Cryptocurrency and Casinos: What you Need to Know about Digital Assets in Gambling from Lincoln Bailey's blog

Some casinos in Las Vegas have announced that they will soon accept cryptocurrency payments from their users, and other enthusiasts are already developing blockchain-based gambling platforms. Why is there suddenly a demand for this, and what does it really mean?


While our country is only taking its first steps in the new entertainment market, a whole new trend is emerging in the world of gambling - crypto wild casino real money CA.


Today many online casinos and poker rooms can already pay and withdraw money in cryptocurrency, which allows players not to wait for international transfers for several days and not to pay commissions to banks.


The same policy is planned to be implemented in some large networks of land-based gambling establishments. How it works and what the threat is - let's understand together.


What is a crypto casino?


By and large, a cryptocurrency casino differs from a regular casino only in the fact that the main payment instrument there is not fiat money but digital coins.


Other crypto platforms with gambling are no different from the usual online casinos: here, you can also find thousands of kinds of slots, roulette, or, for example, betting on sports.


Among the peculiarities of crypto casinos, the only thing that can be mentioned is the presence of cryptogams, at which you can keep one of the digital coins. Usually, such wallets are designed for popular "crypto," in particular bitcoins, Ethereum, Binance, XPR, and others.


As in the case of fiat money, crypto casinos may have some restrictions on the withdrawal of funds from the platform to the personal account.


But as practice shows, reputable platforms are not interested in delaying payments, and cryptocurrency transactions are often faster than payment processing in traditional payment systems.


Why have crypto casinos become popular?


Obviously, the key to the popularity of crypto casinos today is the very concept of cryptocurrency: users like the idea of secure and anonymous transactions that are very difficult to trace or counterfeit.


This method of payment allows players to bypass banks and various extraneous payment systems by sending money directly to their accounts.


The cryptocurrency transaction process does not require the transfer of personal data, bank account information, or identification documents. And modern crypto exchanges allow you to do it as fast as transferring money in your bank's app.


In addition, the idea of cryptocurrency in casinos began to promote some land-based institutions in Las Vegas: recently, the management of the hotel-casino Resorts World Las Vegas announced a partnership with the cryptocurrency platform Gemini.


At first, cryptocurrencies at Resorts World Las Vegas can only be used for purchases not related to gambling. But hotel-casino executives assure us that soon their users will be able to buy game chips for cryptocurrency, for which they need to approve the use of cryptocurrency in the casino at the legislative level.


Governmental regulation is the main problem for the introduction of cryptocurrencies in casinos in different countries because not everywhere in the world do people treat bitcoins and other coins loyally.


Bring on the blockchain.


Another peculiarity of using cryptocurrencies in gambling is the blockchain technology that underlies all digital coins without exception.


The fact is that with the help of a decentralized chain, random number generators (RNG) can be created, which are responsible for the operation of all online slots and even poker rooms.


By the way, at the beginning of 2021, the multiple world poker champion Phil Ivey confirmed his intention to be an ambassador and contribute to the launch of Virtue Poker - the first online poker platform on the blockchain.


Soon the authors of the platform are to present their decentralized product, which, according to them, guarantees the principles of fair play, a high degree of money protection, and comfortable use of the poker room.


It is supposed that the balance of each player of Virtue Poker will be saved on their Ethereum-purses, and directly in the poker room, the money will get only during the game.


This means that if the platform suddenly closes down, all the users' money will stay with them.


Phil Ivey himself promised to do his best to promote the novelty and confirmed his intentions to be an ambassador of Virtue Poker.


What's the result?


A Crypto casino is a pretty good idea, or rather a technology that is already being implemented on different platforms.


The only problem with it is government control and opponents of cryptocurrencies, who do not consider digital money a reliable financial vehicle.


However, if developed correctly and successfully, crypto casinos can solve the main problem of players - fast transfer of funds between accounts and full control over the transactions they carry out.


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By Lincoln Bailey
Added May 13

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