What Are Crypto Casinos and How Do They Work?

Bitcoin was introduced in 2009 by Satoshi Nakamoto. Since its introduction, Bitcoin has become a major asset being traded online. However, most people generally only accept BTC in exchange for products and services. One of the reasons why the inventor created Bitcoin was to make it fully decentralized, meaning it has no centralized control unlike regular, central bank controlled currencies.

Usually, if an online casino advertises itself as a crypto casino, you will find that you can both deposit and bet with crypto currencies. Many mainstream casinos simply accept cryptocurrencies as a deposit method and convert its value to the currency used in placing bets on the casino. This means you don’t actually place bets with your crypto assets. In other words, crypto is accepted as a means of payment, but it is then converted to fiat currency or credit to be used throughout the casino. These casinos operate according to traditional online casino guidelines, and are really just regular casinos that allow crypto to be used as a deposit method.

Online Casino Games Available on Crypto Casinos

Crypto Casinos usually have the same set of games as in normal casinos. Remember, these casinos usually are the same as regular ones, but they just accept crypto along normal deposits, or only crypto. Variety of games also sometimes give a good hint of casinos legitimacy. We have casinos listed, which do accept crypto as a way of deposit along with “normal” currency.

There are different casino games you can access at a crypto gambling site. Whether you love table games, video slots, or crypto poker, all options are available. Here are the most common games you will be able to play.

Slots

Inarguably, slot machines are the most popular games. They come with easy-to-learn rules, making them a favourite option among beginners. In addition, they deliver captivating action as they are loaded with lucrative bonus features and exciting themes. Most gambling operators will provide a wide variety of 3-reel and 5-reel slot machines. Also, some may allow free crypto casino gaming via their slots’ demo options.

Roulette

You will also be able to play roulette crypto games on these platforms. An all-time favourite, this table game has been popular for many decades at land-based casinos. It is not just easy to play but also comes with multiple strategies that you can implement to boost your winning potential. Today, you can choose from different variations of crypto roulette including Double Ball, American, European, French, and Multi-Wheel Roulette.

Poker

Another thrilling casino game, poker is available at every crypto casino. Although many players find this game to be complex, it is, in fact, quite simple to learn and play. Apart from that, poker comes in several exciting variations, such as Texas Hold’em, Casino Stud, five-card draw, Omaha, and Jacks or Better. In addition, the best crypto poker sites will hold tournaments you can participate in and win great cash prizes.

Blackjack

Many operators also provide crypto blackjack games as part of their gaming options. It’s another popular table game among players, and the simplicity of blackjack makes it an ideal entry-level choice. The aim of this game is to get cards whose total value amount to 21 without exceeding that number. Fortunately, you can employ several effective playing strategies in order to increase your potential of winning blackjack.

Why We Don’t Recommend Playing on Crypto Casinos

Problem with crypto casinos generally starts with their licenses. EU-licenses have high regulatory standards, which are not met with crypto casinos. Likewise, MGA licensed casinos pay attention heavily to the users and their safety in terms of deposit limits, waiting periods and age verification systems. Gambling is for fun and requires possibilities for limitations having players’ safety in scope. Crypto casinos also tend to have massive problems with fake money streaming. The online casino scene has always had a stigma about players who discredit the industry by choosing to play with fake money and attract people to deposit by displaying non-existent wins. Gambling is about the quantity, not quality of spins and with fake money – and nothing to lose – the amount of spins with outrageous bets turn into harming players, who pursue the same outcome having a lot to lose.

Are there Benefits of Using Cryptocurrencies at Online Casinos?

If you are to play at such casinos, please pay attention to the legitimacy of the given casino and be familiar with cryptocurrency. There are also other ways to play, more safe and sound ones, using more traditional payment methods.

The Risks and Drawbacks of Using Crypto Casinos

Crypto casinos sometimes have their built-in systems in terms of trading money into cryptocurrency. The market value in some cases might not be as it appears on exchanges, and the provider might pocket some real cash in between. One must understand that when you move money out of your wallet and trade it into crypto, there might be a chance for you not to see the money ever again. Crypto trading is a story of its own, but we do not go into that this time. Same rules do not always apply into cryptocurrency as in bank transfers. In the latter you still have a chance to reclaim your money if the address the money was sent is fraudulent or wrong. Lacking the familiarity and volatility factor regarding cryptocurrency is a problem and the problems start to multiply when one adds casino as a component. Cryptocurrency is the most volatile asset you can own. The value of cryptocurrency is completely based on the value which people in the market give to it.

Comparing Crypto Casinos to Traditional Online Casinos

Play anonymously: When you play at a regular casino, you usually have to provide some personal information, such as your name, address, and payment details. Crypto casinos often allow you to play anonymously, as you can create an account and make deposits and withdrawals using only your cryptocurrency wallet.

Fast transactions: Cryptocurrency transactions are usually faster than traditional payment methods such as credit cards or bank transfers. This means that you can deposit and withdraw your funds faster at a crypto casino than at a regular casino.

They may have lower fees: Some crypto casinos have lower fees than regular casinos because they don’t have to pay the same overhead (e.g. credit card transaction processing fees). This means that you may be able to keep more of your winnings when playing at a crypto casino.

How to Choose a Safe and Reputable Crypto Casino

If you are to play, please pay attention to these details. You want to find a casino with a good reputation. Crypto Casinos have more to lose than the ones with questionable reputation. Pay attention to a variety of games, because they saw the effort to implement these to the casino. Game providers such as Play’N’Go, Hacksaw Gaming, Pragmatic and NetEnt are a good start! Bonuses and marketing campaigns which are done regularly means the marketing team is first at all existing, but they do aim to make players experience more better. Lastly, the ease of use. Easy to use casinos also have different language options, blogs and availability for customer support is easy to access.

Casino Bonuses You Can Trust

Lionbonuses offers exclusive casino bonuses. We go through all of the providers we offer with care, and we rate the casinos. We do this manually to provide our users the experience which gambling is all about. We want our casinos to have all the necessary tools to confirm players age and to restrict playing when you feel like you need one. Gambling is for fun and doesn’t need any extra risk factors, if the site is even real or will your deposit even go to your account – not to talk about withdrawals.

We always make sure our casinos are legit and offer first hand help if you ever require any.

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Because we want only to offer casinos which are GDPR compliant and your personal data is safe. When betting with normal currency, we trust the people to know the exact amount they bet. It might not be so with crypto, since using bitcoin or ethereum for example might vary in value in short periods.

This purely depends on the provider and the particular casino you are choosing. In the article we pointed out some variables you should consider when determining if a crypto casino is safe. If you ponder between normal and crypto casino, you should pick a MGA-licensed casino and start off with it.

For the exact same reason most online and offline stores don’t accept them. Accepting and transacting Bitcoin on this scale requires a lot of preparation, and merchants also need to consider legal requirements. While using crypto currency is perfectly legal, a trader who is not solely dedicated to using it often finds the legal hoops to jump through overwhelming and simply doesn’t bother.

This depends. Certain countries restrict crypto transactions, such as Cambodia, Nepal, Bangladesh, Ecuador, Bolivia and Algeria. Additionally, countries such as India, Nigeria, Thailand, Vietnam, Iran, Jordan and Canada also banned crypto banking transactions, although crypto users usually transact with them and keep them away from the bank. Therefore, if you belong to one of the countries, you should be extra careful when dealing with cryptocurrencies.

No. The advantage of using cryptocurrency is that you don’t pay tax on your income. Since it is not a centralized currency and its blockchain nature, financial organizations and authorities cannot track your transactions, so you do not have to pay taxes.

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