Tag Archives: cryptocurrencies

How do Crypto Casinos Work?

Crypto CasinosBy Jonathon Roob.

Introduction

The potential of digital currency globally has evolved tremendously over the past decade, with gambling joining the bandwagon not too long ago. Online casinos have added cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Dogecoin, just to mention a few. Gamblers looking for an anonymous betting experience now have access to the best bitcoin gambling websites at the touch of a button.

A crypto casino is an online casino that accepts cryptocurrencies as a payment method for both deposits and withdrawals. These casinos have become quite popular since withdrawals are fast, players remain anonymous, and they can play bitcoin slots with ease.

Crypto Casinos Explained

A digital public ledger, also known as the Blockchain, records all the transactions carried out using cryptocurrencies. This ledger is shared across a network of many computers, bringing in the definition of decentralisation. By doing so, it becomes almost impossible to manipulate this kind of system. Any transaction that appears in a single copy of the ledger is easy to recognize and flag.

How Do Crypto Casinos Work?

Bitcoin gambling websites operate much the same way as traditional online or conventional casinos do – see more . Their major difference is how they transfer or cash out crypto following successful or unsuccessful bets. The gambler will follow these steps before they start gambling on a crypto casino:

1.     Create Your Crypto Wallet

Crypto wallets are secure locations where cryptocurrency assets can be stored and retrieved. These wallets will assign your account a digital address, and come in 4 types; Mobile, Desktop, Web, and hardware versions.

Most mobile wallets have camera features that allow users to scan QR codes. This eliminates the need to copy or write down bitcoin addresses. Wallet applications for smartphones are much safer because the chances of having a virus or keylogger on your phone is much lower than on your computer.

2.     Buy Cryptocurrency

Once you have your wallet, log in and buy crypto using the traditional payment methods. You can buy and sell cryptocurrencies on the foreign exchange and their value fluctuates just like normal currency.

Using cryptocurrencies eliminates the need for a bank to send money. You can send crypto, for instance, from your crypto wallet to the wallet of another individual or company.

3.     Picking a Crypto Casino

The player must ensure that the gambling site is licensed to ensure security of gambling funds. This can be verified at the bottom of the web page. The withdrawal process of the winning made by the player should be seamless. Most crypto casinos also use bonuses to attract first time players which are usually given upon registration. Positive reviews on particular trustworthy sites is also a good indicator of a legitimate gambling website.

4.     Deposit Funds and Play

Once the player’s account is funded with the cryptocurrency of choice, they will proceed to transfer the wager amount to the casino’s wallet. This figure will be displayed in USD/GBP/EUR depending on the crypto operator. Pick a game and play using the guidelines provided, choosing a suitable wager level.

5.     Withdrawing Winnings

When the player clicks ‘withdraw’, he will be prompted to enter his wallet address. All legitimate websites will ensure the funds comply with all regulations including Anti-Money laundering policies and all audit requirements.

Conclusion

As a note of caution, don’t let yourself get carried away while gambling online. Set your limits before you start your gambling session. Ensure you do in-depth research before getting involved in crypto gambling. While it is not significantly different from traditional gambling, there are a few differences. Understanding them will make it easier to master crypto gambling.

IMAGE CREDIT: istockphoto.com

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Crypto Casinos! The future of gambling?

Bitcoin and GamblingBy Armen Fljyan.

Consider this… you are playing at an online casino and value your privacy. The means of payment you are using do not ask for any personal information and they will not even bother to trace your transactions.

At the end of the game, all your winnings are sent instantly to your crypto account, and the government doesn’t have a say in any of these activities. Welcome to the world of crypto casinos.1)Of course, governments are trying to find ways to regulate cryptocurrencies to prevent such things as money laundering and tax avoidance.   In the USA, crypto is an asset class and is generally taxed as property by the IRS. Gambling has taken a turn for the better with the advent of cryptocurrencies. But not all gambling sites are good enough to be used. Be sure to check what sites you can use in the BTC Manager’s article

Cryptocurrencies are an anonymous2)Actually, cryptocurrencies are pseudonymous rather than anonymous. According to the bitcoin site, bitcoin transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any bitcoin address. However, the identity of the user behind an address remains unknown until information is revealed during a purchase or in other circumstances. form of digital payments that have been designed to make decentralized payments on the internet. They are relatively stable and can be used as a means of storing value at online casinos.

Modern cryptocurrencies are the most promising form of payment, and they are likely to be the future for online gambling. They make it easier to make and receive payments, and since there are no regulations from government bodies, there are no background checks required for the online casino players.

This is important for the players who are all about playing big and require to make massive deposits and payments on the online casinos. When they use cryptocurrencies, they can transact as much money as they want, and there will be no limits or barriers in their way.

More enormous amounts make crypto casinos more attractive to big players who need to make massive deposits into their accounts. These payments are not traced or tracked and are entirely confidential and secure.

Fewer Limits

With the traditional bank payments, players had to wait for an extended period before their money could be deposited into their accounts. This was usually associated with many background checks and verification that used to take time and were usually very annoying for the players.

However, the advent of crypto payments means that these checks are already out of the way. As such, making payments is instant, and the players get to have a less stressful experience whenever they need to start playing online casino games.

With fewer limits, crypto is quickly becoming the choice mode of payment for online casino players and the best way to make deposits on various games on the internet. As a player, your personal information does not get shared with any third party, and you are not charged anything for your digital payment to be processed.

Fewer transaction costs are also becoming one of the main reasons many casino players switch to digital payments for all their online activities. They get to save money, and as such, they have more to play with at the various games available at the online casinos.

Conclusion

Cryptocurrency has been a rapidly growing mode of digital payment that is wholly anonymized and decentralized.

The government does not control it, and casinos see it as one of the best chances to make it big on the internet. Players get to make payments more conveniently with crypto, and they can deposit amounts as enormous as they want.

As a means of payment, it holds vast promise for the future, and casino players get to enjoy the various benefits that it provides them. The trend is expected to gain traction as the crypto ecosystem stabilizes and continues to grow, and casinos will also start to adopt crypto payments on a larger scale.

Image credit: Quoteinspector.com

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Footnotes

Footnotes
1Of course, governments are trying to find ways to regulate cryptocurrencies to prevent such things as money laundering and tax avoidance.   In the USA, crypto is an asset class and is generally taxed as property by the IRS.
2Actually, cryptocurrencies are pseudonymous rather than anonymous. According to the bitcoin site, bitcoin transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any bitcoin address. However, the identity of the user behind an address remains unknown until information is revealed during a purchase or in other circumstances.

The Future of Crypto and Online Casinos

By Joshua Maddox

It has been said before and it will continue to be said, but the future is online. Everything has moved online these days. You can get medical consultations online, you can buy furniture and preview it in your room online, did you know you can even do your grocery shopping online now? The future is online, the future is now. So, today we’re going to be talking about the future of casinos and also technically the future of currency.

Over the last few years online casinos have become more readily available and the variety of online casinos from different companies has also grown drastically, but why would you need so many different options? Well one reason would be the currency you choose to use. If you asked me, I’d say we would be a cashless society within the next 20 or so years, everyone just uses their cards or android pay or whatever to pay for stuff now anyway, plus with cash being a primary spreader of Covid-19 during the pandemic, it kind of makes sense to me.1)There is no evidence that cash was a big spreader of Covid-19.  However, it is always a good idea to wash your hands after handling cash due to the build up of germs and bacteria on cash.  W.H.O.

Virtual Casinos
Virtual casinos have been adding more and more games to their platforms over recent years. There really is something for everybody.

Now going cashless doesn’t necessarily affect your ability to use online casinos, which would have us returning to the original question of why would you need so many different options? Well, another part of becoming a cashless society would be the use of Cryptocurrencies, as many of you may already be aware, cryptocurrency has been a growing (and shrinking) part of online trading for a big part of the last decade, seeing explosive growth in the last few years as more people develop distrust for their governments, and trading services and goods for crypto has also become more common alongside that. With places like youwager sportsbook and even Tesla now accepting cryptocurrencies from BitCoin to altcoins like Ethereum in exchange for betting stakes or, you know, cars in the case of Tesla.

But why would you accept Cryptocurrency if you were a Casino or like I mentioned above, a company like Tesla? Well, if we look back to February 2021, Tesla announced they had invested a huge amount of money ($1.5BILLION to be exact) into Bitcoin. On the 8th February, the day it was announced, bitcoin had a value of somewhere in the region of $38k per whole Bitcoin, assuming Tesla had purchased their Bitcoin a considerable amount of time before their announcement, they’ll have already made a bit of a profit, however within 24 hours of their announcement, a lot of people jumped on the bandwagon and the value of Bitcoin rose to $48k, then within the next two weeks that value rose again to $58k per Bitcoin. Tesla made over $1billion from their investment into Bitcoin.

Where am I going with this? Valid question. It’s no secret that Bitcoin, along with gold before it, is a volatile asset. Yes there is money to be made here, if you buy at the right time and sell at the right time, but you can also lose out. There’s a huge risk here. So if it’s that risky, why take that risk? Simple. It’s a gamble by the house. Let’s look at it this way. You’re sitting around the online roulette table. You’re having a good time, you’ve had some luck but you’ve also had some losses, swings and roundabouts. For your wins, you put 0.1 Ethereum on black and get 0.1 Ethereum back. Sweet! That Ethereum is currently worth $412.22, but in an hour it might be worth $300. So the casino hasn’t necessarily lost out as much in the long run.

Bitcoin Chart
Investing in Cryptocurrency is a just another gamble along the way. Are you lucky enough for it to pay off big?

However, what if you bet 0.1 Ethereum at $412.22 on Black then Red comes up, you lose your 0.1 Ethereum, sad times. This is where the house is taking their gamble, like I said that Ethereum could be worth $300 in an hours time, but what if, on the other side of the coin, that value goes up to $550? The casino is playing their own game by accepting cryptocurrency and they’re hoping their gambles pay off. Not only that, but it’s a pretty safe assumption to me that knowing a casino accepts cryptocurrency is a huge draw to a lot of people on the internet who don’t trust banks with their cash so they hold it all in volatile assets instead.

In my opinion, Cryptocurrency is the future, whether we’re living that future now is another question, but every day it seems new and more crazy cryptocurrencies are becoming readily available on trading platforms like $Doge and $Shib, more mainstream platforms have recently added these and they’re only adding a wider variation. What are your thoughts on this subject? Are you into online Casinos or do you prefer the physical experience, same for Cryptocurrency, have you got involved yet? Made any big trades? Let us know!

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Footnotes

Footnotes
1There is no evidence that cash was a big spreader of Covid-19.  However, it is always a good idea to wash your hands after handling cash due to the build up of germs and bacteria on cash.  W.H.O.

Innovative Online Betting Games For Gamblers

ImageBy Isabella Goode

Online betting is now a multi-billion dollar strand of the gaming industry, having exploded in popularity over the past couple of years and established itself as the go-to preference for gamblers of all types and styles. The accessibility of taking the thrills and spills of wagering with you where you go is arguably the biggest fuel to the success of online betting, but there are also a whole host of innovative technologies and features that have been allowed to blossom on the digital stage and help the community develop its own identity.

The competition in the online betting industry is only growing more and more fiercer as it grows, and every single house or operator is looking for the latest innovations to help them stand out from the crowd. The likes of NetEnt, Playtech and Microgaming are amongst the leading lights for game operators in the industry.  Here are some of the most innovative games and features they have brought to the scene in recent times. 

3D Games

As technology continues to improve, the capabilities of what mobile and desktop games can present in terms of themes and visuals sky rockets. One of the great developments over the previous decade or so in the gaming industry is the greater refinement of 3D graphics being used primarily in the video slot community of games. 

3D visuals and the improved capabilities of games being able to host the likes of 720p and 1080p graphics has led to a whole new landscape in what makes a successful casino title. Examples such as the Age of Gods series are examples of how stunning and striking these games have the potential to be and, for many users, these types of games now offer the feeling of being engrossed in a story or an adventure just as much as they revolve around trying to line their pockets. 

Avalanche Reels 

A trend that first began with the innovative technologies over at NetEnt HQ through series such as Gonzo Quest’s Avalanche Reels are fast becoming one of the most innovative game designs to have shaped the modern generation of slot gaming. Much like the old retro Tetris games of old, games that are centered around their Avalanche Reels see items dropping down rather than being spun out of the game like in most traditional slot games, be they virtual or real world based. 

Winning lines cause explosions that drop more items into place, and this avalanche effect can often lead to some thrilling bursts of action as winning lines chain each other, lining players’ pockets more than most other games out there. 

The Impact Of Crypto Gaming

For those unaware, cryptocurrencies are open-source digital currencies that have emerged as one of the most hotly discussed versions in the new age of banking. Bitcoin is perhaps the most well known of these, having emerged onto the scene in 2009. Bitcoin is unique for transcending over the boundaries of nations’ borders and the regulations and fees imposed by banks.  Sites such as Esports betting experts Unikrn.com have really helped lead the way in introducing more crypto currency options into their casino games through flexible depositing options. 

With most of these cryptocurrencies worth an absolute fortune to most casual players, wagering on/with them can be a tantalizing and innovative way of living the life of a true high roller. 

Licensed Games

Whilst the world of gambling is undoubtedly an already popular industry, bringing a new game to market with an audience of millions around the world already built in is always going to be helpful in taking the success of said game to the next level up. And that certainly seems to be the thinking in how much the rise of licensed games have begun to dominate the gambling industry in recent times.

The world of superheroes seems to have been the most tapped up market throughout this, with both Marvel and DC’s biggest mascots finding themselves ported into the casino world. The likes of Iron-Man, The Incredible Hulk, Batman and Superman have all had video slots themed around them, and helped bridge the gap between the gambling and entertainment worlds. 

As well as superhero and big blockbuster flicks being the center of themes, casinos have also begun to embrace other bits of media from the entertainment industry. From hugely successful series such as Game of Thrones and The Walking Dead, to long running game shows such as Catchphrase, Deal or No Deal and Jeopardy have all been introduced by operators to casinos and are always amongst the most popular picks with players that visit them. 

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