Bitcoin and altcoin casinos are online casinos in which players can place bets, play games of chance, and withdraw winnings using cryptocurrency (e.g., Bitcoin, Ethereum, Litecoin, and other electronic money) as the primary currency. The main feature of this type of platform is the use of digital payment systems, which can be additional or primary payment tools. For example, sites like 10btc bitcoin casino offer customers a full range of games and services using cryptocurrency as the main payment system.
These sites offer the choice of playing and conducting financial transactions anonymously, without divulging personal information. It aids players in maintaining privacy about their information. Financial transactions via cryptocurrencies are faster compared to transactions involving traditional banks. Players maintain control over their digital wallets, which grants them better control over their funds.
There are even blockchain-based gambling clubs. One of the most important ideas of this technology is provable game fairness.
List of Advantages and Disadvantages
Pros
- Anonymity of transactions
- Speed of transactions
- Low commission fees
- Possibility to play in crypto casinos without verification
Cons
- Impossible to reverse money after erroneous transactions
- Necessity to change crypto into traditional currencies
Which Cryptocurrencies Do Online Casinos Support
The best online casinos collaborate with those cryptocurrencies that are most popular with gamblers. Today, it is not uncommon to top up a deposit with Bitcoin, Ethereum, Stellar, Dash, and others. One can purchase a currency through exchanges or online exchangers. In order to deposit money for gambling, players should open their own crypto wallet.
Bitcoin
Over 80% of top crypto casinos collaborate with this digital money. Players choose BTC over others because of generous bonuses, easy transactions, and low transfer commissions. Among well-known sites, one can find crypto casinos with no deposit, offering play with the help of satoshi (a hundred-millionth fraction of one bitcoin).
Litecoin
Litecoin is quite a well-known internet payment currency all over the world. It is possible to buy goods, pay for services, and top up gambling site accounts with it. Most exchange services take Litecoin to exchange it for USD, EUR, UAH, and other cryptocurrencies. This cryptocurrency is highly protected due to advanced encryption systems.
Ethereum
Ethereum is the world's second most popular digital currency and has a significant impact on the blockchain market. This payment system has demonstrated a high level of security ever since it was launched. It is also supported by many exchanges and exchangers, making it ideal for various transactions. Most gambling websites that use crypto offer commission-free deposits and withdrawals.
Dash
Unlike other popular currencies, Dash really has instant transactions. PrivateSend allows for a higher level of anonymity. It allows users to remain anonymous and protect transaction details from tracing. Dash actively promotes the use of digital currencies for daily payments and collaborates with various companies and platforms for the integration of altcoins and bitcoin into real business. That is why gamblers can play crypto slots and withdraw winnings using Dash.
Are Cryptocurrency Casinos Safe
The fact that cryptocurrency is part of the decentralized payment system may scare players. Blockchain technology implies the absence of control over financial transactions. However, that is exactly what makes cryptocurrency gambling sites a much safer choice than sites with conventional payment systems.
In land-based casinos, every client is required to provide their full name, date of birth, and photocopies of identity documents before the game. In addition, management may require a verification process. In some Bitcoin casinos, this is not required to play — users simply register and top up their balance. Personal data security of clients is ensured through the minimization of information sharing, as there is no need for verification of personal data.
Cryptocurrency is not controlled by banks. It doesn't reveal any account information when utilizing digital currency as a payment method. This allows bettors to make bets at the top crypto casinos, receive winnings, and remain untraceable to any authorities.
Frequently Asked Questions
Are crypto casinos anonymous?
Cryptocurrency gambling sites can offer great anonymity, but it depends on the casino and its policies.
Do Bitcoin casinos offer bonuses?
Yes, blockchain casinos offer a huge number of bonuses to new and regular players. Yet, the bonus list is generally shorter for those players who choose crypto as a payment method. Most often, online casinos offer a deposit bonus.
Do Bitcoin casinos offer no-deposit bonuses?
The majority of online casinos offer no-deposit bonuses available after signing up on the official website. However, most sites require customers to place a mandatory bet before winnings can be withdrawn.
What is an NFT casino?
NFTs are non-fungible tokens, an important component of blockchain technology. On the site of an NFT casino, they can be anything — from unique interface elements (icons, avatars) to accumulative bonus programs.
