Bitcoin News No More: Crypto Casinos on the Rise

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Cryptocurrencies are becoming increasingly popular, with one in four Americans investing in some form of digital currency. Crypto casinos are not new, but they are raising in prominence. But what are crypto casinos, why are they becoming more popular, and are they a good thing?

One Minute Cryptocurrency Basics

Cryptocurrency is a digital currency exchanged over a computer network and protected by cryptography. It is managed through a blockchain, a ledger managed by a distributed network of computers. Crypto is described as decentralized because it is not reliant on a government or a bank to uphold or maintain it. This makes it theoretically immune to interference or manipulation.

Why Crypto Casinos?

Cryptocurrencies are being offered as a deposit method by online casinos. Some are ‘traditional’ casinos that offer the method alongside credit and debit cards, bank transfers, and PayPal. Other crypto casinos only accept altcoins as a deposit and withdrawal method. They are not widely regulated in every jurisdiction due to the difficulty of monitoring cryptocurrency globally.

The global crypto gambling market is predicted to reach $1.6 billion by 2024. So what are the advantages of crypto casinos?

Anonymity

Crypto casinos do not require any identifying personal information for sign up. Transactions are encrypted so that coins are recognized numerically, making the exchange anonymous.

Speed

Using cryptocurrency cuts out the middleman and transactions are completed quickly.

Ease of Use

Crypto is stored online in digital form and can be accessed with public and private keys.

Fairness of Games

Cryptography secures cryptocurrencies and creates algorithms used for playing in online casinos. This ensures the games are fair and balanced.

Bonuses

Crypto casinos may not have many bonuses, but this is expected to change as the competition for customers increases. Deposit matching and free spins are likely to be offered.

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