Playing in Crypto Casinos: What Gamers Need to Know
July 25, 2019 (Investorideas.com Newswire) Are you an avid gamer looking to cash in on the emerging world of crypto casinos? Maybe you're a beginner searching for a smart way to play slots or poker online. Either way, you'll want to know a thing or two about the casinos that accept cryptocurrency. It can be confusing in the beginning but never fear. That's why we're here. Read on to discover everything you need to know about crypto casinos, including how they're different from regular-deposit casinos and how you should go about playing with them.
Crypto casinos operate in several fundamentally different ways than regular-deposit casinos. The first, and arguably most impactful of these, is that cryptocurrency may be used anonymously by players around the globe. That means casinos won't know your bank account info, location or even who you are.
As frequent gamers already know, signing up at a new site requires an output of information on your end. That usually involves giving your name, address, payment information and other personal data to the casino. Doing so allows them to verify who you are and (if necessary) the source of your funds. That way, they can stay in compliance with regulatory laws regarding criminal activities and gambling, such as Britain's Proceeds of Crime Act (2002) and the Money Laundering Regulations (2007).
Signing up at a casino that operates using cryptocurrencies, however, may not require any of this personal information. You will have to get ahold of some currency and make an eWallet to distribute it, but you don't necessarily have to give out your info - which many users consider a significant plus. However, this leads to another main difference between the two types of casinos: crypto casinos are not licensed. At least, not in the same way that regular-deposit casinos are.
Licensing and Regulation
If you like to indulge in the occasional online bout of Texas Hold 'em, you already know that reputable casinos must comply with several regulatory practices to retain their licenses to operate. Intelligent players won't give their bank account information to any casino without a license. It's a good practice. The fact is there are many fraudulent casinos out there, and you wouldn't want your banking information falling into the wrong hands.
So, it makes sense that players wishing to utilize cryptocurrency would head toward a licensed crypto casino, right? Not necessarily. Unfortunately, it doesn't work like that. As we stated before, one of the main operational differences between the two is the anonymous payment method, which may prevent these casinos from complying with gambling laws and thus, prevent them from attaining a license in the first place.
There is also little incentive to have a standard license, as crypto casinos technically don't need one to operate, unlike regular-deposit casinos. That's because regular-deposit casinos must use a third-party financial institution to process payments. And to get the institution to process these payments, casinos must prove that they have a license. Crypto casinos don't have to process their payments through a third-party financial entity or merchant bank to pay players out and accept their money, so that incentive to have a license doesn't exist.
And though it doesn't necessarily mean that it's unsafe to play poker with crypto casinos, it does mean that they use a different method to establish trust. That method involves giving you the tools to identify and verify that the casino's selection of games is provably fair. So, what does that mean?
In simple terms, provably fair websites give users everything they need to check and see if the random numbers generator (RNG), which powers the site, is indeed random. If the RNG isn't random, the site isn't fair - and the operator could be pulling strings and taking you for everything you're worth. If a website doesn't give you the tools to check the provably fair concept, don't use them. You want to wager your money at the poker table, but you don't want the dealer to cheat.
Many regular-deposit casinos don't display the proper codes for players to check their RNGs because licensing and regulatory overseers already check that information. But since crypto casinos answer to no such regulatory bodies, they can prove trustworthiness in this way.
Payment Processing and Depositing
As you may remember, crypto casinos don't rely on banks to process payments. So, how will you as a user see this reflected in your experience? For one, payment processing is faster. Depositing and withdrawing money could even happen instantaneously, as it moves right from the crypto wallet to the casino and back again. Players experience a faster moving system without as much waiting time.
It also eliminates the possibility of the third-party institution or your bank outrightly rejecting the payment. While this doesn't happen too often, it is sometimes a problem for players and casinos alike to get the ball rolling and move those transactions through the system.
Another thing that you'll notice is the lessening or perhaps complete elimination of processing fees. Because the casino doesn't have to pay a processing fee to the bank, the casino doesn't have to charge you that processing fee, and the whole transaction is that much less expensive.
However, you'll have to be on the lookout for crypto casinos that do charge high processing fees despite not needing to do so. Some of them wish to earn an extra buck, which isn't fair to players and dissolves trust about as fast as a faulty RNG. You might concede to paying a small withdrawal fee (as many crypto casinos still do charge one) but stand your ground when it comes to the larger ones. After all, there are a lot of crypto casinos around, and you can take your business elsewhere if you aren't satisfied.
If You Want to Play, Here's What to Do
Are you interested in playing some online slots or poker at a crypto casino? It's simple to get started. Firstly, you'll need to get a crypto wallet and some currency to put in it. If you don't know where to start, the popular blockchain and crypto gurus down at Blockgeeks have you covered with a comprehensive guide to getting a crypto wallet.
Once you have your wallet, you can sign up and make a deposit. It works mostly the same as with a regular-deposit casino, except you won't have to give up much information to do it besides an email address and a password. In choosing a site to host your favorites online casino games, make sure you verify that you can test out that site's RNG under the provably fair concept. If you're unsure about whether the site is legit, consider reading some online reviews and gleaning information that way.
Also, make sure the site you choose has every type of game you want to play. Crypto casinos often have as much of a selection as regular-deposit casinos, so don't settle for playing at a site that doesn't offer what you need. You also need to ensure your site of choice has an appropriate sign-on or deposit bonus as well as incentives to keep you playing.
Lastly, make sure you prepare for the game. When playing at any online casino (crypto or otherwise), it's imperative to be knowledgeable about your game of choice. Make sure you understand the rules and can hold your own as you play. For example, before staking big bucks at the table, take some time to learn the basics of poker. That way, you'll understand the psychology of the game, basic strategies and work on getting the tools you need for success at any online casino.
Ready to get started? Follow these tips and tricks to make sure you get the best experience possible. Remember, online gambling should be fun - and crypto casinos have real potential in the future of the industry. So, stock up your crypto wallet and get to playing!
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