The growing popularity of cryptocurrencies and blockchain technology has led to a range of new businesses. More and more people are now buying and selling virtual currencies and building businesses on top of these networks. This trend also affects online gambling, with more and more operators implementing cryptocurrency payment options. Therefore, it can be said that the emergence of blockchain technology has opened a new era of online gambling.
Below we take a look at the common features crypto players use to determine if they want to join a crypto casino. This includes offering anonymity, fast transaction times, and crypto-compatible games using “provably fair” algorithms. These points are especially important as popular iGaming portals like Playcasino.com now take them into account when reviewing new online casinos.
Privacy – Anonymous Transactions
Some cryptocurrency casinos allow players to deposit funds without providing personal information, and members can withdraw quickly and discreetly . This makes cryptocurrencies an excellent choice for online gamblers who are concerned about the privacy of their financial details.
Also, since all transactions using blockchain technology use the public key or a form of a public key independent of the name, there is no need to hand over any banking details. This means that any deposits and withdrawals will not appear on the bank statement with the player’s name on it. Even the crypto wallets themselves, which are used to send and receive crypto casino funds, don’t display the casino’s name next to the transaction. Therefore, transactions are inherently anonymous.
However, just to dispel a myth, not all crypto casinos allow you to play without handing over your personal information. Casinos operating under licensing bodies are often obligated to require Know Your Customer (KYC) checks. These checks are for AML reasons and to avoid underage gambling. This means that in some cases, players must show identification. Despite these checks, many of the benefits of transaction privacy remain. Regarding personal information shared after KYC checks, this does not happen as these casinos are also subject to privacy policies.
Fast withdrawals and low fees – Instant top up at low cost
Another benefit of crypto is that players don’t have to wait for the bank to approve withdrawals. Therefore, when a player cashes out, his or her funds arrive almost immediately. On the other hand, some fiat currency payment methods usually take 3 to 7 days to wait for the withdrawal to reach their financial account.
Having said that, e-wallets (eg Neteller, MuchBetter, etc.) allow cryptocurrencies to kill two birds with one stone. This is because most e-wallets can process withdrawals faster than most traditional fiat withdrawal methods. Therefore, funds arrive immediately. Now the question is, how can cryptocurrencies be better than e-wallets? The answer is simple. Wallets typically charge a transaction fee of 5% to 10% when funds withdrawn from the casino reach the account holder’s balance. However, crypto withdrawal fees are barely noticeable. On top of that, passwords also provide the anonymity mentioned in the previous section.
may be a fair algorithm
Instead of using a random number generator (RNG), cryptocurrency games often use provably fair algorithms. This is a unique technique called cryptography. It uses a special hash signature to verify that the funds have been transferred to the correct recipient and that all participants have an equal chance of winning.
This technology also checks if your bet results are fair. The blockchain records every bet, every session and outcome produced on a public ledger. During gameplay, this is encrypted, however, once the session ends, the result is decrypted. At this point, anyone who knows how to view these ledger entries can access them, while players remain anonymous throughout the process.
With this technology, it is impossible for casinos/games to cheat players. For example, if a game’s RTP is 96%, but those tracking the game’s public ledger entries find that it only pays 60%, then the casino or game developer is exposed.
As a result, players who prefer to have more control or transparency prefer to gamble with cryptocurrencies. In contrast, the player has no control over the RNG, nor can he check the integrity of the RNG.
Summary some key points of cryptocurrency iGaming
If you like to keep your iGaming transactions private, then cryptocurrency is a good choice . No one can know that your in and out transactions are related to gambling. You also benefit from fast and low-cost transactions, which are allies, and the main benefit here applies to exiting from the casino.
Finally, if you’re still skeptical about RNGs and test-certified, a cryptographically provably fair algorithm can provide a more transparent mechanism for the outcome of virtual casino games, especially since it provides you with The ability to check the fairness of the results of each section.
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