Cryptocurrencies have been around for over a decade now. But they were not as popular as they are today. Bitcoin, the first cryptocurrency, was developed in 2009. But it was only in 2017 that it rose to prominence in the market. More and more people started understanding the concept and usage of bitcoins and other cryptocurrencies briefly during this period.
Since then, it has been explored and used in a different field for business. One such field is online gambling. Online gambling itself is almost a decade and half old and is improvising along with the technological advancements.
What is Crypto Gambling?
Online gambling using cryptocurrencies is termed crypto gambling. Currently, there are online casinos that offer both the payment options- cryptocurrencies and FIAT currencies. But, recently, some of the crypto-dedicated casinos and bookies for crypto betting have also come. These are known as crypto casinos.
In crypto casinos, players can gamble strictly using cryptocurrencies only. Many of these casinos are improvising day-by-day. They include more and more cryptos on their platform to encourage punters to gamble with their favorite crypto.
How is Crypto Gambling Different from the Usual Online Gambling?
While it might seem like currency is the only difference in these two types of gambling, we assure you, there is more to it.
Third-party Involvement: In online gambling, the usual payment methods come with third-party involvement all the time. Be it a credit card or debit card, E-wallets, etc.; you always have another party involved in your transactions at the casinos. This might not be the case with crypto gambling.
You have the authority to decide if you want to use digital wallets to process your transactions or do it yourselves. Yes, there are digital wallets that work in a similar fashion to our usual E-wallets. They also charge a small fee to process the transaction.
However, you can create your own account to store and handle your crypto finances without the involvement of third-party wallets.
Provably Fair Games: Crypto casinos usually include provably fair games. Provably fair games also use blockchain technology just like cryptocurrencies. So, in these games, punters get a chance to check if the gaming outcomes are random.
Basically, when the gaming outcomes are random, they are considered fair and just. It means the casinos have not meddled in influencing the results of the games.
Licensing: Usually, for an online casino to be considered legitimate, they come licensed by intermediate-party authorities. These authorities set rules for online casinos to follow, which are also regulated in a timely fashion. This way, punters can rely on that particular casino to gamble at and not worry about losing their money or such frauds.
However, in the case of crypto gambling, usually, there are no licensing authorities involved. This is because of the nature of cryptocurrencies which can be immediately transferred between your crypto wallet and the casino account. As you can see, there are no banks or any third-party involvement here; it becomes unnecessary to license the crypto casinos.