Top Advantages of Developing a Crypto Casino in 2022
The increasing popularity of cryptocurrencies is offering online casino operators a tremendous opportunity for growth in the industry. We are seeing more and more coins and tokens being developed, supported by innovative and promising projects. With the growing interest in cryptocurrencies, people are looking for various ways to invest their virtual coins.
The demand for online entertainment is increasing rapidly, and many users have switched to playing online due to the lockdowns that took place all around the world. With the situation created by the pandemic and the explosion of cryptocurrencies in 2021, a significant rise in crypto gaming is expected to be witnessed in 2022.
Setting up a crypto casino is not very different from developing a real-money casino, but it comes with a few advantages that fiat money casinos can’t offer. Here are some of the benefits of opening a cryptocurrency online casino:
Players who want to join crypto casinos are given the advantage of not having to fill out the details required by real-money casinos. Blockchain technology allows players to place bets without having to reveal their identity. This is a great opportunity for users who want to remain anonymous and not have their data revealed, while playing at a secure and fair casino.
Even so, an important aspect to consider is that bitcoin casinos come with different levels of anonymity, depending on whether they are licensed or unlicensed. Some crypto casinos also offer players the chance to play using real money – which brings us to the fact that those casinos function with a casino license issued by a gaming authority. This kind of casino can’t guarantee privacy.
Operators who use cryptocurrencies as payment method for casinos have the option to start a crypto casino without obtaining a license, which will offer more advantages in terms of anonymity. Some data from players will be required on registration, but no harsh identity checks must be performed.
Many bitcoin casinos don’t even require players to create an account. These offer the highest level of anonymity – untraceable transactions and almost zero personal information.
Even though complete anonymity could seem risky for both players and operators, cryptocurrencies are fully transparent – the transaction history is embedded in the blockchain and anyone with access to the network can verify a transaction.
Online casino players have also been faced with the issue of doubting whether the casino games at real-money online casinos are fair or not. The truth is, as an online casino player, it used to be impossible to make sure that the game results from online casinos were not manipulated.
Blockchain technology comes with a completely new way of assuring players that they are not risking their money on a rogue casino website. The transparency of online crypto casinos is offered by a term called ‘provable fairness’. Provable fair gaming is a technology that prevents casinos from modifying the outcomes of the games.
By using this blockchain technology, players can verify the hands, while casinos don’t need to use third party companies to prove that their crypto casinos are fair. More information about provably fair gaming can be found in this article.
Thanks to decentralization, crypto casinos can be accessed from almost anywhere. Players from countries all around the world - with some exceptions, where cryptocurrency transactions are prohibited – can use bitcoin and altcoins to play at crypto casinos whenever they want.
Low to zero transaction fees
Real-money casinos use traditional payment methods, which means that making deposits and withdrawals will always imply paying high commissions, taxes, and duties. This downside is removed when it comes to crypto casinos.
Since there are no financial institutions involved in the process of withdrawing and depositing money, crypto casino players can benefit from low or no transaction fees at all.
The process of withdrawing money from online casinos is one of the challenges that players are faced with while playing at fiat money casinos. Third parties need to approve the transactions, and in some countries, players might even be contacted by local financial institutions for additional verification. This leads to time delays and frustration for online casino players, who sometimes choose to not return at all or to leave bad reviews.
Blockchain technology makes a tremendous difference for crypto casino operators and players, thanks to smart contracts that easily perform actions such as transferring money, without the hassle of involving a third party. The process is quick, easy, and safe.
Crypto casinos that perform well need to convince players that they are secure and trustworthy. Some operators choose to enhance their casinos’ reputation by obtaining a license from a gambling authority. Even so, in many countries, crypto casino licensing is still in a grey area, which makes this type of business neither legally allowed nor prohibited.
If the casino accepts payments exclusively in cryptocurrencies, a gaming license is usually not mandatory.
So how do crypto casino players make sure that their privacy is protected and their funds are safe? Once again, thanks to blockchain technology, cryptocurrency transactions are encrypted and verified several times on the network.
The transactions are based on private keys which are extremely hard to decode, so it’s safe to say that crypto transactions can sometimes be more secure than using fiat money cards.
Should you start now?
Considering all of the above, we can easily say that as long as the world remains loyal to crypto gaming, there is tremendous potential for growth in the industry. Crypto casinos are expected to become more and more appreciated and popular in the nearby future, but also in the long run.
You can find a multitude of bitcoin casinos on the internet nowadays, but players are always looking for the next best thing.
If you want to start a crypto casino business, our team has all the necessary tools to help you create a gambling website that will perform according to your expectations.
Our company offers state-of-the-art software and modern games that are suitable for crypto casinos. You can request a free consultation on our contact page.
BY CASINOWEBSCRIPTS PUBLISHED 5 January 2022