New crypto casinos keep cropping up. Some of them have incredibly huge bonuses for new customers. Others have games created on the blockchain. Should you care about these sites?
Crypto casinos have some awesome benefits you can’t find at conventional casinos. But they’re all not created equal. For the best iGaming experience, check out the crypto casinos at Newsbtc.com (updated May 2023). In the meantime, below are 7 things you should know about crypto casinos:
Bitcoin and Ethereum are the Preferred Payment Coins
Meme coins like Doge, Shiba, and Pepe are great. But you may need to convert them into BTC or ETH before you can gamble at top crypto casinos. Most crypto casinos support only the most well-known coins.
At some casinos, you can use Litecoin, Bitcoin Cash, USDT, and Ripple. However, you’ll struggle to find a casino that accepts new altcoins. The explanation is that cryptocurrencies can be volatile.
To avoid suffering losses when the crypto market crashes, most casinos limit crypto acceptance to the major coins. That’s alright, though. If you only own small-cap altcoins, you can convert them into BTC before you play at an online casino.
Crypto Casinos are Generally Safe and Reliable
In the early days of crypto, the media associated Bitcoin with illegal activities. These days, Bitcoin is the payment of choice for many genuine businesses, from banks and restaurants to online casinos.
The best crypto online casinos are licensed, safe, and reliable. They’re no different from your typical PayPal or Visa casinos. If the site operates in the UK, it requires a license from the Gambling Commission. If a crypto casino is based in New Jersey, it must acquire a license from the Department of Gaming Enforcement.
Beyond licensing, the best Bitcoin casinos secure your data using SSL, passwords, and other techniques. They also process payouts to winners consistently.
The Bonuses Can be Huge
Bonuses are one of the biggest benefits of joining a crypto casino. Most operators give you a 100% bonus. If you deposit 1BTC, you receive 1BTC as a reward. If you deposit 10 Ethereum coins, you receive 10 ETHs.
At present time, Bitcoin costs $28,000 while Ethereum is trading at $1800. This is a lot of money to receive from any casino as a bonus. Usually, gambling sites give you a 100% of your deposit amount for a maximum of $100 to $500.
Considering most slot machines cost less than $1 per spin, a bonus worth 1BTC could help you play hundreds of games. That being said, you receive a bonus worth what you deposit. If you have $50 to spend, you can earn a Bitcoin bonus worth $50.
Select a casino with lots of bonuses. You get the welcome bonus once. But if a casino has loyalty promotions, you could qualify for these offers:
- Loyalty Points
- VIP Rewards
- Reload Bonuses
The whole idea of crypto is founded on a decentralized ledger called the blockchain. It’s the engine that powers cryptocurrencies like Bitcoin, Ethereum, and Shiba Inu.
Although the blockchain’s main goal is to facilitate payments, it also acts as a platform for creating decentralized apps. Ethereum’s blockchain has helped developers create hundreds of apps like crypto wallets, decentralized exchanges, and casinos.
As mentioned, some developers also use the blockchain to create casino games. These games have algorithms whose fairness you can verify. The blockchain can’t be corrupted, meaning slots and table games built on this system can’t be altered.
Conventional Slots and Live Dealer Games
Many crypto casinos are not different from conventional gambling sites. They offer slots from Microgaming, NetEnt, No Limit, BTG, and Play’n GO. What’s more, they have live casinos powered by Evolution Gaming.
Some crypto casinos don’t even offer blockchain-based games. They feature regular slots and table games. That’s okay, though. The goal is to play quality games regardless of the developer.
Evolution is the world’s most popular supplier of live dealer games. It’s the reason you can play poker, blackjack, and baccarat against fellow human opponents in real-time.
It faces competition from Pragmatic Play, Playtech, Ezugi Studios, and Microgaming. So, look out for casinos with games from these developers.
Another major benefit of playing slots at a crypto casino is that payments tend to be fast. You see, Bitcoin, Ethereum and most other cryptocurrencies support fast payments.
The average Bitcoin payment takes 20 minutes. Ethereum’s average processing time is 10 minutes. Some cryptocurrencies process payments in less than a minute.
Because Bitcoin has no intermediary, it technically doesn’t require fees. The only fees you pay are incentives to help the Bitcoin community keep the blockchain safe. Without incentives, no one would volunteer to verify and add crypto payments to the blockchain.
The process of verifying Bitcoin payments and adding them into blocks is called mining. It’s resource intensive, hence why people who do it are incentivized. That being said, most altcoins no longer use Bitcoin’s Proof of Work mining system.
They use Proof of Stake systems that do not require expensive computers to verify payments. POS systems are environmentally friendly and cheap. That’s why payments made via altcoins tend to be cheaper compared to their BTC counterparts.
Low Fees and High Limits
The best crypto casinos don’t just process payouts fast. They also have low fees and high payment limits. The explanation is that cryptocurrencies don’t have intermediaries.
You see, e-Wallets and credit/debit companies are intermediaries. They make profits by brokering payments between you and casinos. They set their fees and some of them can be expensive.
With some cryptocurrencies, you decide on the mining fee. The system may show you the minimum fee required to ensure your payment is successfully processed. But you’re not forced to part with a lot of money.
Beyond fees, crypto casinos have high limits. This is a boon for high rollers who spend thousands of dollars worth of crypto per week. You can deposit up to $100,000 stress-free. And if you win a similar amount, you can cash it out on the same day.