Best Bitcoin & Crypto Casinos
Best Blockchain Online Casinos
Why Choose a Blockchain Casino?
With the emergence of blockchain technology, developers can put their creativity to good use and produce innovative games. Peer-to-peer gaming becomes a reality that opens the door for mutual betting, decentralized lotteries and other categories of games.
Undoubtedly, one of the beauties of using blockchain technology in the casino industry is the improvement of trust between players and operators. Every game rule, outcome and underlying code can be fully verifiable.
Using the blockchain as a foundational structure and cryptocurrencies as a payment solution can lower the operational costs of a casino. This, in turn, opens the door for players to have a higher winning chance because the operator no longer needs such a big edge.
Blockchain casinos are set to be the latest iteration of the online gambling industry – and the cards have been dealt.
Blockchain is the revolutionary technology behind famous cryptocurrencies like Bitcoin and Ethereum. It is a decentralized ledger database that can operate transparently in a distributed network of devices. It is also capable of triggering certain actions that execute under, and only under, certain conditions or rules – also known as smart contracts.
It’s a bit more complex than this, but think of Bitcoin and other cryptocurrencies as a fancy, programmable form of money, and of blockchain as the database of all the transactions carried out with these currencies. This makes life much better for anyone who likes to play casino games.
Whether people like cryptocurrencies or not, its core technology, blockchain, has come to stay – it will improve many industries in ways we can’t quite fathom yet.
Some Bitcoin casinos offer their players a gambling experience of the highest standard in the industry.
We’d bet that, by now, you have already experienced how online gambling offers an attractive and convenient way to play your favorite casino games. Now with the popularity surge of cryptocurrencies over the past years, there is no shortage of quality Bitcoin casinos.
To make matters more engaging, Bitcoin is not the only cryptocurrency accepted in such casinos. Other crypto-assets with which you can deposit, play and of course, withdraw include:
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Litecoin (LTC)
- Dogecoin (DOGE)
- Tether (USDT)
And in some casinos the list goes even further.
Blockchain casinos? Bitcoin casinos? It’s not uncommon to see these two terms used interchangeably, and wrongly so.
At first, differences between a blockchain casino and a Bitcoin casino might be hard to spot.
Using Bitcoin as a form of payment in a casino opens up possibilities regarding legal compliance such as the KYC – Know Your Customer – procedures, as well as added benefits related to payouts and tax regulations.
BUT the fact that the casino accepts a cryptocurrency as a payment solution doesn’t automatically imply that the casino itself runs on a blockchain OR that its games are built on the decentralized ledger, making use of automated smart contracts to enforce fair game rules and payments.
As a general rule of thumb, if you have to transfer funds to the casino in order to play, that casino is not decentralized, i.e., it doesn’t entirely run on the blockchain.
This is, understandably, one of the big guns that blockchain powered casino games have to show for themselves.
In essence, it means that casinos can prove that the games on display – such as roulette, slots, blackjack, poker – are fair and abide by the rules of the game itself. This is only truly possible through blockchain technology. Since the birth of this concept, the demand for provably fair games has been steadily increasing.
Casinos can now offer players the chance to play on audited games, or empower users with the tools to ensure they are not being cheated.
Regulating blockchain technologies and cryptocurrencies is still a hotly debated topic. However, many fundamentals aspects this technology may in fact come to the rescue of regulators, as well as applicants or licensees.
It provides a safe environment for storing and tracking information about transactions, while still allowing for reliable third-party verification. One could almost be led to think that in the future, regulators would be tempted to require online casinos to operate with this technology in order to make their lives easier.
Take money laundering as an example. The possibility to audit the blockchain in order to review all transactions across different operators, and then compare user accounts that might be using these to place bets in both sides of events in order to launder money would be a game changer.
When it comes to license applications and checking operator suitability, blockchain-based technology can also help relief concerns regarding standardization and data protection.
This is very beneficial for online casinos and players alike, as we already see happening today. Whether it is simply an online casino that accepts cryptocurrencies – like the highly polished Bitstarz – or entirely blockchain based casinos, the process of getting started is much simpler and faster.
No personal data is required. Just an e-mail, a wallet address and a password. The deposit is then quickly processed, sometimes even instantly depending on the cryptocurrency used. In other cases, all you need is a browser extension like MetaMask.
Being able to play without the need of disclosing sensitive data stimulates business. Players can get started within seconds, sometimes even testing out the games for free with whatever amount they can get from the platform’s faucet. If you value your data privacy then this is great news.
The many intricacies that assemble the blockchain technology will bring new building blocks to this industry. Players, regulators, and casinos themselves have multiple reasons to welcome it.
No matter which way blockchain and casino companies choose to approach the situation, it will bring a much needed breath of fresh air to everyone involved.
Bitcoin casinos allow users to access all the same features as physical or online casinos but with some great new features.
Right off the bat is the increased privacy (or straight up anonymity) with which you can sign up and play in casinos we recommend here. Many of these operators are able to circumvent the cumbersome regulations that other traditional casinos have to comply with, thanks to the pseudo-anonymous nature of Bitcoin and other cryptos.
Don’t get the wrong impressions though. Bitcoin casinos still have to abide by local laws in order to obtain their licenses. You can expect your funds to be entirely safe, as well as a seamless user experience and customer support – specially on the thoroughly reviewed casinos we feature here on CasinosBlockchain.io
In a traditional casino whenever you want to withdraw your funds, the process goes something like this: 1) you request a payout, that triggers a transaction order, which is then sent 2) from the casino to the bank for processing, and eventually 3) you get your money. Provided that everything goes well and according to plan, this can take up to 5 business days.
However, in a Bitcoin casino, when you put in the order for a withdrawal, your winnings go straight from the casino to you, in one single step. No third party is involved. The final outcome? You get paid instantly! In a worst case scenario you get paid an hour later.
Typically, you can expect Bitcoin casinos to offer zero transaction fees, and in some cases even unlimited daily transactions. Whatever tiny fee you may incur, will be a miner’s fee – one which is paid to the cryptocurrency’s own blockchain. This is possible because all transactions will take place on the blockchain, and therefore no extra burden is placed on the casino’s operating costs.
Are Bitcoin Casinos Legal?
In short: yes.
It is fair to say that Bitcoin imposes difficulties for regulators over the world because it is not controlled by any central authority, transactions aren’t easily monitored and they can’t be effectively interrupted or controlled in any way.
But just like every other cryptocurrency, Bitcoin sits in a legal gray area. However, Bitcoin casinos have gone all the way to obtain licenses from reputable regulatory bodies. Just like you’d expect from other respected online casinos.
While we’re on legal matters, it is safe to say that another equally appealing feature is the fact that whatever profits or losses a player experiences won’t be inherently taxable, unless declared to a legal authority. Some countries like the United States have very strict policies about this, but most countries worldwide are far more casual about it.
It is your responsibility to comply with the legislation in your territory.
The house always wins?
Indeed, all casinos make money because the house has a mathematical edge embedded in every game, which allows it to form a money pool from the money their players have wagered. This way they can pay winning players, cover operational costs and in the end, profit.
Consider now that with blockchain, developers can create their own games – roulette, slots, baccarat – and make them available directly to the players. This, in turn, gives casinos a fabulous chance to lower their operational costs.
Why is this important?
Decentralized casinos – or blockchain casinos, as we like to call them – can still earn their pay BUT they can do it with a smaller house edge on their games, empowering players to win more!
So yes, the house still wins… the house always wins. But players win more too!
Decentralized casinos offer you the chance to play your favorite casino game while directly connecting your crypto wallet to the game itself, through browser extensions like MetaMask.
Casino games that rely on blockchain technology to function are the building blocks of a blockchain casino. Essentially, these games are a form of decentralized applications, and in order to be so, they must meet some of the following criteria :
1. Application must be completely open-source:
It must operate autonomously, and with no entity controlling the majority of its tokens.
2. Data and records of operation must be cryptographically stored:
Must be cryptographically stored in a public, decentralized blockchain in order to avoid any central points of failure; this enables independent auditing of game fairness
3. Application must use a cryptographic token:
It is necessary for access to the application and any contributions of value from miners/farmers should be rewarded with the application’s token
4. Must generate tokens:
According to a standard cryptographic algorithm acting as proof of value, through which nodes contribute to the application.
A quick take of all this is that decentralized casino games offer an unprecedented level of transparency and fairness.
If we’re talking about blockchain casinos, one name that readily comes to mind is FunFair – it is one of the leading technological enterprises in this space.
Because FunFair’s platform is specifically designed for the online gambling industry, they can offer players all type of casinos games, combining ALL of the benefits we have mentioned so far.
Check our Blockchain Casinos section to know in which casinos you can try with FunFair technology.
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