Gambling, as a practice, goes back to the oldest human civilizations. From the dice games played in Ancient China to the board games believed to have originated in the Middle East, to popular card games created in Europe in the 17th and 18th centuries, gambling has endured as an incredibly popular form of entertainment.
However, what is truly impressive, is that the practice has not stagnated over the millennia. Rather, new forms of gambling have emerged over the centuries, which better fit the society of the times. In the hustle and bustle of the digital age, what could be a more appropriate gambling form than online casinos?
Online Casinos
When people discuss online gambling, they tend to refer to it as a subsidiary of the larger gambling industry. However, in truth, online gambling is so much more. In fact, the industry now generates billions of dollars annually, and can easily stand on par with its land-based predecessor. Some believe that, in a few years, online casinos will even overtake brick-and-mortar gambling halls.
As for the websites themselves, many follow the same basic patterns. They incorporate a slick, modern design to help new players navigate them much more easily. But, if you are a new player, and you are lost on one of these sites, have no fear. Many websites have released full, thorough casino guides that will help you better understand the online casino industry and the games that you can play.
However, tech and society keep changing. We are morphing into an ever more “digital age.” And, as the digital age develops, even the online casino has changed. In 2023, we have seen an incredible, new way to gamble; crypto casinos.
What are Crypto Casinos?
In 2008, Satoshi Nakamoto first unveiled Bitcoin to the world. Now, 14 years later, cryptocurrency has become a mainstream phenomenon, recognized by everyone. Naturally, with the success of digital currency, a lot of businesses are embracing this new trend. Including, of course, casinos.
Crypto casinos are exactly what they sound like; they are websites where you can go to play all of your favorite games, with the only catch being that the primary currency is digital and decentralized. In 2023, when crypto-related crime has dropped by a staggering 65%, thanks to the efforts of police departments, crypto casinos are more popular than ever.
If you are, at all, interested in crypto-based gambling, then there are certain things you need to know about. In this article, we are going to go over all of the most important aspects of crypto-based gambling and help you come to a conclusion on whether it is or isn’t for you.
The Volatility Problem
If you’ve been involved in the crypto trading world, you’ve certainly heard discussions about the volatility of cryptocurrency. Enthusiasts often defend the market, claiming that detractors don’t understand the volatility that they keep harping about. On the other hand, there are the opponents themselves, who oft complain that crypto is volatile, even in terms of an exchange market.
Naturally, this discussion could easily be applied to crypto-based gambling. While highly unlikely, it is entirely possible for a player to win a huge sum of crypto, and then, due to volatility, they end up with less cash than they began. Still, it is worth reiterating that this is highly unlikely.
Though, that does not mean that there isn’t a problem with volatility. In fact, one of the biggest troubles that crypto traders have, especially newbies, is dealing with continuously changing market prices. We would recommend that newcomers to the crypto world study how the market works before they delve into the gambling world.
The License Issue
When discussing online gambling, many people start talking about safety issues and anonymity. Indeed, how do we find out whether online casinos are safe or not? The best and easiest way to determine an online casino’s validity is to look for a license.
Online gambling is only safe because of the tight regulations that numerous countries have imposed on the practice. In any number of these countries, you can find gambling commissions, associations, and other organizations, whose primary goal is to review and regulate online gambling.
These commissions analyze a number of things, from the games’ mechanics, to the odds, return to player rate, volatility, and security terms that the websites offer. Some of the most popular gambling licenses are issued by the following organizations:
- eCOGRA
- GBGC
- MGA
- Curacao’s Gambling Commission
If you come across a website licensed by the aforementioned organizations, then you can largely believe that it is safe and reliable. In other words, if you are looking to play at an online casino, look for the seals of the commissions we mentioned.
The Payment Options
Crypto casinos are growing a lot more popular, and a lot of people are learning more about them. One thing that many are surprised by is the fact that crypto casinos don’t just function on cryptocurrency. Or at least, not all of them.
Certainly, the primary payment method at crypto casinos is cryptocurrency. A lot of these websites accept dozens of different digital assets, and they are usually the ones that are at the top of the market. For those who don’t know, the most popular tend to be the following:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (TUSD)
- Litecoin (LTC)
- Ripple (XRP)
These five are quite popular. However, they are not the only ones that circulate the market and have been embraced by crypto casinos. You’ll also find that Dogecoin, Shiba Inu coin, and various Bitcoin Hard Forks are also incredibly common.
However, even if you are not a fan of cryptocurrency, you can still enjoy yourself at some of these websites. Indeed, many of them have begun accepting e-wallet and credit card-based transactions. In other words, you can now gamble at crypto casinos, as if they were regular online gambling websites.
Final Thoughts
Cryptocurrency is one of the fastest-growing phenomena in the world of finances. Already, businesses have embraced some of the most popular cryptos, and many continue to do so. Among the earliest adopters of Bitcoin were online gambling websites. We hope that this article has contributed to your knowledge and understanding of how crypto casinos work, and has sparked your interest in the crypto casino world.
Image by Thorsten Frenzel from Pixabay