As online casinos have become more popular, a wider array of different casino types have emerged. One of these is blockchain or cryptocurrency casinos. These sites offer players the chance to use cryptocurrency rather than fiat. With the use of decentralized currencies over centralized ones, these new online casinos have a lot going for them. But there are some downsides as well.
With this in mind, it’s a good idea to check out all that these sites can offer before signing up. Let’s take a look below.
Staying anonymous
If you are looking for regulated new UK casino sites in 2024, it’s very important to check whether specific features are available. For many, playing at a cryptocurrency or blockchain casino is a desirable option simply because it provides more anonymity. Many players using online casinos are hesitant to do so because it means providing personal and financial details to the casino. It also typically means going through the Know Your Customer (KYC) process before being able to get playing.
Many crypto casinos dispense with these steps. In fact, they’re not even needed. This is because players are using the blockchain to make payments allowing the casino to check the validity of the player and their finances that way. Through this method, casinos can check player finances without needing any details. For players, this means the ability to get playing can occur a lot faster.
Additionally, by using cryptocurrencies to place bets and make transactions online, players do not leave a footprint. Unlike using bank transfers or eWallets, there is no financial institution record of the transactions which adds further anonymity to the proceedings.
Playing safely and securely
Following on from anonymity, most blockchain casinos also provide good security. This is because they employ SSL encryption protocols to protect player data and personal information from third parties. These types of casinos will also generally hold a licence from a governing body such as Curaçao. Having a licence like this means that the casino is required to provide specific safety and security protocols. These include providing responsible gambling tools such as self-exclusion, loss and deposit limits or the ability to set a cooling-off period.
The problem here though is that a number of crypto casinos operate without licences. This doesn’t mean players can’t play there, but it does increase the risk factor. Some casinos without licences may be scam sites. And, should anything go wrong, there is no recourse for players to claim back funds or get help from a governing body. As such, playing at such sites should be done with caution.
Enjoying unbiased games
A great feature of these new cryptocurrency casinos is the selection of games. Like many online casinos, having a wide variety of games to choose from is a must. Most of the top crypto casinos offer games across all game genres offering slots, virtual card games, live dealer games, crash games and instant win. Where these casinos do have the edge is when it comes to gaming fairness. Typically, they also offer a selection of provably fair games. Unlike standard online casinos where games are checked and audited for gaming fairness by a third party auditor, provably fair games can be checked by the players themselves. By using blockchain-style algorithms, players can check each spin and outcome to determine whether or not these games really are unbiased. With this additional level of fairness in place, players can enjoy the games provided even more.
However, players may find that the game selection can be limited as some casinos. And this is especially true of casinos that do not have a licence or are licenced by one of the lesser-known jurisdictions. This can occur because some game providers simply won’t provide casinos without a licence access to their games. In some cases, it can mean something worse. If the crypto casino does hold a licence but still lacks games from big name providers, this could mean that the casino as a whole is not considered safe or trustworthy.
Removing fees and reducing transaction times
Finally, there is the fact that using cryptos offers players a number of additional benefits on top of being anonymous. For instance, crypto transactions tend to be fast. Deposits can be instant as can withdrawals, once they’ve been checked. Unlike traditional online casinos, these sites can process payouts in a matter of minutes so that players can get their winnings faster.
Additionally, by using crypto, players reduce the need for casinos to implement fees. Of course there can be minimal fees in place, but typically these are transparent and fair. One big benefit though, is that there are no currency conversion fees. Crypto can be used around the world, so players from all countries can use crypto without incurring such charges.
However, there is the issue that once a crypto payment has been made, it can’t be reversed. This means that players really need to be sure they want to make the payment before authorising it. Fiat payments can be reversed, and they have safeguards in place allowing players to get refunds or moneyback should the site prove fraudulent. Not so for crypto.
Let’s also not forget that crypto itself is volatile. As it can change so abruptly, what could have been a good win can be reduced to a small one by the tiniest change in the stock market. Of course, the opposite is also true. And this is part of the thrill surrounding cryptocurrency casinos.
Final thoughts
As outlined here, there are a number of benefits to playing at blockchain or crypto casinos. Of course, there are still downsides too. But, it’s really up to each individual player to make the decision regarding whether or not this type of casino is for them.
Checking out player reviews and judging the overall reputation by looking at player complaints and the casino’s response to them, is an excellent way to discover whether or not to play on that site.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
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