The online gambling industry has been on the rise in the past couple of years offering players new and innovative options to earn money while playing casino games. Ever since the online industry started rising, big casino companies were investing a lot of money into new technologies that might change how people gamble online.
One of the latest trends in the online casino industry is the introduction of Cryptocurrencies in the gambling space in so-called Blockchain casinos.
As of now, you’ve probably heard about cryptocurrencies like Bitcoin and Ethereum and the revolutionary blockchain technology that shows true potential.
However, how are casinos transitioning to the crypto space and the use of blockchain technologies in gambling might be still an unknown process for most active players?
So let’s find out what is a crypto casino and how the blockchain, in which cryptocurrencies grow, operates.
What Are Crypto/Blockchain Casinos?
Combining the latest blockchain technology that was used to power cryptocurrencies and other digital assets and online gambling results in a new trend that is growing very rapidly at the moment.
But what are actually Blockchain casinos?
Well, Blockchain casinos adopted the latest technology used behind cryptocurrencies in a form where they now operate as decentralized casinos open for people to gamble. In order to understand what are blockchain casinos, you first need to learn the basics which is how cryptocurrencies operate.
The revolutionary blockchain technology that is used as a network to power cryptocurrencies like Bitcoin and Ethereum is actually a decentralized ledger database that can operate transparently through a network of devices.
Basically, it is a programmed code with certain rules which to most people are known as smartcontracts.
This might sound too technical and hard to understand, but you are not alone. The best way to understand cryptocurrencies is to think of Bitcoin and other cryptocurrencies as programmable forms of money. The blockchain on the other hand is used to store every transaction and since there are millions of copies stored on different computers, the network is decentralized.
So, what is a blockchain Casino?In short, Blockchain casinos adopted the revolutionary technology we mentioned before and use cryptocurrencies for deposits and withdrawals. When it comes to online casinos using blockchain technology, there are many different ways.
Online casinos can use blockchain technology to:
- Allow people to gamble with popular cryptocurrencies like Bitcoin
- Release their own digital currency
- Use Non-Fungible Tokens
- Use Blockchain technologies to power casino games
Difference Between Bitcoin Casino and Blockchain Casino
At first glance, it may be hard to spot a difference between Blockchain and Bitcoin casinos, especially since there is no precise definition of these terms. Even though both types of online casinos use the same technology to enable people to gamble, the entire process could be different.
In most cases, Bitcoin casino is a term often used for online casinos that allow you to deposit, bet and withdraw Bitcoins. This means that such casinos are utilizing blockchain technology just to enable crypto transactions in their casino games.
On the other hand, the term Blockchain casinos are much broader. Even though cryptocurrencies are one of the most popular terms based on Blockchain technology, this is only scratching the surface of the technology.
In other words, Blockchain casinos offer much more than just crypto transactions. Blockchain casinos are considered those ones that have their own digital token (currency), have specific Blockchain-based games, or provide non-Fungible tokens as a form of reward for the players.
Therefore, Blockchain casinos have a much broader market and are capable of offering many new things that are tied up with blockchain technology.
Benefits From Playing in Blockchain Casinos
Since Blockchain casinos are trending at the moment and their popularity is constantly increasing, we started to wonder what are the benefits that come from this form of gambling. Truthfully, there are many benefits that draw players more to Blockchain casinos rather than traditional online casinos with fiat currencies, such as:
One of the biggest benefits that come from Blockchain casinos is the reduced fees for both casinos and players. Casinos no longer need to use payment gateways for processing bank payments since they operate on the blockchain network and people have lower fees per transaction.
More Gaming options
Even though the Blockchain industry is more than a decade old, we still haven’t scratched the surface of its potential. We are now seeing new and revolutionary casino games build on top of a decentralized blockchain network that can change the entire process of gambling.
With the introduction of blockchain games, players can finally get a sense of ownership of their digital assets.
As we mentioned before, every piece of information stored on the Blockchain is virtually impossible to hack. Just because every blockchain is powered by many computers and the data is scattered across the network, the entire process is safer than ever before.
Even though traditional online casinos have a tough process of obtaining a license and publishing new games, people have always doubted the fairness of casino games. However, since the blockchain is a decentralized network, casinos cannot have an impact on the game and therefore the process is much more transparent.