With coronavirus measures limiting access to countless industries with physical premises over the past year, the online marketplace has never been more competitive – and no industry has experienced this seismic shift more than the casino business.
Seeking a competitive edge in a booming and hyper-congested market, online casinos have incorporated the use of cryptocurrencies to elevate their customer experience – leading to the emergence of the phenomenon of the ‘Bitcoin Casino’. The concept of a Bitcoin casino is as simple as it sounds – although they do not operate on the world’s most ubiquitous cryptocurrency alone – and other well-known altcoins, including Ethereum, Litecoin, and even Dogecoin are all used in playing online games.
Cryptocurrency casinos are experiencing an inexorable rise in 2021, benefitting from almost perfect market conditions to become an overnight option for eligible gamers. The astronomic rise in cryptocurrency values, such as Bitcoin, mean that there is an ever-growing tranche of affluent individuals looking to enjoy activities like gambling with their new-found wealth, while coronavirus restrictions limit the amount of physical entertainment on offer.
How does it work?
Bitcoin casinos are not much different from the online casinos you have read about here at LLM – Luxury Lifestyle Magazine in the past 12 months.
As such, Bitcoin casinos operate on gaming software built around Random Number Generators (RNG). RNG is a common term in computing and gaming circles, but essentially refers to one algorithm, or a series of algorithms, which generate random number outcomes. In essence, this replicates the real life experience of watching the ball bobble around the roulette wheel, or the cards being drawn at the Blackjack table – ensuring that each online play is similar to the exciting game of chance you would experience in a physical casino. While regulations dictate that all online casinos should be vetted by agencies, Bitcoin casinos also see their currency exchange operated by external companies for added protection.
But what are the benefits of opting for a cryptocurrency casino over a traditional fiat-currency online experience? Well, that depends on what you are looking for – but certainly there are notable benefits for leaving the credit card in your drawer and dipping into your BitWallet instead.
One is the anonymity and autonomous nature of playing using cryptocurrency, as well as the deregulated framework in which the currency operates. Personal information and bank details are optional extras with a crypto casino, and winnings are not subject to the same state checks.
While this is notable at the user end, it also reduces the operational costs for the casino, which means, if you can find a particularly efficient online casino, your transaction costs can cost as little as nothing – and winning funds are often released much quicker as they are not subject to the same protocols and third-party involvement.
While cryptocurrency is, in its very essence, a means of transaction which aims to limit red-tape, state regulation, and protect the personal information of the holder, that does not mean that cryptocurrency casinos should exist without regulation.
Online cryptocurrency casinos must meet the minimum requirements to become licensed, and would-be gamers are advised to ensure that any prospective casino has licensing before their first deposit. For example, Rocketpot.io lists its licensing credentials in its FAQs section on its website.
An added layer of protection, at the security and user end, is provided by some of the higher-end cryptocurrency casino operators, including fingerprint recognition. Meanwhile, the tamperproof nature of blockchain technology ensures that your currency remains secure within the greater ledger.
Keen to secure as large a market share as possible while conditions are favourable, a number of the more luxurious cryptocurrency casinos are currently offering very generous bonus and loyalty schemes for new members – including, in the case of Rocketpot, an offer to double your initial deposit, and more than a dozen free spins upon taking up membership.
Whether you have an interest in cryptocurrency gaming, or just have a general curiosity in emerging fintech trends, it is undeniable that establishing a reputable link between crypto technology and online gaming could shape the direction that the gambling industry goes in moving forwards – even when traditional casinos are once again able to open their doors.
Please gamble responsibly (18+ UK) – check age restrictions before participating