Crypto casinos, in comparison with the classic fiat casinos

By Sarah Thomas
November 01, 2021

A decade ago, the world was still in the throes of a financial crisis. Banks were failing, and politicians were struggling to draw up policies that would fix the system and give people back some faith. Fear of potential economic collapse meant new casino projects couldn’t get funded, and new casinos wouldn’t open their doors for business.

Nowadays, it seems as though the world has changed. Through the global gambling sector as a whole, there is soaring confidence and the desire to win bigger and more often. Online casinos are not new to the blockchain, nor are they new to the world in general. However, when the two come together, they create something that is far greater than either of its parts. The main cause for this is that everything comes with a few benefits that are unique to it alone. This is true in both cases, but when you bring them together, you get a whole new experience.

Resorts World cryptocurrency

Let’s start by discussing the benefits traditionally provided by online mbitcasino. These are things like bet limits, instant withdrawals, and loyalty programs. The first two are things that seem to be important to the majority of people because they are familiar with them from other forms of gambling. With online gambling, you also have faster payout times for your winnings and the ability to play at any time of day or night since it is digital, after all. The next thing that makes an online casino different is the loyalty program. It’s often something that people find themselves spending more time on because they can earn free chips or tickets to use in the future. These are the things online casinos are good at because they are inherent to their design. The blockchain provides another benefit in itself, but when it’s combined with an online casino, things really get interesting.

Key Differences between BTC Casino & Fiat Casino

There are many differences between Bitcoin Casinos and Fiat Casinos. For example, BTC casinos offer a higher level of security and anonymity which is why they have often been favored by those looking to keep their personal information private. On the other hand, fiat casinos are regulated by both local and international laws, which often bring in extra benefits for players. Additionally, fiat casinos are subject to more regulations than BTC casinos which often require stricter verification processes for customers. Another big difference is that crypto-casinos are usually owned and operated by the same company that owns the crypto-currencies themselves, while traditional casinos are owned by separate companies. 

Some of the differences involve the way that these two types of casinos function, while others look at how they interact with their players. That being said, we believe that the following differences provide a pretty comprehensive understanding of how your cryptocurrency should be utilized and viewed by your next casino experience:

Fiat Casinos: Regulated and Has Benefits for Players

Players will find fiat online casinos regulated by both local and international laws. They will also find that these casinos offer benefits to players, such as added bonuses and special promotional deals. These casinos also offer more security and anonymity than their crypto-currency counterparts. Fiat casinos require players to be at least 18 years of age and will usually demand that they provide information such as name, address, and payment information.  On the other hand, many crypt-currency casinos do not require any personal details from their players.

Crypto-Casinos: Faster Transactions and Higher Payouts for Winners

Bitcoin casinos process transactions much faster than those of fiat online casinos. The speed of these transactions will play a role in how you view the process of depositing and withdrawing funds from the casino. The higher your withdrawal speed, the more you will be able to generate after winning at the casino. 

Bitcoin Casino venues provide provably fair games

Provably fair Bitcoin games are becoming increasingly popular simply because they offer players a guarantee that the casino cannot cheat. At most Bitcoin casinos, games are given a hash before being spun, allowing players to verify the fairness of the game. Furthermore, all Bitcoin casinos offer an award for anyone who finds any discrepancy in their system or who can find bugs in their software.

The main difference between regular online casinos and Bitcoin casinos is that provably fair Bitcoin games are played directly from the client connected to the peer-to-peer network instead of being hosted on a remote server. In order to connect to a Bitcoin casino through the Internet, players need a client which is able not only to communicate with the server but also with other players, right from a single computer. The idea behind this solution is that it provides an extra layer of security for all participants in a provably fair game.

Although Bitcoin casinos have been around for quite some time now, they are not yet as popular as regular online casinos. This is simply because Bitcoin has one key advantage over traditional currencies: no one can forge or cheat Bitcoin (unless he really wants to) because the entire network is watching every move every Bitcoin player does. The security of Bitcoin is absolutely guaranteed by an open-source protocol that allows everyone to verify the correctness of Bitcoin transactions and overall Bitcoin network activity.



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Sarah Thomas poker author
Written By.

Sarah Thomas

Sarah Thomas is a content writer for entertainment websites. In her free time she enjoys playing all sorts of games, both live and online.

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