Crypto vs Blockchain vs Bitcoin Casinos: Do They Mean the Same Thing?
While the terms “crypto casino”, “blockchain casino”, and “bitcoin casino” are often used interchangeably, they can have different meanings based on the specific features and technologies the casinos in question use on a day-to-day basis.
But what most people want to know is, are they all the same thing?
It’s time to cut the confusion. I’m going to answer all the most pressing questions, such as:
- What are crypto casinos?
- What are blockchain casinos?
- What are Bitcoin casinos?
- And, how are they different, if at all?
Let’s jump right in, starting with the most popular term:
Crypto Casinos
A crypto casino is a broad term that generally refers to online gambling platforms that accept cryptocurrencies as a form of payment.
These can include a variety of digital currencies such as Bitcoin, Ethereum, Litecoin, and others. While the former currencies are more popular, most of these sites also cater to players who prefer gambling with more niche coins like Dogecoin and Ripple.
That’s the simple explanation. But there is another element we need to explore: blockchain technology (not to be confused with “blockchain casinos”, though the two aren’t mutually exclusive). I’ll explain:
Crypto casinos may or may not leverage blockchain technology.
Blockchain technology?
In simple terms, blockchain is a type of ledger technology that stores and records data.
CoinDesk
More details on blockchain in a minute!
Some crypto casinos operate on traditional centralized systems, simply accepting cryptocurrencies as an alternative to fiat currencies.
Many even start out as fiat-only casinos only to add crypto payments to their portfolios later down the line to meet new demand.
In other words, the term “crypto casino” is often used to emphasize the use of cryptocurrencies in transactions and gameplay, but it doesn’t necessarily imply a reliance on blockchain for all aspects of the casino’s operations.
I’ve mentioned the idea of blockchain technology a few times already, but I’ve yet to explain what it really means (bear with me). I think the definition belongs in the following section.
Blockchain Casinos
Where crypto casinos are often centralized, “blockchain casinos” in their purest form are always decentralized, relying fully on blockchain technology to operate. In general blockchain technology has done a number on the gambling industry.
But what exactly do I mean by blockchain technology? We’ve looked at a basic explanation so far, but now it’s time to get into the nitty-gritty.
Blockchain Technology: Unpacked
Let’s start from the beginning:
Back in the day, monetary transactions were tracked and recorded in ledgers and sealed away in financial institutions. Yes, these ledgers could be audited, but only by precious few given access.
Cue the blockchain, which shook things up by forgoing these age-old concepts and making the ledger accessible to all. In other words, no more secrets!
At its core, blockchain is a continually updated and distributed list of transactions that anyone can review.
So how exactly do blockchain casinos wield this technological namesake?
They use blockchain for various aspects such as transactions, game fairness verification, and data security.
Let’s take a closer look at these applications:
- Transactions: When players deposit or withdraw funds, these transactions are recorded on a blockchain (remember: a decentralized, distributed ledger) and can be viewed by all.
- Game Fairness/ Provably Fair Gaming: Most interesting is how these casinos implement the concept of provably fair gambling, whereby players can independently verify the fairness of each game round. This is blockchain transparency in its purest form.
- Data Security: The decentralized nature of blockchain ensures that there is no central point of vulnerability. This reduces the risk of hacking or fraudulent activities, providing a higher level of security for casinos and players alike.
The key concept here is transparency, which is arguably the biggest perk of playing at blockchain casinos. This transparency combats the age-old concerns of fairness and accountability in the online gambling world.
Crypto Casinos vs. Blockchain Casinos
Phew! We’ve tackled a few interesting concepts so far, but we’re nowhere near done.
However, before we move on, I want to take a moment to compare the two types of casinos we’ve looked at so far.
| Crypto Casinos | Blockchain Casinos |
|---|---|
| May or may not use blockchain technology. | Rely wholly on blockchain technology. |
| Accept cryptos as a form of payment. | Accept cryptos as a form of payment. |
| Often centralized and accept fiat payments too. | Decentralized and do not accept fiat payments. |
| May or may not offer provably fair gaming. | Almost always offer provably fair gaming. |
As you can see, the lines are pretty blurred, which is why many people use the terms “blockchain casinos” and “crypto casinos” interchangeably.
But if you can only take away one thing from this article, it should be that real blockchain casinos (also known as Web3 casinos) are always decentralized, and as such are often referred to as decentralized casinos.
Aside from transparency, one of the biggest perks of blockchain or decentralized casinos is that players can often remain anonymous.
This is because Web3 casinos often facilitate direct wallet payments, where you can link your wallet to the casino and transact directly.
Not only can this improve transaction times and negate casino-based transaction fees, but it also helps players escape pesky KYC requests that so many cryptocurrency casino sites are obligated to make.
Moving on to the third and final type of casino:
Bitcoin Casinos
So, how do “Bitcoin casinos” fit into the mix?
At this point, I can safely say that “crypto casinos” and “blockchain casinos” are cousins. But “crypto casinos” and “Bitcoin casinos” are siblings.
At Casinos Blockchain, we use the two terms interchangeably because they essentially mean the same thing.
I’ll explain.
A Bitcoin casino in its purest form is an online gambling site that exclusively accepts BTC payments.
As you can imagine, this is pretty limiting. Though Bitcoin is the most popular crypto to gamble with, casinos would lose out on a lot of players if they ignored the smaller coins.
The first crypto casinos were Bitcoin-exclusive, but most of them didn’t stay that way for long.
Now, you have casinos like BC.Game offering over 90 cryptocurrencies, covering all the bases by catering to tiny player niches.
This is the exception, though, as most crypto/Bitcoin casinos usually offer between 10 – 20 cryptocurrencies.
However, there are still some outliers that we’d be more inclined to label as Bitcoin casinos. Likely because they only offer bonuses to BTC players or give special treatment to them in the form of rewards or lowered fees.
Again, these sites are few and far between.
FYI: Bitcoin-exclusive casinos can still use blockchain technology for transactions and provably fair gaming!
So, to conclude: Crypto casinos = Bitcoin casinos! Let’s sum up everything we know with a nice comparative table:
| Bitcoin Casinos | Crypto Casinos | Blockchain Casinos |
|---|---|---|
| May or may not use blockchain technology. | May or may not use blockchain technology. | Rely wholly on blockchain technology. |
| May or may not accept other cryptos besides BTC. | Accept cryptos as a form of payment. | Accept cryptos as a form of payment. |
| Often centralized and do not accept fiat payments. | Often centralized and accept fiat payments too. | Decentralized and do not accept fiat payments. |
| May or may not offer provably fair gaming. | May or may not offer provably fair gaming. | Almost always offer provably fair gaming. |
Conclusion
So there you have it!
The lines between these definitions are so blurred, that you can practically get away with using any one of them to describe a casino that offers crypto payments.
Even so, it pays to know the nitty gritty details, especially when you’re checking out reviews and trying to decide which type of site is right for you.
In any event, you can be sure of fast payments, low fees, and (almost always) provably fair gaming options at any crypto casinos (or whatever you choose to call them).
