Are Crypto Casinos Much Different To Traditional Online Casinos?
As technological advancements have been rapid in recent years, the evolution of online gambling has developed into new territories of casino gaming. One significant development has been through the emergence of crypto casinos. Crypto casinos allow transactions to be made using a variety of cryptocurrencies such as Bitcoin & others. But how are they really that different from traditional online casinos and are there advantages and disadvantages to be aware of?
Financial Transactions
One of the most obvious distinctions between crypto casinos and traditional in in their financial transactions. Traditional use flat currencies such as USD or GBP, and rely on players using conventional payment methods through credit cards, bank transfers and e-wallets. Some of these methods can cause payments to be delayed and incur additional fees as it involves going through intermediaries such as a bank. Though some would also argue this is a much more secure way to know your money is safe.
By contrast, crypto casinos use cryptocurrencies for their transactions. Transactions here tend to be a lot faster and cost effective due to the very nature of the technology being used. Crypto eliminates the need for banks or any such intermediaries, allowing players to freely transfer funds directly to and from their casino accounts, making the process seamless and instantaneous. You can see why this is a huge advantage for many players who value speed and efficiency!
But with speed and efficiency it begs the question what might the risks be?
Security and Anonymity
As with most things online, security remains a huge concern for online casino players within both crypto and traditional spaces. Both also have their own ways of ensuring player safety. Traditional has been deemed by many a safer bet as they have to adhere to regulatory standards & often use encryption tech to protect players personal and financial information. This definitely adds an extra layer of security and trust when it comes to ensuring player safety.
Though most would deem crypto casinos to have next to no security in place they just offer a different level. The blockchain technology which is the foundations of cryptocurrencies, is by its very nature secure due to its decentralised nature. Therefore any transactions that take place here cannot be altered or interfered with in any way, providing a very secure and anonymous system — as players are not required to enter any personal information. This is one of the more positive aspects in which players enjoy.
Game Selection and Software Providers
Both traditional and crypto casinos offer many different options when it comes to gameplay; players can find all their favourites amongst roulette, poker, blackjack and so on, across both environments. Though where they differ is in the software and technology that each will have.
We tend to see that traditional online casinos will collaborate with the more well-known game developers such as Playtech and Microgaming, as these are very well established in the industry & are known for their high-quality and fair play.
Crypto casinos, whilst they also offer some of the more traditional game providers, they typically include more games from emerging game developers who actually specialise in blockchain-based games. Ways in which they might differ is in the unique features or innovations that have developed since the rise of crypto gaming. It is fair to say that the outcomes of the games are also very fair, as they are determined by algorithms that cannot be altered or intercepted.
By all accounts, crypto casinos and traditional online casinos share many similarities, especially when it comes to game offering, the basic principles of online gambling and the security within the space. Though there are also some key differences which set them apart and could determine if a player would rather do one or the other. Crypto casinos are able to offer faster and more cost effective transactions through enhanced security and anonymity; as by their foundational structure of blockchain technology. They often are more flexible when it comes to the regulatory environment and can provide unique bonuses & promotions not accessible in traditional online casinos.
However, with all of these advantages to crypto it also comes with some challenges that players might not feel so comfortable with, for example when it comes to evaluating the reputation and trustworthiness of said casinos. With many traditional online casinos, this is usually much easier to detect as through research a player can find forums or check with the regulators if a website is what it says it is.
As this ever emerging industry of online casino gambling inevitably evolves, it is likely the differences between crypto and traditional online casinos will become even more apparent; offering players a multitude of options to suit their needs and personal preferences.