Some casinos in Las Vegas announced that they will accept cryptocurrency payments by players. Moreover, some casinos develop blockchain gambling sites. Why is it in demand and what should we know about that?
Many legal casinos and slot machines available in New Zealand provide crypto payments. The main reason for the legalization of casinos was an appearance of full control of payment within the casinos, winnings, and their safety. Therefore, this new trend with crypto casinos allows operators to accept safe payments. On top of that, players feel safe while making transactions, since casinos may seem dubious for the first time.
Nowadays, it’s already possible to transfer money via cryptocurrency wallets. So, you can make a deposit, and even withdraw winnings. As a result, it allows players not to wait for international transfers for several days, and avoid paying commission to banks.
The same policy is going to appear in the land-based casinos. On the page below, we will give you everything you need to know about crypto casinos. Including the main threats that players may face.
What is a crypto casino?
By and large, the “cryptocurrency casino” differs from the usual one only in the key payment instrument. They use not fiat money, but digital coins.
Otherwise, crypto gambling platforms are no different from ordinary online casinos. Here you can also find thousands of types of slots, roulette, or, for example, sports betting.
Among the features of crypto casinos, they provide crypto wallets that store digital coins. Typically, these wallets have places for the popular “crypto”, including Bitcoin, Ethereum, Binance, XPR, and others.
But, it’s not as tasty as you may think. As well as regular casinos, crypto casinos still have some restrictions regarding the withdrawal of funds to the personal account. But, as time shows, top online casinos worldwide with a good reputation do not delay payments, and cryptocurrency transactions are faster than traditional e-wallets, or banking cards.
Why did crypto casinos become popular?
Obviously, the main concept of cryptocurrencies has become the key to the popularity of crypto casinos today. Users like the idea of secure and anonymous transactions that are very difficult to track or fake.
This payment method allows players to avoid bank fees and various third-party payment systems by sending money directly to their accounts.
The cryptocurrency transaction process does not require the transfer of personal data, bank account information, or identification documents. And modern crypto exchanges allow you to do this as quickly as transferring money to your friend via bank application.
In addition, some land-based casinos in Las Vegas began to promote the idea of a cryptocurrency in a casino. A couple of weeks ago, the management of the Resorts World Las Vegas hotel-casino announced a partnership with the Gemini cryptocurrency platform.
In the beginning, at Resorts World Las Vegas players could only pay for non-gambling things. But the administration assures that soon players will be able to buy gaming chips with cryptocurrency. However, it’s necessary to approve the use of cryptocurrencies in casinos at the legislative level.
The main obstacle for casinos to introduce cryptocurrencies in casinos is the government regulations. In different countries, there are different attitudes toward bitcoin and other cryptocurrencies.
Blockchain
Another feature of the use of cryptocurrencies in gambling is blockchain technology, which supports all digital coins without exception.
The fact is that with the help of a decentralized chain, you can create random number generators (RNG). In general, this is responsible for the operation of all online slots and even poker rooms.
By the way, in early 2021, multiple world poker champion Phil Ivey confirmed his intention to be an ambassador. He contributes to the launch of Virtue Poker, the first online poker platform on the blockchain.
In the near future, casino developers should present their decentralized product, which guarantees the principles of fair play, a high degree of protection of users’ money, and comfortable use of the poker room.
The balance of each Virtue Poker player will be stored on their Ethereum wallets, and the money will go directly to the poker room only during the game.
This means that if a casino suddenly closes, all users’ money will remain with them.
Conclusion
Crypto casino is a pretty good idea, or rather a technology that is already playing a big role in some casinos.
The problem with this lies only in government control and hatters of cryptocurrencies, who do not consider digital money to be a reliable financial means.
However, in the case of the development of the correct and successful use of crypto casinos, they can solve the main problem of the players, which is the quick transfer of funds between accounts and full control over the transactions they carry out.
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