Blockchain technology is changing everything, including the online gambling industry, and gambling is becoming fairer, safer, and more accessible. Now, in almost any more or less large and reputable casino or bookmaker’s office, on the https://20bet.com/in/prematch site, in the first place, you can perform actions with cryptocurrency which unexpectedly have a lot of advantages.
What Is a Crypto Casino?
There are two types of crypto casinos: the first is a regular online casino that supports cryptocurrencies such as bitcoin as a payment method, you just need to have the required amount in your online wallet. In truth, these are not real crypto casinos as they do not take advantage of any blockchain advantages. The second type of casino – the entire infrastructure runs on the blockchain. It has no server, no licenses, no managers – the blockchain will take care of everything.
Blockchain is a large decentralized database. It runs on users’ computers and does not require a central server. To access such a casino, you need to install special extensions. Games, payment processing, membership management, RTP software – every part of the online casino runs on this blockchain. The blockchain processes all payments automatically thanks to the smart contract feature. Even if the casino closes, players’ winnings will remain on the blockchain. The fairness of the game is controlled by the players themselves, therefore, a cryptocurrency casino does not need a license.
Crypto Casino Concept
A typical online casino requires expensive maintenance to operate. For example, he needs an electronic gambling license to offer, for example, IGT slot machines. Such a license means that the casinos are controlled by real people and they are verified by an official institution. The cost of these licenses is quite high, sometimes millions of euros. A real casino also needs an auditing company to check the fairness of the games. Players don’t know the RTP of the games – they just hope that someone controls the casino.
Advantages of a Crypto Casino
No license required
Crypto casinos do not have a central server, so they do not need “permission” from the government. The casino owners are anonymous. The government cannot control any servers because there are none. Thus, there are no country restrictions for crypto casinos. They can host participants from anywhere in the world. Moreover, participants can remain anonymous. They do not need to share their personal and financial details with the casino. An email address is sufficient to become a member of a crypto casino and no identity verification is done.
Control is not required
Players can check the true RTP bets in all games. This system is impossible to cheat and you can be sure that the games are really fair.
No management required
Nobody has to “confirm” your withdrawal request. Your potential winnings are already on the blockchain and linked to a smart contract. This means you get paid as soon as you win – no need to wait days or even hours. Play any game, win it and get your prize in a couple of seconds, that’s all. The blockchain is autonomous and no one can interfere with its work. Consequently, it is impossible to lose money due to casino closure – the money has already been paid into the blockchain.
No fees are required
Your government cannot block or prohibit you from making a deposit at a casino. Likewise, you cannot limit your withdrawal of funds. Moreover, compared to conventional payment methods, blockchain transaction fees are very low. As a player, you can stay outside the global banking system and still be able to carry out all kinds of financial transactions.
Higher chances of winning
RTP rates at regular casinos are always higher and are usually around 5%. This means that the casino receives $5 out of every $ 100 players put in. On the other hand, crypto casinos offer an RTP interest rate of no more than 1%. Therefore, the frequency of your winnings at a crypto casino will be much higher.