Gambling has been around for (almost) as long as human civilization has. So, it's no surprise it moved into the crypto world.
As cryptocurrencies like Bitcoin and Ethereum gain traction, crypto casinos are also gaining popularity. They come with some pretty neat perks, too. From lower house edges to provably fair games, they've got everything a regular casino has and then some.
But what exactly makes a good crypto casino? How does it differ from a regular online casino? And more importantly, which is the best cryptocurrency for gambling?
In this article, we'll answer all these questions and more. So, if you're thinking about trying your hand at a crypto casino, make sure to read this first.
Crypto casinos are, simply put, online casinos that use cryptocurrencies as their primary form of payment. This can be anything from Bitcoin and Ethereum to more niche altcoins.
Still, Bitcoin and Ethereum casinos remain the most popular options.
Now, what makes crypto casinos so unique? Here are four of the main perks:
One of the main issues with regular, fiat casinos is that they're not provably fair. This means that, even though they claim to be fair, there's no way to prove the games are not rigged.
Blockchain technology makes it possible to create verifiably random game algorithms. With provably fair games, you can check if the outcome was genuinely random (which means truly fair, too) after the game has finished.
This is a huge advantage and one of the main reasons crypto casinos are gaining popularity.
The overhead costs of running a casino can be pretty significant. This is why brick-and-mortar casinos usually have pretty high house edges.
On the other hand, Crypto casinos don't have the same expenses. They can offer games with much lower house edges and a higher return-to-player. Some crypto casino games can have an RTP as high as 99%, virtually impossible for regular casinos.
Another great thing about crypto casinos is that they offer a higher level of anonymity than regular casinos. All you need is a cryptocurrency wallet, and you're good to go.
Licensed casinos might still have to prove your identity (KYC checks), though, so make sure the information you provide at registration is truthful.
Crypto casinos usually offer a selection of games that you won't find at regular casinos. Crypto-specific games like Crash and Plinko are becoming increasingly popular. They're a great way to add a bit of excitement to your day and switch up your gambling routine.
The metaverse is coming - and gambling will definitely be a part of it. The current metaverse casinos in existence are still in their early stages, but they hold a lot of promise.
Blockchain technology and crypto-assets make it possible to create virtual worlds with real-world value. In other words, you can gamble with real money in these virtual worlds, and it's crypto that makes it possible.
Bitcoin and Ethereum are the two largest cryptocurrencies in the world. They're also the most popular options that people use for gambling. But, just because they're competitors, it doesn't mean Bitcoin and Ethereum are similar.
Before we cover Bitcoin Vs Ethereum casinos, let's talk about the fundamental differences between the two coins:
Bitcoin is a cryptocurrency and a payment system. Launched in 2009, it was the first decentralized cryptocurrency and its success has seemed inevitable ever since.
Ethereum is a decentralized platform that runs smart contracts. It was launched in 2015, and it's often referred to as the “world's computer.”
So, what does this mean for gambling?
Bitcoin is the more popular option overall. This is because it has been around for longer, has a larger market cap, and is more widely accepted.
Ethereum, on the other hand, comes with several unique perks. For starters, the transaction speed on the Ethereum platform is much higher. The network can handle double Bitcoin's transactions in a second, which makes a difference when talking about large transfers.
Secondly, Ethereum is more than a payment system; it's a computer network for smart contracts. With Ethereum, you can create decentralized apps or dApps.
This is where things get really interesting.
Dapps can give you a whole new gambling experience. Imagine a casino that runs on the blockchain, and that's provably fair. That's what Dapps can do.
Plus, you can sign up and connect your wallet directly - no need for a deposit. Arguably, this opens new horizons to the world of gambling and beyond.
Now, let's talk about the actual gambling experience. Which is better - gambling with Bitcoin or gambling with Ethereum?
The answer is - it depends.
Bitcoin is a more widely accepted choice. You will find it at virtually all crypto casinos. Ethereum is still not as popular, but it's catching up fast when it comes to gambling.
Most large, well-respected casinos have both crypto options.
The transaction speed is also a factor to consider. With Bitcoin, you might have to wait for a few confirmations before the transaction goes through. With Ethereum, on the other hand, the transactions are confirmed much faster.
It's also worth mentioning that Ethereum is currently facing some scalability issues. The network can become congested during peak times. When this happens, transaction fees go up, and the transaction speed decreases.
Bitcoin also has scalability issues, but they're not as severe as Ethereum's.
Speaking of transaction costs, make sure you choose casinos that don't charge you a fee for withdrawing. The price you have to pay should only come from the network, not the casino itself.
In terms of security, both Bitcoin and Ethereum are pretty much the same. They're both decentralized, and they're both based on blockchain technology. As long as you keep your seed phrase and your private keys safe, you shouldn't have any problems.
Most gambling Dapps allow you to connect your wallet directly instead of requiring a deposit. The catch? Usually, they work with ERC-20 tokens, which means Ethereum is a better option here.
All in all, the Bitcoin Vs Ethereum gambling debate doesn't have a one-size-fits-all answer. It all comes down to your preferences. As long as you choose a reputable casino, you should be fine either way.
Crypto casinos are the future of gambling. They offer a level of fairness, transparency, and anonymity that regular casinos can't match.
When it comes to choosing the best cryptocurrency for gambling, it all comes down to your preferences. If you want cheaper transactions and more casino options, go with Bitcoin. If you want to try out unique games and Dapps, go with Ethereum.
Either way, make sure you do your research and choose a trustworthy casino. Have fun and gamble responsibly!