While our country is only making its first steps in the new entertainment market, a completely new trend is emerging in the world of gambling – cryptocasino. Antonio Matias and his Portuguese website CasinoReal.pt have written this article for you to learn more about crypto casinos.
Today, in many online casinos and poker rooms, it is already possible to pay and withdraw money in cryptocurrency , which allows players not to wait for international transfers for several days and not pay a commission to banks. The same policy is planned to be implemented in some large networks of land-based gambling establishments. How it works and what it threatens – we understand together.
What is a crypto casino?
By and large, the “cryptocurrency casino” differs from the usual one only in that the key payment instrument in it is not fiat money, but digital coins. Otherwise, crypto gambling platforms are no different from ordinary online casinos: here you can also find thousands of types of slots, roulette or, for example, sports betting.
Among the features of a crypto-casino, one can single out only the presence of crypto-wallets in which one of the digital coins can be stored. As a rule, such wallets are designed for popular “ crypto”, including Bitcoin, Ethereum, Binance, XPR and others. As in the case of fiat money, crypto casinos may have some restrictions regarding the withdrawal of funds from the platform to a personal account.
But, as practice shows, reputable platforms are not interested in delaying payments, and cryptocurrency transactions are often faster than payment processing in traditional payment systems.
Why did crypto casinos become popular?
Obviously, the very concept of cryptocurrencies has become the key to the popularity of cryptocasinos today: users like the idea of secure and anonymous transactions that are very difficult to trace or fake. This payment method allows players to bypass banks and various third-party payment systems by sending money directly to their account. The process of a cryptocurrency transaction does not require the transfer of personal data, bank account information or identification documents. Yes, and modern crypto-exchanges allow you to do this as quickly as transferring money in your bank’s application.
In addition, some land-based establishments in Las Vegas have also begun to promote the idea of cryptocurrency in the casino: recently, the management of the Resorts World Las Vegas hotel-casino announced a partnership with the Gemini cryptocurrency platform.
At first, Resorts World Las Vegas will only allow cryptocurrencies to be used for non-gambling purchases. But the hotel-casino managers assure that soon their users will be able to buy game chips for crypto-currency – for this, it is necessary to approve the use of crypto-currencies in casinos at the legislative level. It is government regulation that is the main problem on the way to the introduction of cryptocurrencies in casinos in different countries, since bitcoin and other coins are far from being loyal to everyone in the world. The Portuguese payment method multibanco is the best for playing in online casinos and you can learn more about it on the website – multibanco casinos.
Give blockchain
Another feature of the use of cryptocurrencies in gambling is the blockchain technology, which underlies all digital coins without exception. The fact is that with the help of a decentralized chain, you can create random number generators ( RNG), which are responsible for the operation of all online slots and even poker rooms.
By the way, at the beginning of 2021, multiple world poker champion Phil Ivey confirmed his intention to be an ambassador and contribute to the launch of Virtue Poker, the first online poker platform on the blockchain. In the near future, the creators of the platform should present their decentralized product, which, according to them, guarantees the principles of fair play, a high degree of protection of users’ money and comfortable use of the poker room.
It is assumed that the balance of each Virtue Poker player will be stored on their Ethereum wallets, and the money will only go directly to the poker room during the game. This means that in the event of a sudden closure of the platform, all users’ money will remain with them. Phil Ivey himself promised to make every effort to promote the novelty and confirmed his intentions to be the Ambassador of Virtue Poker.
What is the result?
Cryptocasino is a pretty good idea, or rather a technology that is already being implemented on various platforms.
The problem with this lies only in state control and opponents of cryptocurrencies who do not consider digital money a reliable financial tool. However, if the correct and successful use of crypto-casinos develops, they can solve the main problem of the players – the quick transfer of funds between accounts and full control over the transactions that they carry out.
