypto casinos collect fewer registration details
The whole point of cryptocurrency is anonymity. When you join a regular online casino like betwayapp, you must enter your personal and financial data to create an account. Providers use this information to confirm your identity and protect you and other players from hackers and data thieves. Crypto casinos, on the other hand, promise players anonymity and privacy. They collect fewer personal details than regular casinos, allowing you to operate on a crypto ID.
Crypto casinos take crypto deposits
This is not a significant difference since, over the years, top regular operators like Betway have added crypto transactions to their payment profiles. However, it’s important to note that this trend started with crypto casinos. When you set up an account with a crypto gaming site, you get prompted to create or connect a wallet address. This online repository lets you fund and withdraw cryptocurrency from your betting account. Experts confirm that crypto transactions are faster and safer than regular payments.
Crypto casinos use provably fair technology
Again, this is not unique to crypto casinos. However, crypto developers did provide us with provably fair technology in 2015. Provably fair technology uses cryptographic algorithms to decentralise and secure online games. It ensures all crypto games are fair and incorruptible so that players cannot cheat or get an upper hand on other players. For regular casinos like Betway, in-game security relies heavily on RNG (random number generator) technology.
Crypto casinos are more vulnerable to fraud attacks
When Satoshi Nakamoto, whoever they are, invented and released bitcoin, they wanted to decentralise financial transactions. While this setup provides anonymity and privacy, it also robs crypto gamblers of the protection of centralised banking. Regular casinos rely on established institutions like banks for financial transactions, which often gives them security. Crypto casinos, with their anonymous payments, frequently fall victim to fraud and hacking attempts. This and the launch of several scam casinos have eroded some trust within the sector.
Crypto casinos are more volatile
The tradeoff for lower transaction fees and anonymity is that you may not know what your winnings are worth from one week to the next. Cryptocurrencies are volatile. Their value fluctuates depending on various external factors, making the casinos built on them equally unstable. This instability also extends to the regulatory sector, where regulators are still figuring out how to regulate crypto casinos.
Wrapping up: Crypto casinos are still finding their feet
While regular casino providers like Betway have been around for decades, crypto casinos are relatively new. They are still finding their feet in a world dominated by fiat currencies. This means they are constantly changing; what they are today isn’t necessarily what they will be tomorrow. In the meantime, if you want to enjoy the benefits of crypto gambling with all the safety and stability of regular gambling, join a regular casino today that allows crypto transactions.