It seems like everywhere you turn these days, there is another news piece on the rise of cryptocurrency and how the Blockchain is going to change your life forever. While there is definitely a lot of hype around cryptocurrency like Bitcoin – its usage, its value etc. – Onething that hasn’t been mentioned much in the general press is that the currency has been used in the online gambling world for many years. The online casino world loves new technology and being early adopters of such, so it should come as no surprise that you can find online casinos that accepted Bitcoin almost asfarback as the currency has existed.
What is cryptocurrency?
IN a nutshell, a cryptocurrencyis a form of payment that exists on a decentralized set of servers, allowing for payment of goods and services online in a secure, anonymous format. The reason for the initial build of cryptocurrency dates back to some folks who were looking to pay for some online goods that hey did not want to be tracedback to their personal bank accounts.
All cryptocurrency is based on something called the Blockchain, which is a decentralized set of ledgers that are constantly being updated with transactions. Because these blocks are not located inone central place, the cost of storing the ledgers is split among the users, and there is far less chance of any security breaches.
There is a lot more detail on both the Blockchain and cryptocurrencies, but we think that’s enough for you to understand in principle what they are so we can focus on why they are being used in the online casino world.
Why do people use Cryptocurrency for online casinos?
There are several benefits to both operators and players when it comes to using cryptocurrency for online gambling. The first of these is definitely cost. The cost of a transaction using Bitcoin or another currency is far less for an operator than the traditional credit card processing, which has skyrocketed to an average of 14% per transaction. Cryptocurrency fees are a fraction of those costs, which means an operator doesn’t have to pass the costs through to players or reduce marketing spend to accommodate for the pricing of payments.
Also, the anonymity of the transaction combined with the decentralized copies of the master ledger givesplayers a significantly higher sense of security when playing at an online casino. Too many data breaches have taken place in and out of the gambling industry in recent years, so a lot of people are on edge about handing over personal information. Having the transactions recorded on the ledger also means that balances cannot be altered without sending off alarm bells across the blockchain.
Are there risks to using Cryptocurrencies?
There are certainly risks to using cryptocurrency for gambling. First and foremost, the currency is still very volatile, having seen swings in the valueof thousands of dollars per coin over the last year alone. Spending money on online casino games already comes with risk, but finding out that one day the value of your balance in traditional currency has dropped by a huge chunk is sometimes too much for people to bear.
Also, using cryptocurrency doesn’t stop a casino frombeing rogue – there are still going to be scammers out there. Whether it is forcing players to exchange funds back and forth when heading to the casino games and skimming points there to just being shady enough to run away with balances, all casino players should be very cautious with the numberof funds that are left in a casino balance at any given time.
The best cryptocurrency casinos
As part of our ongoing efforts to bring you the most comprehensive set of casino reviews in the industry, our team has expanded our efforts to rate and review all the sites that accept cryptocurrency. This goes much further than simply listing which currencies are accepted – we look at the best bonuses for crypto users, as well as which sites have had any negative chatter on the gaming and crypto forums. We also look for casinos that offer players the chance to playthe games in the cryptocurrency rather than having to exchange for FIAT currency every time you sit down at a table or slot machine.
The end result of all this work is the list you will find below. These cryptocurrency casino sites are the best we have found at this moment. Some of the namesmay be familiar to you, while others are newer brands that haven’t hit the mainstream yet. Regardless, our team felt strongly enough about each of these casinos to give them high ratings and recommending them to our readers.
This list will be updated regularly as more sites start to accept cryptocurrency as a payment method. Be sure to bookmark this page and check back often to see if there are some great sites that you should be checking out.