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What are Blockchain Casinos?
You may have already heard about blockchain casinos. They have gone by other names such as Bitcoin casinos, dApps, etc. however if you are relatively unfamiliar with blockchain casinos, this post is for you.
Online users commonly use “Bitcoin casinos” and “blockchain casinos” interchangeably, unknowing that it is a complete misinterpretation of the concept. Although it is difficult to identify the main differences between the two types of casinos, you can learn a few tips to do so with ease.
To help enlighten, let’s assume that you sign up with a Bitcoin-accepting online casino. Any casino, including the one you signed up with, is automatically referred to as a “Bitcoin casino” if it accepts Bitcoin as a payment or deposit.
This is due in part to the fact that if a casino is using Bitcoin, then it is allowing the use of blockchain technology for the transfer of assets on its platform. However, blockchain casinos also function as blockchain gambling hubs due to the fact that they operate with blockchain technology at their core. Hence, every process that takes place is based on the principle of blockchain protocol.
What are Decentralized Casinos?
Decentralized structure and functionality characterize the dApps gambling industry. Do not confuse the decentralized casinos for normal online casinos that accept cryptocurrencies. Decentralized casinos run primarily on blockchain networks, therefore, they offer greater benefits compared to traditional online casinos.
You will also find a ton of games on decentralized casinos, including slots, craps, blackjack, roulette, and so on. Most gamblers and punters interested in blockchain gambling also try horse racing and sports gambling products as well.
Some of the leading platforms for decentralized casinos include Ethereum, EOS, and TRON, all of which set to rise in popularity.
Advantages of Decentralized Casinos
There are countless advantages of decentralized casinos. As stated earlier, the benefits of blockchain gambling will be realized in decentralized casinos because such casinos are primarily powered by blockchain networks.
We have compiled a few of the major benefits of decentralized casinos in order to clarify and help you understand why you should transition from traditional online casinos. Keep reading to learn about the valuable advantages of decentralized casinos:
You don’t necessarily have to fulfill the KYC requirements at decentralized casinos, most of the dApps casinos let you gamble freely and anonymously.
The major reason behind that involves end-to-end encryption due to the fact that blockchain transactions have to be verified and logged securely. Therefore, you don’t have to worry about exposing your identity to the government and banks.
With decentralized casinos, you can play from anywhere in the world (preferably from somewhere where online crypto gambling is allowed and legal) while being anonymous. You can choose avatars and nicknames that suit your profiles and have fun!
Normal online casinos have lengthy waiting periods before completing withdrawals, but with cryptocurrencies, you can enjoy near-instant or same-day withdrawals!
Traditional online casinos require users to wait longer than necessary due to the nature of the banking transactions that take a considerable amount of time to log, register, and process transfer requests.
Then, the overall transfer procedure involves passing countless checks and criteria causing people who use bank wire transfers to experience a serious delay in their activities.
This mainly affects gamblers who love depositing and withdrawing at a moment’s notice. Since online gambling is about fun and earning rewards, it makes sense to offer instant withdrawal services. While that is not available with traditional casinos, you can benefit from it with decentralized ones.
Decentralized casinos involve blockchain transactions and crypto coin transfers that occur in a virtual environment, which makes transferring the coin ownership efficient.
You can easily copy-paste the address of your preferred crypto wallet to the decentralized casino and procede with instant withdrawals. Worst case scenario, the withdrawal will take a few hours, but it is nearly always completed on the same day.
In decentralized casinos, crypto coins are the standard payment option, therefore, most of them will support major crypto coins such as Dogecoin, Litecoin, Bitcoin, Tronix, and Ethereum.
Considering that crypto coins are the blood flow of decentralized casinos, it is important to have various options at hand. For example, you can not imagine an online ecommerce store offering retail services around the world but accepting only one form of payment. It would be damaging to the image and overall objective of the ecommerce store while affecting the needs and requirements of consumers.
The same applies to crypto casinos for blockchain gambling in a decentralized structure.
Decentralized casinos come in varieties, therefore, you will seldom find a decentralized casino that accepts only one cryptocurrency as a form of payment. Most decentralized casinos let you deposit and withdraw funds via a range of top cryptocurrencies.
Some of the cryptocurrencies allowed on decentralized casinos include:
- Bitcoin
- Ethereum
- Ripple
- Monero
- Solana
- Dogecoin
- Litecoin
- XRP
- Tether
- Polkadot
Players will no longer be at the mercy of the house in terms of fair play. They can use special keys and instructions to view the results of nearly all fair games to make sure there is zero cheating or fraud.
By avoiding fraud and cheating risks, you can gamble under even better circumstances. Decentralized casinos allow all users to view the backend processes which are safe and secure so that hackers and scammers will not have a high success rate.
When you are gambling on decentralized casinos, you will have full access to view all processes, allowing you to learn how the outcomes were calculated. Hence, it will make you feel confident and may encourage you to pursue this form of entertainment, resulting in more rewards.
Fair play is a common guideline for land-based and online casinos, however, fair play is usually just a lip-service since many casinos wish for the house to win. With decentralized casinos, you can rely on fair play guidelines and processes.
Online gambling is not legal in every country. Some banks do not yet endorse online gambling, especially those that involve traditional processes. However, the use of decentralized casinos hides the transaction details and maintains the anonymity of gamblers.
Punters/players around the world can freely gamble with as many funds as they wish since Bitcoin transactions are anonymous. Plus, the decentralized nature of blockchain yields the absence of a central authority, additionally players do not have to wait for a bank’s approval to make transfers.
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Security & Transparency with Decentralized Gambling
The rise of cryptocurrencies has raised the bar for security and safety in the online gambling world. This is clearly indicated in the operational structure of decentralized casinos in how they are safe from nearly all major hacking attacks.
In a traditional online casino, a hacking attack on the main server of the organization will cause a total breakdown of the gambling products and services. This could lead to temporary downtime and even closure since gamblers would considerably.
But, that’s not the case with decentralized casinos. Due to the decentralized structure, a hacking attack on any server would not result in a complete shutdown. Rather, it would only cause the affected server to crash, leading to minimal disturbance and better chances of recovery.
When on decentralized casinos, players do not have to keep inserting banking information such as credit/debit card details. This saves the gamblers from major security risks involving their bank accounts.
Return to Player Values at Blockchain Casinos
Whether it is online casinos or land-based casinos, the house always wins, or, in most cases, the house always has the upper hand! Nearly all punters/players have to give up a certain proportion of their winnings to pay the house, as per the house-edge rules.
This process is prevalent across traditional online and land-based casinos. In simpler terms, the “house” can be unfair and seamlessly vague. However, decentralized casinos lower the operating costs for online casinos, thereby allowing the house-edge rates to be extremely low.
That leads to players paying a small amount back to the house and getting the highest payout rates in the overall gambling industry through dApps.
Normal Online Casinos vs. Decentralized Casinos
It would be incorrect to assume that decentralized casinos (or dApps) are polar opposites of traditional online casinos. In fact, both types of casinos offer nearly the same gambling products. But still, many of the processes that take place, including the fund transfer and other procedures, are entirely different.
That’s mainly due to the presence of blockchain technology at the core decentralized casinos. In fact, you can refer to the benefits of decentralized casinos mentioned earlier in the post. Most of the benefits that you will find through dApps gambling are not present in traditional online casinos.
The presence of blockchain technology ties up all the major loopholes in traditional online casinos, however, when it comes to a consistent and loyal audience, traditional online casinos win. That’s because cryptocurrencies are very volatile, and that tends to put off most gamblers and punters.
Overall though, despite the minor cons and current challenges, dApps gambling networks have immense potential for taking over the online gambling industry.
The potential for disruption in the online gambling market in terms of blockchain technology is huge. Although many people stick with traditional online gambling websites and methods, the blockchain and crypto gambling trend is slowly emerging as dominante.
Besides, one can not ignore the advantages that blockchain casinos have over traditional online casino websites. However, if you are worried about any disruption while gambling on a blockchain casino, you should know that the chances of that happening are slim to none.
Begin Playing at the Best Decentralized Casinos
Up until now, we have covered the major benefits and intricate qualities of the blockchain gambling networks and decentralized applications for gambling, or dApps. The modern blockchain movement and the rise of blockchain casinos are a huge threat to the traditional gambling infrastructure.
As the industry grows, blockchain gambling networks face immense diversity as developers favor some networks over others. Read on to find out more!
Decentralized Casinos Ethereum
Despite the rise in different forms of blockchain networks and the widespread diversity, Ethereum-based blockchain gambling networks remain the most significant. A huge portion of the active and successful dApps exists across the wide Ethereum network.
Developers have been favoring Ethereum for dApp development due to several factors that include the availability of development tools, sufficient documentation, and large communities on the Ethereum blockchain.
Those factors result in cost-effective and efficient dApp development. Also, due to the congestion on the Ethereum blockchain as active users rise regularly, developers are shifting their attention to networks like EOSIO and TRON.
Decentralized Casinos TRON
Consider the TRON network as the Las Vegas of the blockchain gambling world. The major reason for that title is the popularity and rapid growth of that network.
There have been dozens of TRON gambling network projects in the last couple of years, including WINk, RocketGame, and 888TRON. It’s worth mentioning that the TRON dApps account for a massive proportion of the active daily users on the network.
Decentralized Casinos EOS
You will find many EOSIO decentralized applications that involve gambling. In fact, the total spending on the EOSIO decentralized gambling applications was around $4 million per day in 2020. Many platforms then became popular and remained at the top of the range (including DICE, where players earned branded DICE tokens for playing games).
There are countless benefits of gambling on websites/platforms powered by the EOSIO blockchain. However, the boundless opportunities with EOSIO and TRON blockchain are still untapped. With that said, many new blockchain technology-featured networks continue to emerge in the market.
Ethereum has become the most popular platform internationally for building decentralized applications. Within all sectors, the majority of the decentralized casinos for blockchain gambling have developed on the Ethereum network.
Developers continue to leverage the blockchain networks’ features (such as the open-source attribute) to develop smart contracts and the most efficient dApps for online gambling.
Are Licensed Blockchain Casinos Better?
It’s always a priority to find a licensed casino. Whether you are new or experienced in the blockchain gambling space, you must find a decentralized or blockchain casino that has an activated license. In the past, some online casinos have committed scams and carried out frauds with cryptocurrency holders.
Scam and fraud gambling casinos usually do not have authentic licenses. By opting for a licensed blockchain casino, you ensure that the platform complies with the industry standards.
In a nutshell, licensed blockchain casinos are the most suitable option for people who wish to start gambling with their cryptocurrency. It is prudent to check for the legitimacy of the blockchain casinos with whom you are planning to sign.
Licensed casinos are better because they represent verification and checks from third-parties, including the authorities in the online financial services sector.
Blockchain Casino Games
There are thousands of options when it comes to online blockchain casino games online. But, we will only include a few of them:
- Baccarat
- Blackjack
- Slots
- Poker
- Live casinos
- Table games
- RPGs
- Puzzle games
FAQs
A blockchain casino is like a blockchain gambling hub. On such casino websites, blockchain technology powers the entire platform. Unlike traditional casinos, you will see that decentralized applications for gambling offer full transparency.
Reviewed and Fact Checked by Eugene Abungana , Investment Analyst, Financial Analyst, and Institutional Trader