Published on: 03.02.2022
The Impact of Cryptocurrencies on Online Casinos
Gone are the days when cryptocurrencies were seen as an abstract, intangible asset, distrusted among many traditional investors and mainstream Internet users.
Today, this digital medium of exchange, which uses strong cryptography to protect transactions, has spread to many economic sectors. Even in developing countries, it facilitates financial and commercial transactions.
Despite the fear over its extreme volatility and warnings from central banks about inherent risks, the pace of growth of cryptocurrencies has been dizzying. There are already more than six thousand altcoins on the market, and the number continues to grow. However, only a handful are liquid enough to be useful as a payment method.
The growth in cryptocurrencies has been so tremendous that they have penetrated the global financial system. In fact, Coinbase — one of the most popular crypto exchange platforms globally — has gone public on the NASDAQ (Ticker Symbol: COIN).
Likewise, institutional investors and banking entities have taken measures to accommodate cryptocurrencies such as bitcoin (BTC), litecoin (LTC), dogecoin (DOGE) and ether (ETH). These and others are recognised for their ability to substitute for fiat currencies. Within a few years, an entire industry has grown from the advent of bitcoin and altcoins.
Now, cryptocurrencies and blockchain technology are not limited to investors who buy and sell for speculation. Commercial entities, like the online casino industry, has adapted this cutting-edge technology.
iGaming operators accept altcoin & bitcoin deposits and withdrawals, offering high security, speed, safety and ease of use.
The best cryptocurrency casinos in 2021
In time, more online casinos will accept cryptocurrency deposits and withdrawals. If you are looking for an online casino that deals in cryptocurrencies, fortunaoninecasinos.com can help you find some of the best crypto gambling sites.
In addition to a remote gaming license, each has a solid reputation among players. While some offer no deposit bonuses, all offer match bonuses or free spins on cryptocurrency deposits.
Our recommendations are also accompanied by a review describing their most important considerations. These include casino games, crypto bonuses, bonus terms and conditions, customer support, withdrawal times and more.
|♣ Withdrawals processed within an hour
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|20 Signup spins for select countries, €500 (5 BTC) welcome package over 4 deposits + 180 Free Spins ▼ More Details ▼
1st deposit: 100% up to €100 (1 BTC) + 180 Free Spins, 2nd deposit: 50% up to €100 (1 BTC), 3rd deposit: 50% up to €200 (2 BTC), 4th deposit: 100% up to €100 (1 BTC)
|♣ cryptocasino with provably fair games
♣ many bonuses and promotions
♣ Games: 4500 ♣ USD accepted: ✗ ♣ English Website: ✓
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|Up to 2 BTC / €1,200 / C$1,800 over 3 deposits + 200 Extra Spins▼ More Details ▼
1st deposit: 100% up to 1 BTC / €200 / C$600 + 200 Free Spins
2nd deposit: 50% up to 0.5 BTC, €500, C$600
3rd deposit: 75% up to 0.5 BTC, €500, C$600
|♣ many cryptocurrencies supported
♣ lots of bonuses and tournaments
♣ Games: 4900 ♣ USD accepted: ✓ ♣ English Website: ✓
♣ Slots, casino, Live casino
|No Deposit Bonus: 70 Free Spins, 1st Deposit: 100% up to €/$1,000|
*Bonuses are tied to T&Cs. Bonuses can change any time.
Cryptocurrencies in the gaming industry
As mentioned, cryptocurrencies are a relatively new digital currency. A fully decentralised digital asset that uses strong cryptography to ensure transaction integrity and control the creation of new coins.
In other words, they are very reliable, and the risk of loss is minimal since they are stored in protected digital wallets. These can only be accessed with a unique password. It's essential to keep this password protected as you could lose the money forever if you lose it.
In many parts of the world, including Latin America, cryptocurrencies have completely changed the gaming industry. More and more online casinos today accept BTC and other altcoins too.
In fact, in Chile and other Latin American countries, there are several bitcoin casinos where this asset is the primary source of funds.
To make a cryptocurrency casino deposit at casinos, you need to use a crypto wallet like CoinsPaid, which stores and facilitates instant blockchain payments. This gateway allows you to receive, send, exchange and pay in more than 30 cryptocurrencies, and its transactions are relatively inexpensive.
Unfortunately, some online casino players find it challenging to find online casinos that accept cryptocurrencies. The reason is that cryptocurrency casinos are not legal in all countries. For example, the UK Gambling Commission is studying the use of crypto-assets as a means of playing crypto casino games. However, there are no UKGC licensed crypto casinos, making them illegal.
The same is true for online casinos licensed by the MGA, Alderney, Spelinspektionen or other on-shore European regulators. Some players illegally at unlicensed crypto casinos or casinos licensed in Curacao, Panama, and Costa Rica, which are less stringent.
Not all e-wallets hold cryptocurrencies as they do fiat currencies like USD, EUR, GBP or CAD. However, some familiar electronic wallets such as PayPal, Neteller, or Skrill support them.
Because crypto coins use a shared ledger called a blockchain, they offer unmatched transparency and security, operating decentralised. In other words, they are not subject to regulations, nor are they under the control of governments, banks or financial entities.
Digital currencies also improve the financial autonomy of online casinos, allowing them to complete transactions without having to rely on external factors, like financial institutions. In addition, they facilitate responsible and fair gambling on crypto gambling sites. For example, some providers like BGaming, offer a cryptographic method of allowing players to check if a game is fair, called provably fair.
Security and privacy
Cryptocurrencies are based on blockchain technology, which, in simple terms, is a public database that serves as a shared ledger in which transactions of all kinds are recorded.
This assumes a certain level of security. Every transaction — be it a purchase or a sale — that occurs within the network of a specific currency will be linked to its respective blockchain.
All linked systems validate the transaction and agree on it. This is part of the decentralised nature of the ledger. This means that it is almost impossible to falsify the transactions.
An inherent feature of the blockchain is that there is no need to provide bank or other payment details to an online casino. Hence, a Bitcoin casino does not need to verify your payment details or keep payment info as it would with a credit card.
Transactions in cryptocurrency networks are carried out using Peer-to-Peer (P2P) technology without the involvement of a central body. Therefore, there are no intermediaries in this process. This advantage makes it possible to significantly reduce maintenance costs and, in turn, those associated with the transfer.
The cost appeal to players is why many online casinos have started accepting bitcoin and altcoins. They understand the value and advantage of lower fees, making them a cheap alternative.