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Cryptocurrencies are becoming increasingly popular. More governments and even individuals are getting comfortable with the idea of a digital currency. Freelancers earn in crypto nowadays, and businesses sometimes have an option for crypto payment.
The more you earn, the more you spend, especially on entertainment and convenience. The ease has made it such that people can now gamble with Bitcoin and other altcoins in their possession, expanding the payment options available at online casinos. Players are drawn to crypto casinos because they like the convenience obtainable – the perks are better than traditional casinos and the reward is also higher. However, like with every good opportunity, there are a few things all players must note.
1. Crypto Volatility
The first thing you need to know before trying out a crypto casino is that the value of your winnings can fluctuate dramatically within a short period. Unlike with fiat currency, crypto can be extremely volatile. The best thing to do is to understand the crypto market first, then test out game play with a few less volatile crypto coins to get a sense of the experience.
2. Anonymity and Privacy
One of the main advantages of crypto casinos is privacy. Traditional online casinos often require extensive personal information, which discourages a lot of users from registering. In contrast, crypto casinos allow players to gamble with a higher degree of anonymity. This is made possible through blockchain technology that only reveals wallet addresses but not user information. Some sites even let you play without verifying your identity or completing your KYC verification.
The downside of this is that it attracts unwanted criminal activities making illegal payments and money laundering relatively easier. A report by Chainalysis shows that since 2019, nearly $100 billion worth of crypto has been sent from known illicit wallets to conversion services, hinting at attractive usage of crypto by illegal players.
3. Casino Review
It is important to understand that not all crypto casinos can be recommended. Since the crypto gambling industry is relatively new, some operators take advantage and may treat users unfairly. Before you sign up on any platform, be sure to find reviews on popular forums and social media. This will help you to ensure that the site is legit, security is strong, and the operator is not known for unscrupulous practices.
4. Crypto Restrictions and Regulations
Some countries restrict crypto, some restrict gambling, while a few restrict both gambling and crypto-related activities. Understanding the regulatory landscape of your current location and how it applies to crypto and gambling is important before engaging with any crypto casino platform. While some players tend to use VPNs to mask their location, users should be aware that some crypto casinos prohibit the use of VPNs for legal purposes.
For countries that embrace both crypto and gambling, adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols to ensure compliance with international standards is a must.
5. Security and Wallet Safety
Crypto transactions are irreversible. This means that if you send funds to the wrong address or fall for a scam, you won’t get your money back. Always ensure your wallet address is correct when registering on a crypto casino. Also, always enable two-factor authentication (2FA) on your casino account to limit the risk of cyber fraud. Furthermore, ensure to keep your wallet details and passkey private.
6. Generous Bonuses and Promotions
If you are in it to win big, then gambling with crypto is the best way to go. Unlike traditional online casinos, crypto casinos tend to offer more juicy bonuses and better rewards and promos. This is mostly because the operators of the platforms are trying to encourage more players to be comfortable gambling in crypto. No wonder the global crypto gambling market surged from $50 million in 2019 to $250 million in 2024.
Bonuses and promos range from welcome bonuses, cashback, and free spins deals. These are essentially favorable to first-time users of the platform. Some crypto casinos even offer rewards every time players make deposits in crypto. However, always read the fine print, as wagering requirements vary by casino.
7. Crypto Transactions
The best part of crypto casinos is their speed of transactions and their low-cost rates. Crypto transactions are usually processed within minutes. It is not the same as traditional online casinos that use fiat money, which takes several days to process or withdraw.
Players do not like waiting for their winnings to hit their accounts or having to wait extra days before they can cash out. Everything is instant with crypto. Additionally, transaction fees are usually lower than credit card fees, making them a cost-effective choice.