What are crypto-casinos and how does crypto-gambling work?

Michael Schumann
October 12, 2022
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Cryptocurrency – A new player on the trading field

Cryptocurrencies are currently gaining worldwide momentum, and may I add, rightfully so! In our everyday lives, where almost everything has turned digital and brand-new technologies are emerging on a daily basis, cryptocurrencies have become an inseparable part of modern life.

After its rapid emergence, the world saw countless cryptocurrencies being created daily, and as of today, there are more than 19,000 different cryptocurrencies in existence. Moreover, it didn’t end there, as brand-new ones are being generated constantly; therefore, I believe it’s important to know when and where it all started before diving into discussing crypto gambling as a unique form of using cryptocurrency.

Surprisingly enough, Bitcoin, the most popular and trusted cryptocurrency, was not the first cryptocurrency to ever exist. The very first virtual currency ever created was eCash, and it was created by DigiCash, David Chaum’s company, in 1990. After eCash became the very first official cryptocurrency, other virtual currencies started to appear as well; however, despite the constant attempts to create long-lasting, trusted cryptocurrencies before Bitcoin’s creation, all these virtual currencies saw were failed tries.

At the dawn of the new millennium, in 2009, an unknown person or group of people (not known for sure) completely changed the trading market by presenting a brand-new cryptocurrency named Bitcoin. By its official definition, Bitcoin was created to be an electronic peer-to-peer system, but additionally, it also attracted crypto-curious investors as a “store of value currency, comparable to gold.” Naturally, creating Bitcoin was heavily influenced by its predecessors, like eCash, B-Money, HashCash, and Bit Gold.

Since we managed to briefly overview the history of cryptocurrencies’ creation, let’s now discuss one of the most interesting aspects of using the cryptocurrency – namely, crypto-gambling, shall we?

What exactly is crypto gambling and what are crypto-casinos?

First things first, let’s get the definition of a crypto-casino out of the way – a crypto casino is an online gambling establishment that accepts cryptocurrencies (such as Bitcoin, Litecoin, Ethereum, Ripple, etc.) for deposit and withdrawal purposes. Crypto-casinos usually accept the majority of cryptocurrencies; however, don’t be surprised if you come across an online casino that only offers a couple of them. At crypto-casinos, players use cryptocurrencies to deposit their funds, gamble while using cryptocurrencies instead of FIAT currency, and cash out their winnings using their virtual money as well.

Using cryptocurrencies at online casinos is no different than using conventional FIAT currencies. The only difference is that you are gambling with your cryptocurrency, that’s all. Quite simple and straightforward, isn’t it?

Whenever you decide to play at a crypto-friendly online casino, there are several important things you should definitely take into consideration before choosing the ultimate favored one. Generally, crypto-casinos are known to be more trusted and relied upon than other conventional or even land-based casinos. That’s because, first and foremost, crypto-casinos offer full anonymity to their customers. Secondly, paying with cryptocurrencies is much safer than gambling with FIAT currencies since all cryptocurrencies are part of the blockchain, a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.

Disadvantages of crypto gambling

However, like everything else in life, crypto-gambling is not all perks and advantages; there also are some downsides to gambling with cryptocurrencies, and they are as follows:

  • The concept of crypto-gambling is still new and volatile
  • The majority of online casinos are yet to accept crypto-payments
  • Cryptocurrencies are still not established payment methods in online gambling
  • Transactions made with cryptocurrencies are untraceable

How to select the best crypto-friendly casinos?

For those who have cryptocurrencies and wish to spend them while enjoying their time playing at an online casino, there are several “must-know” tips that will positively help in choosing the best, most reliable crypto-casinos. Make sure to consider all these tips before deciding to commit to a certain online gambling operator:

  • Your chosen online casino must accept your favored cryptocurrencies
  • Your chosen online casino must have a valid, proper gambling license
  • Your chosen online casino must have all proper security measures in place
  • Your chosen online casino must offer generous crypto-related bonus deals and promotions
  • Your chosen online casino must provide a timely, helpful, professional customer care
  • Your chosen online casino must offer a decent number of crypto-games
  • Your chosen online casino must process deposit and withdrawal requests instantly
  • It is preferable for your chosen casino to have a mobile app

Committing to an online operator is indeed a big deal for a player; therefore, it’s highly recommended for a player consider all the safety and legitimacy tips and tricks when choosing a reliable crypto-casino.

The best crypto casinos currently on the market

Knowing all the tips as mentioned earlier and suggestions, and having extensive knowledge about modern crypto casinos, some of the best crypto casinos that come to mind are as follows:

Should a player wishes to get more information about these casinos and verify their legitimacy and trustworthiness, they can freely check them out and make sure they are the right choice for all their gambling needs and expectations.

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Author Michael Schumann

Michael Schumann here, originally from Germany, Berlin. Graduated from California International Business School in 2017. Researched iGaming industry regulations both in the EU and the US. Worked as a researcher-publisher with the big online publications; Business Insider, Gamblinginsider, IGB, Sportbild etc. With up to up to 7 years of experience under the belt and the new German Interstate Treaty on Gambling (GlüStV 2021) on the way decided to shift my focus on the homeland.