Crypto Gambling & The Blockchain Technology
The following article is a complete guide to Cryptocurrency casinos and Blockchain. Not only does it outline the top Crypto casinos for you, but also answers common questions on the topic.
Top Crypto Casinos
The following are some of the best Crypto Casinos in the market. We have ensured to clearly outline the benefits of each.
This is one of the oldest Crypto casinos in the market, it has been in operation for about 7 years now. It is regulated by the government of Curacao.
It supports multiple currencies and cryptocurrencies.
It supplies more than 3,000 casino games, including live casino games. However, it is not provably fair.
The best part is that it supplies new players with 100 free spins. It also offers weekly promotions, bonuses, and loyalty rewards.
This has to be the most popular crypto casino today. It is regulated by the Curacao government and all its games are provably fair.
It’s design and user interface are not only appealing but also easy to maneuver.
Even though it does not offer a sportsbook feature, it has over 2,000 high-quality games.
It also supports multiple currencies and cryptocurrencies, through various deposit and withdrawal methods.
Support is available through online chat, social media, and even email. They respond to customer concerns even via Reddit which goes to show just how much they care.
They recently launched their Games portal which is a provably fair online casino where players can register instantly and anonymously. They also offer multiple popular games such as Slots, Blackjack, Craps, and Keno among many others.
Players can make deposits in BTC and Bitcoin Cash with deposit bonuses that vary from the 1st, 2nd, and 3rd deposits.
It has been in service for about 6 years now and is licensed by E-Gambling Montenegro.
They have an online casino with roulette, Blackjack, Bitcoin slots, and baccarat. They also have a live casino that provides a real-life and authentic experience. You can also enjoy live sports betting including all major leagues like NFL, NBA, EPL, and Champions League.
They accept BTC, USDT, and ETH, to keep their customers’ funds secure, they make use of an online hot wallet.
It has been in operation since 2014 and is licensed and regulated by the government of Curacao. They have a wide variety of games (over 2000) which includes live dealers among many others.
They only accept crypto deposits and you get a 110% deposit bonus. In their current promotion, users get 300 free spins at sign up.
The casino is regulated under Antillephone N.V; however, players from Israel, Italy, France, U.S, U.K, and several other countries are restricted from gambling on the site.
Their games are provably fair and versatile.
They offer some generous signup bonuses available. New players are eligible for bonuses of up to 1.5BTC and free spins. You will get a 100% bonus (up to 1.5BTC) on your first deposit or 200 free spins and a 50% bonus (up to 1.25BTC) on your second and third deposit].
The Stake casino is provably fair and regulated by the Curacao Egaming authority under the Curacao government. However, the casino cannot be accessed by players from the Czech Republic, Curacao, Australia, and the U.S.
They accept multiple cryptocurrencies which include BCH, XRP, LTC, and EOS.
They offer a very low house edge (averagely at 1% depending on the game).
They offer a wide variety of games, anonymity, and 24/7 live chat support.
Stake also offers a starting balance and free money by email to their users, as well as a faucet. They also run daily challenges and weekly prize pools, while you are rewarded for your loyalty at Stake.
It is probably the most trusted crypto casino in the market. It is regulated and licensed by the Curacao government.
They have more than 500 games on their platform.
They accept multiple currencies including Dogecoin, Litecoin, Bitcoin, Dash, among many others.
Their customer service is very responsive in the form of social media channels, online chats, and online ticketing.
All new players, who verified their account are eligible to receive either FortuneJack’s First Deposit 20% Cashback or First Deposit Bonus 110% up to 1.5 BTC upon their choice. This means, if you make your first deposit, Fortune Jack will give you guaranteed 20% cashback on your losses for the first 24 hours.
It offers a wide variety of games and not all of them are provably fair. Unfortunately, they have restricted several countries including the UK, US, Iran, and most of the European Union. Also, it does not appear to be regulated.
They accept a wide variety of cryptocurrencies which includes but is not limited to Bitcoin, DASH, LTC, ETC, and ETH.
The casino offers a wide variety of slot games, live casino gambling, and sports betting.
First deposits are eligible for 100% bonuses up to 1btc. 1xBit also offers at least one new promotion per day, with many of them open to registered players.
It was established in 2013, and it supports provably fair gambling. It is regulated by Antillephone N.V. Unfortunately, residents of the US, France, Spain, Australia, Netherlands, and Israel are restricted on the site.
They accept multiple cryptocurrencies including BTC, LTC, ETH, and DOGE.
Withdrawals can either be conducted through credit cards and e-Wallets.
Also, they offer a wide variety of instant play games on desktop and mobile; their games include carps, poker, slots, and roulette.
When you sign up for BetChain, you can receive a 100% signup bonus of up to 1 BTC. Some welcome packages include up to 200 free spins.
Cryptocurrency online gambling
Our traditional casinos are characterized by cumbersome regulations. Crypto casinos otherwise known as Bitcoin Casinos provide a way around these regulations. That is why Crypto Casinos have continued to increase in popularity.
Online cryptocurrency casinos work in the same way as ordinary online casinos. You register, choose your currency, deposit funds, and then play with that money. In terms of how the casino operates and how you use it, any difference will be very small.
Crypto casinos have completely revolutionized the gambling scene, by multiplying both the profits and gamer’s turnover manifolds. Also, the quality of Crypto casino games is at the highest it’s ever been. We should expect them to get better as they continue to evolve.
Are Crypto Casinos legal?
The legality of a crypto casino varies from one country to another depending on the rules of that country.
Just because you are dealing with cryptocurrencies, does not affect the legal status of a specific casino.
For instance, 48 out of 50 states in the US allow some form of live gambling, however, most casinos prefer not to offer the option to US players due to taxation and regulation reasons.
Benefits of Crypto casinos
While anonymity is their biggest selling point, top Crypto casinos offer so many other benefits. The following are some key benefits of Crypto casinos.
Users are in full control of their money with no need for a governing body to pull any strings.
Also, there are no restrictions based on borders or spending limits, this is good news for gamblers in restricted areas.
High transaction speeds
Cryptocurrency transactions are instantaneous. This is of great importance particularly when you have limited time to play your favorite slot games. Cryptocurrency payments are not characterized by security checks, queuing or any other frustrations which help save a lot of time.
Cryptocurrencies were created to counter the discriminatory nature of the traditional financial banking systems. Cryptocurrencies are non-discriminatory and available to people all over the world.
Such availability means more versatility; crypto owners can therefore enjoy a wholesome gambling experience at their place and time of convenience.
Another major selling point for crypto casinos is the financial freedom which they come with, players get to spend as much as they like however they want; of course, this has its dangers.
Wide variety of games
Not only is online gambling a way of making extra cash but also a form of entertainment. A new game is invented, created, or reinvented every single day.
Crypto gamblers can access all the games available in traditional casinos and several new ones that are powered by Blockchain technology. We should only expect things to get better with time and for these games to keep multiplying.
High security and privacy levels
Since it is pretty much impossible to counterfeit cryptocurrencies, players are shielded from scammers and thieves.
Cryptocurrencies are pseudonymous; thus the player’s identity is completely protected. Also, crypto transactions do not require you to share any personal details; thus have greatly reduced fraudulent activities.
Bonuses and promotions
Crypto casinos have continued to offer very attractive bonuses and promotions. Casino Bonuses, Deposit bonuses, free spins, bonuses on reload, no deposit bonuses, free spins, and bonus codes have continued to attract more people to crypto casinos.
What to consider before choosing a trusted Crypto casino?
Since online crypto casinos come with the promise of anonymity, and there is no third-party supervision or involvement, many players have trusted the wrong platforms with their money. How can you evaluate whether a crypto casino should be trusted or not?
The casino should be provably fair
There is always a possibility that the house is cheating; this applies to both online and physical casinos. How can you be sure that you are getting the right winning odds?
Any trustworthy casino will want to prove to players that they are not manipulating the results. A good Crypto casino relies on its house edge for profits.
To test whether a casino is provably fair or not, users make use of a mathematical algorithm involving cryptography.
If you can’t prove that the game is not being manipulated, then we suggest that you move on to the next casino.
The casino should be licensed and regulated by a trusted authority
You need to be sure that the casino is licensed and regulated before you can trust them to handle your transactions.
A good and trustworthy casino will often allow players to access its licensing certificate. It is also important to consider where the casino was licensed because some gambling commissions are more trustworthy than others.
The reason why licensing is critical is that it gives the players a voice. Say for instance you find out that your casino is cheating against you, then you have a platform to complain to. Once you complain to the registrar, they will take action.
Ensure that the casino you are choosing to trust with your money does provide adequate protection.
The casino should offer support
How well is the online support for your casino of interest? Luckily, you can test for this even without spending on the casino. All you have to do is simply open a ticket, you will notice that a well-supported casino has multiple support channels such as social media, online chat, and email.
It may not seem important at first but in case something goes wrong, you will need to speak to someone who will respond promptly.
The following are answers to the most commonly asked questions. Hopefully, this helps to reduce confusion and encourages you to maximize the potential of online gambling.
What is the legal age to gamble online?
To protect underage users from losing their money, you have to be of legal age for you to start gambling in online casinos. The minimum age varies between jurisdictions, however, you must be of legal age before you can even open an account with these sites.
Can I use more than one payment method?
Online casinos will often allow for two or more deposit and withdrawal options. However, in an attempt to fight fraud, most casinos will not access deposit by card and will use withdrawal methods such as eWallets. Ensure that you withdraw money the same way you deposited it.
How Can I Deposit Money In Online Cryptocurrency Wallet?
Online casinos provide players with a wide variety of payment methods that range from credit cards to e-wallet solutions. All ranked sites featured here offer a variety of safe and fast banking options that will make your deposits and withdrawals hassle-free.
What is the Reverse Withdrawal feature?
To reverse a withdrawal means that you have a limited time to return the whole or portion of your withdrawal to your gaming account and continue playing instead of making a deposit. Not all online casinos offer this feature; please check our Online Casino Reviews to find out more.
What games are on the offer?
Playing at real money online casinos have become a popular pastime for many because it allows you to play from anywhere at any time on your pc, tablet, or mobile device. There are hundreds of slots and other games to choose from that can be played from the comfort of your own home.
How fair are the games?
All recommended online casino sites by GamblingFreedom.com have implemented a Fair Gaming Policy. All reviewed casinos on our site are independently audited and checked to ensure they run an unbiased and secure random number generators system. Games like roulette, slots, video poker, blackjack, and baccarat have been created by trusted gaming providers who implement and ensure the integrity of the games. A random number generator RNG is used to randomly produce the gaming results. Slots in a land-based casino work on the same principle by producing the game outcome with the help of an integrated RNG chip.
What is a bonus or promotion?
Bonuses and promotions are the incentives of online gambling sites to attract more players and reward the most loyal customers. Casino Bonuses offer the opportunity for players to boost their play balance, playtime, and stakes.
Is there a limit on how much I can withdraw?
Most of our recommended online casinos have no limit on the amount you may withdraw. However, some casinos cannot pay more than $5000 a week, which depends on your account status and payment method. Please check our casino reviews for more details.
What are Wagering Requirements?
Most often, accepting a bonus requires the meeting of wagering requirements, also referred to as play-through requirements before you can withdraw your winnings. Wagering means every single bet you place on a game, no matter if you’re winning or losing. This simply means that you have to keep betting until you have bet a certain amount of money for your bonus to clear.
Blockchain and Gambling
Blockchain is an online ledger that enables permanent and public recording of transactions on a distributed network.
Key characteristics of Blockchain.
-Anonymity which is enabled by cryptographic encryption
-It has increased the computer-network capacity.
-Offers Improved security.
-It has increased the transaction speeds
-Operates on a Decentralized system.
-It is inviolable
-It is accessible to all and anonymous
-Operates on a consensus mechanism
Applications of Blockchain
-Management of identity.
-Gambling and casinos
Ever since its inception in 2009, Blockchain technology has evolved rapidly. This technology that was at some point thought of as yet another craze could potentially change the face of technology.
It has evolved into something much bigger than its intended purpose.
In the beginning, it was merely the technology that supported Bitcoin transactions. that beginning produced the following:
-Decentralization of financial transactions/currency
-Decentralization of data
-Elimination of intermediaries in financial transactions
-De-corruption of organizations
-Introduction of the Proof of Work (PoW) consensus method verifies all transactions before recording them on the ledger.
After Blockchain was introduced, experts analyzed it and realized that it offered so much more than was needed by Bitcoin. These experts further realized that Blockchain was causing a radical change within the internet sphere. At that point, they thought it wise to make it an independent platform with its applications. The experts wanted to implement smart contracts with simulated human behavior and process.
Unfortunately, the Bitcoin-based Blockchain could not fulfill all the expectations that these experts had. This led to the development of the Ethereum-Blockchain which could be used for payments and implement smart contracts at the same time.
This Blockchain also made it possible for the users to run decentralized applications on their Blockchains. The users could also conduct micro-payments which are essential for the survival of small businesses. With the ability to run applications on the Blockchain, came the tokenized digital assets. Lastly, the ETH Blockchain gave rise to Decentralized Organizations (DAO) which are decentralized corporations running entirely on smart contracts.
The Blockchain evolution did not end with Bitcoin and Ethereum. In recent years, a significant number of projects have cropped from Blockchain technology’s capabilities. Such projects not only offer amazing new capabilities but have also sought to address the shortcomings of Bitcoin and Ethereum. Such projects include the following
NEO – This is the very first open-source, decentralized Blockchain platform launched in China
IOTA – IoT application that strived to provide zero transaction fees and addresses scalability
Monero Zcash and Dash Blockchains – solves security and scalability issues
In 2015, the Linux foundation unveiled the hyper-ledger whose function was to enhance the Blockchain development
EOS.IO – new Blockchain protocol for the development of decentralized applications
Blockchain technology continues to evolve as depicted by the increased number of cryptocurrencies as well as companies that leverage the technology to enhance efficiency. Today, it is evolving into more mainstream technology and its market is multiplying.
In 2012, the global technology market for Blockchain was 339.5 Million USD and it is projected to be at 2.36 Billion USD by the year 2021. Governments and organizations are investing largely in technology and its applications. The Banking and cybersecurity sectors have probably felt the greatest impact.
Blockchain revolution in the casino industry
Indeed, Blockchain technology has the potential to completely revolutionize the gambling industry. Incorporating Blockchain technology into the gambling industry would guarantee much-needed transparency. As you would happen to know, the technology ensures permanent, verified records that cannot be altered.
Today, online gambling contributes up to 25% of the gross gambling income.
Gambling is migrating into the online sphere. Most people prefer to gamble using their laptops and phones from the comfort of their homes. This also helps save the money that would have otherwise been spent on drinks while gambling in a casino. By gambling online, you only spend on making bets.
Thanks to the penetration of the internet, the gambling industry is growing like never before. Anyone can play casino games using the simplest smartphones. Currently, the gambling industry is growing like never before, thanks to the increased penetration of the Internet. Now anyone can play casino games, using the simplest smartphone.
Gambling is a global activity that makes profit worth Billions, and with the incorporation of Blockchain into the industry these profits are bound to multiply. After much speculation about Blockchain coming to save the day, finally, some progress is being made. Projects are underway to create a Blockchain technology that specifically targets the gambling industry.
As you would expect, trust has remained to be a major issue in the gambling industry, especially within online gambling sites. Most people have questioned
-The fairness in the calculation of odds,
-The privacy of the gamblers’ data
-The safety of their money.
-Most casinos lack randomness
-False advertising by casinos and gambling sites (misleading information)
-Spamming of players by casinos
-Geographical restrictions of payment
Another major issue that has existed in the traditional gambling scenario is that gambling companies have often provided different odds to the true odds. Then the difference between the true odds and the odds offered becomes the company’s edge.
Blockchain not only eliminates intermediaries but also greater privacy through anonymity. Ever since the expansion of the gambling industry into the Worldwide Web, it has grown exponentially and made a great profit too.
Gamblers will be able to place bets with the confidence that their details are protected and also odds and results for each bet are generated fairly. Ethereum-based smart contracts can be signed between gamblers and gambling companies eliminating any doubts and mistrust between them. By eliminating intermediaries, the payment will much easier and faster. Gamblers are given equal odds of winning against the house.
Blockchain will also eliminate delays or fees charged during gambling transactions. To increase the gamblers’ confidence, a random number fairness check will be included. All games will be verifiable on the Ethereum Blockchain.
Blockchain eliminates the issue of lack of payment with much ease since it is decentralized no one can interfere between the player and the prize pool. Also, most developers publish their codes thus everybody can verify a Blockchain casino code and verify it. Not to mention spamming players is going to be impossible because people will no longer use their emails for registration, only a Blockchain address.
People have argued that by gambling online, you save some money yet miss out on all the fun. This is why developers are coming up with applications such as the Blockchain casino which has the same feel as a real casino thus ensuring that you don’t miss on all the fun.
Examples of decentralized casino projects
888TRON – is run on the TRON smart contract and it has over 2,000 games
CasinoFair – Ethereum-Blockchain-based project
EarnBet – based on EOS Blockchain
By now, it has become rather clear that merging Blockchain technology with the gambling and casino industry is a step in the right direction. Casino developers will still make profits by charging a small fee on each bet. The users will enjoy transparency, and who knows maybe the players will increase in number.
Needless to say, the traditional casinos won’t disappear completely being that they already have a reputation. However, the technology will get rid of the bad actors thus improving the players’ experience. I believe that Blockchain will deliver just what the gambling industry has needed for so long.