As technology improves, so does the pattern in players and punters. The world we live in is all about fast solutions, and looking around, there is an alternative option to every element we know today. With the growth of online gambling came a new branch on the tree: Crypto Casinos. Although it is still very fresh in the world of iGaming, the concept of cryptocurrencies is not, which is why it is more easily welcomed.
When considering a substitution or alternative to an existing system, the aim is not necessarily to replace the original system, merely to provide more options to enthusiasts. Even though the branches on this metaphorical gambling tree have grown exponentially over the last ten years, we must embrace the additional options available to do what we enjoy.
Online gambling branched out into various categories, including crypto casinos. All the terms and details may sound foreign to those unfamiliar with cryptocurrencies. Still, each platform provides extensive information about how they work and how to play the classic games you love through another lens. We are not ruling land-based casinos out here; there are obvious pros and cons on each side; let's look into this for more detail:
Crypto Casinos vs Traditional Casinos
Crypto casinos are a lot like traditional online casinos because they offer online games to players who register and make a deposit. Anyone who wants to play needs to link their crypto wallet or send cryptos to place wagers in cryptocurrencies and then earn crypto rewards. These platforms also go by Bitcoin Casinos or Cryptocurrency Casinos and feature a mix of crypto and traditional online games.
The crypto sites offer punters decentralised and secure gambling platforms where they can exchange their fiat currency for cryptocurrencies to play with, win and earn. Rewards include cryptos and other virtual assets like NFTs. When paying out profits from casino games, it goes straight to your linked crypto wallet, which can then be traded on the market or exchanged for fiat currency. On most crypto casinos, there is no need for a KYC or verification process; this means players could operate under an unknown name and protect their identity. These sites come with their risks, like online hackers and crypto crashes, decreasing the value of your cryptocurrency.
Brick-and-mortar casinos tend to focus on the wow factor of the building and decor, the exclusive entry and the service bar for refreshments. Land-based casinos have always been more than just betting machines; it is a whole experience. While not all gambling establishments focus on the glitz and glam, today, players can go to most pubs and find a gambling section with machines to play on. While no registration is required, punters open themselves to risks like possible theft if they win cash.
As for traditional online casinos, there are thousands of platforms, each catering to their specific market. Players can find a casino platform with the games they like and register to play; before a withdrawal occurs, the site usually asks for account verification through a KYC process. While there is no physical risk, players share their personal information on websites that can be hacked if safety protocols are not in place.
You Snooze, You Loose
We live in a time when technology is growing and developing faster than we can keep up. Over the last three years, global challenges have changed how we do things. This includes worldwide lockdowns and restrictions, economic upheavals, and technological developments.
After the arcade machine came the game-boy, the PSP and mobile phones, and later came live online gaming. We are constantly seeing improvements in how we do things, and it's happening faster than before due to advanced technologies. Although Brick-and-Mortar casinos will still be around for a long time, we must accept that gambling has taken another route; we can either move with the times or stay behind.
Why Crypto Casinos Are Better
Technological advancements have bettered our society on many levels, including providing decentralised currencies to trade with, invest, profit from, and use to make transactions and purchases. Here are ten reasons why crypto casinos are better:
- Anonymity and privacy of the player.
- Safety and security using blockchain technology.
- Minimum to no transaction fees.
- Provably fair games.
- Cryptocurrencies hold investment opportunities.
- A more comprehensive range of games.
- Games have a higher payout rate.
- Range of promotions and rewards
- Globalised Wagering
- Transparency in transactions
These ten reasons prove that technological advancements can benefit how we look at entertainment. Consider several factors before throwing out the old and embracing yourself in the new. Crypto casinos have cons, and it is a serious one to think that affects the monetary value of cryptos because of their price volatility. Legal and regulatory challenges remain a grey area, and crypto casinos are currently limited to certain countries due to technological barriers. All these are important to look into and weigh up depending on your market.
Look To The Future
We expect great things for technology in the near future and, with that, the development and integration of crypto into our everyday lives. There is a lot of room to expand the current crypto casino offerings, including the following:
- Increased Adoption of Cryptocurrencies
- Integration of Decentralised Finance (DeFi) in Gambling
- NFT-based Betting and Collectibles
- Esports Betting on the Rise
- Provably Fair Gaming
- Gamification and In-game Rewards
- Social Betting and Tournaments
- Enhanced User Experience
- Virtual Reality (VR) Casinos
- Responsible Gambling Tools
- Regulatory Compliance and Licensing
- Security Measures and Anti-Fraud Solutions
- Cross-Chain Gambling
- Cryptocurrency Staking and Rewards
- Artificial Intelligence for Personalization
We will have brick-and-mortar casinos for a long time; it is simply a preference, and it is the same with eating dinner at a fancy restaurant or ordering takeaways to eat at home. Something that will change within the land-based casinos is how games are delivered to punters. With new advancements in technology, game developers have created betting machines that allow you to play online as you would at home, but with the immersive experience of land-based casinos and the luxury they offer.