Crypto Casino Gambling Questions
Crypto Casino Gambling Today
With the advent of Bitcoin and numerous other copycat crypto currencies, crypto casino gambling has been a natural progession for some casino businesses who were unsurprisingly eager to cash in and allow deposits in this format. This is problematic for proper licensed casinos due to regulatory reasons although some have introduced it. The main beneficiaries are the actual crypto casinos which were created solely for crypto currency users.
Blockchain Casino Transactions
The obvious advantage of crypto casino gambling is transaction trust, due the nature of how the information is stored in ‘blocks’. It’s basically a shared, distributed, and immutable accounting ledger that registers all transactions from the very first. It is encoded and cannot be interfered with so gives all users transparency and accountability. This means smooth indisputable deposits for both the player and casino.
Cash or Crypto Casino Blances?
There are two ways a player can see their bankroll at crypto casinos. The casino may simply take Bitcoin for example and show your balance in that format, say 0.00255 Btc and games will have stakes integrated in tiny fractions of a Bitcoin. The withdrawal is paid out the same way. The second and now increasingly common method is using cash to pay for the crypto deposit and your balance is displayed as cash at the converted rate at the time. When you withdraw, you are paid in crypto or cash.
Pros and Cons of Crypto Gambling
The issues with crypto casino gambling are obvious. If for example you are a problem gambler, excluded nationally with programmes like Gamstop UK. then you can simply access foreign sites using crypto as there’s no checks on transactions as you may get with banks and webwallets who would not deal with certain casinos. It would be relatively easy to gamble under age using crypto at rouge sites who are interested soley in crypto collection and not the law.
Then there’s the risk of crypto fluctuation – you could have paid crypto to buy cash credits and after winning may withdraw the cash in the form of crypto and find that overnight it’s tumbled in value so you could actually end up with less than you deposited, even after winning a small amount. This issue can also apply to the casino – if their funds are exclusively held in crypto and the value plummets, overnight they may not have the means to meet their liabilities to players if they paid cash to play in crypto and wanted cash back.
The player may also pay a cost on conversion fees when playing at crypto casinos and finally we have regulation. In the UK, some banks are now sanctioning the purchase of crypto currencies on behalf of their customers, not for gambling reasons but because of numerous investment scams. In every country you are going to eventually be controlled in these markets by regulation via the government or financial authorities. I mean, with blockchain confidentiality, who are the beneficiaries of the crypto casinos and is there any criminality concerned at some of them?
Advantages of Crypto Casinos
The casino can offer higher RTP as they have lower costs for crypto casino gambling, will likely be based in a low or non-taxation zone for their business. If they are decent, withdrawals to crypto wallets are instant too. You can access games maybe not licensed in your country and can again access autoplay and bonus buys on slots if you for example live in the UK, although some crypto casinos will actually respect the regulations where you are based. If in a country that taxes gambling wins, the blockchain is totally confidential and invisible to anyone bar yourself via your key.
I suspect right now we are in the ‘golden age’ of crypto gambling at casinos. Governments and regulators as well as banks take years to catch up and act on anything outside their experience that is deemed to require intervention and inevitably crypto casino gambling will go on their list. Investing in crypto is gambling and now actual gambling is being done in crypto – go figure!