The rising popularity of cryptocurrency and blockchain technology has brought about a slew of new businesses. More people are now buying and selling virtual currencies and building businesses on top of these networks. This trend has also reached online gambling, with more operators implementing cryptocurrency payment options. Consequently, it is fair to say that the advent of blockchain technology has opened up a new era for online gambling.
Below we look at common features crypto players use to determine whether they want to join a crypto casino. This includes offering anonymity, fast transaction times as well as games that are crypto-compatible using ‘Provably Fair’ algorithms. These points are especially important to consider due to the fact that popular iGaming portals such as Playcasino.com are now taking them into consideration when reviewing new online casinos.
Some cryptocurrency casinos allow players to deposit funds without t giving out personal information, and members can withdraw money quickly and discreetly. This makes crypto a great option for online gamblers who are concerned about the privacy of their financial details.
Furthermore, there is no need to hand over any banking details as all transactions using blockchain tech use public keys or a form of a public key that is not linked to a name. That means any deposits and withdrawals will not show up on a bank statement with the player’s name on it. Even the crypto wallet itself, used for sending and receiving crypto casino funds, will not show the name of a casino next to transactions. As a result, the transactions are anonymous by nature.
However, just to dispel a myth, not all crypto casinos will allow you to play without handing over your personal information. Casinos operating under a licencing authority will often be obligated to request a ‘Know Your Customer’ (KYC) check. These checks are for AML reasons and to avoid underage gambling. This means in some cases players do have to produce identification. Despite these checks, the many benefits of transaction privacy still exist. And in regard to personal information being shared after a KYC check, that won’t happen as these casinos are also bound by privacy policies.
One added benefit of crypto is that players do not have to wait for a bank to approve withdrawals. Therefore, when a player cashes out, his or her funds arrive almost instantly. On the other hand, some fiat currency payment methods often come with 3 to 7 days’ wait for withdrawals to reach their financial account.
That being said, eWallets (such as Neteller, MuchBetter etc.) can give cryptocurrency a run for its money. This is because most eWallets can process withdrawals faster than most traditional fiat currency withdrawal methods. As such, funds arrive immediately. The question now is, how do cryptos have an advantage over eWallets? The answer is simple. eWallets often charge a 5% to 10% transaction fee when funds withdrawn from the casino reach the account holder’s balance. However, crypto withdrawal fees are almost unnoticeable. On top of this, cryptos also offer the anonymity mentioned in the previous section.
Instead of using a Random Number Generator (RNG), cryptocurrency games often use a provably Fair algorithm. This is unique technology known as cryptography. It uses special hash signatures to verify that money is being transferred to the correct recipient and that all participants have equal chances of winning.
This technology also makes it possible to check to see if the outcome of your bets was fair. The blockchain records every bet, every session and result produced on a public ledger. While the gameplay is in action, this is encrypted, however, once the session ends, the results are decrypted. At this point, anyone that knows how to view these ledger entries can access them while the player remains anonymous throughout this process.
With this tech in place, it makes it impossible for casinos/games to cheat the player. For example, if the game has an RTP of 96%, but those tracking public ledger entries for that game reveal it is only paying 60%, the casino or game developer will be exposed.
As a result, players that prefer to have more control or transparency prefer to gamble using crypto. In comparison, players have no control over RNGs and no means to check the integrity of an RNG.
If you are someone that prefers to keep your iGaming transactions private, then cryptocurrency is a great option. There is no way for someone to know your incoming and outgoing transactions are linked to gambling. You also benefit from fast and low-cost transactions, which ally, the key benefit here applies to withdrawing from a casino.
Finally, if you are still sceptical about RNGs and taking a testing certification’s word for it, then crypto’s provably fair algorithms can offer a more transparent virtual casino game results mechanism, especially because it offers you the ability to check the results of every session were fair.
Disclaimer: This is a guest post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.