Blockchain technology is changing everything, including the online gambling industry, making gambling fairer, safer and more accessible.
What is a crypto casino?
There are two types of crypto casinos: The first are regular online casinos that support cryptocurrencies such as Bitcoin as payment methods. You just need to deposit the appropriate amount in your online Jaxx wallet (the online version of the Jaxx Liberty wallet in the link). Honestly, these are not true crypto casino because they do not use blockchain.
The second type of casino—the entire infrastructure runs on the blockchain. It has no servers, no licenses, no administrators—the blockchain takes care of everything. Blockchain is a large decentralized database. It runs on the user’s computer and does not require a central server. In order to access such casinos, you need to install special extensions like Metamask. Gaming, payment processing, membership management, RTP software—every part of an online casino runs on this blockchain. All payments are processed automatically by the blockchain thanks to the smart contract feature. Players’ winnings are stored on the blockchain even when the casino is closed. The integrity of the game is in the control of the players themselves, so cryptocurrency casinos do not need a license.
Cryptocurrency Casino Concept A regular online casino requires expensive maintenance to run. For example, it requires an electronic gambling license to offer IGT slot machines. Such a license means that the casino is controlled by real people, and it is controlled by official agencies. The cost of these licenses is quite high, sometimes in the millions. Real casinos also need auditing companies to check the honesty of the games. Players don’t know the RTP of the game—they just want someone to control the casino.
Additionally, regular online casinos have to sign agreements with suppliers, buy hosting space, only accept members from licensed countries, use payment processing systems, buy software, etc. Managing an online casino is a difficult and expensive task. Even after all approvals are obtained, there is still a risk of losing money if the casino goes bankrupt. Crypto casinos don’t need any of these.
The advantages of crypto casinos are
No license is required. Crypto casinos do not have a central server and therefore do not require a “license” from the government. Casino owners are anonymous. The government can’t control the servers because they don’t exist. Therefore, crypto casinos have no country restrictions. You can accept participants from anywhere in the world. Additionally, participants can remain anonymous. You do not have to provide the casino with your personal and financial information. One email address is enough to become a participant in a crypto casino and no authentication is performed.