Cryptocasinos are of great importance for gamblers, because here gambling with cryptocurrencies is possible in a legal way. Newcomers in this field have the opportunity to inform themselves about all the facts by means of Stake Crypto Gambling and will quickly realize that gaming with cryptos is not more complicated than with real money. And there are definitely good reasons why classic casinos have been taking a back seat to crypto offerings more and more often lately!
Why cryptocasinos are on the rise
In many countries around the world, regulations regarding gambling are becoming stricter and stricter. A good example is Germany, the modern EU country, with strict laws regarding gambling. Since July 2021, it is officially allowed to gamble there, but in return, numerous conditions have to be implemented and adhered to. Not only the casino providers themselves suffer from this, but especially the players who feel restricted. Cryptocasinos offer a remedy exactly here, because they are not subject to any state requirements! However, there are even more advantages:
Low transaction fees: Cryptocasino, compared to many other e-commerce offerings, has very low transaction fees. So, a large part of the potential profit remains with the casino game players. The uninfluenced decentralization: no bank, no government has any influence on the cryptocurrencies of the players. Thus, no blocking of winnings payments is possible and the account cannot be frozen. Transparent use: cryptocasinos are based on the established blockchain technology, which is characterized by transparency and security. Every transaction can be proven and is considered tamper-proof.
Anonymity remains granted: Crypto transactions can be carried out largely anonymously, the entries in the blockchain are based only on numbers, not on personal data. Globality: cryptocasinos are globally accepted because there are no government regulations. The casino’s rules apply to players from the US as well as those from Germany, China or other countries.
The big coin check – there’s more than just bitcoin
Even though many cryptocasinos actually function as bitcoin casinos, there are more and more offers in the area of entertainment that also take other cryptocurrencies into account. This is important because the transaction time can differ significantly, depending on the coin! The most relevant cryptos are certainly the Bitcoin, Litecoin but also Ethereum – but the market offers much more!
BTC – the Bitcoin as an old hand in the business
Bitcoin is the number one cryptocurrency and of course the star in cryptocasinos. However, transactions here can take up to ten minutes, depending on the time, amount and effort. Due to its high popularity, transactions take place almost constantly, which can lead to a waiting time for deposits and withdrawals.
Bitcoin Cash – the competitor of Bitcoin
BCH, as Bitcoin Cash is abbreviated, was actually created as a great competitor for Bitcoins. However, the attack on the biggest of all coins did not succeed, bitcoin has not been ousted until today. Instead, the cryptocurrency scores with fast transactions and low fees. In cryptocasinos, the coin is very popular for deposits and withdrawals.
Ethereum – the rising star
Ether Coins, which is actually called Ethereum, has some advantages compared to the Bitcoin. It does not rely on the Bitcoin system here, the Ethereum blockchain is operated separately. Multiple cryptocurrencies can be managed via it and it is also possible to execute smart contracts. However, these types of digital contracts are less relevant for the online casino. Depositing with Ethereum works like with all other coins, but the waiting time can also be 10 minutes here.
LTC – the Litecoin for fast deposits
Reputable cryptocasinos almost always offer payments with Litecoin in addition to Bitcoin. Its security standards are no different than those of bitcoin, which is why more and more casinos also rely on this cryptocurrency. The big advantage is not only the anonymity during the deposit, but also the speed during the transaction. On average, deposits and withdrawals are carried out three times faster with Litecoin, compared to Bitcoin.
XRP – Ripple as a competitor to Bitcoin
Ripple has already made a name for itself in the crypto scene, but the coin has not been able to beat the big Bitcoin so far. Transactions with Ripple are possible completely anonymously but are based on the same high security standardization as Bitcoins. In terms of speed, however, Ripple is on par with Bitcoin; there are hardly any advantages worth mentioning here.
EOS – the speed hacker among cryptos
EOS has only existed since 2017 but has already established itself in certain circles and also in the gambling sector. However, the creators of EOS are not just interested in becoming another cryptocurrency among many, but in revolutionizing transaction speed. Up to 50,000 transactions are to be carried out per second, which makes the currency particularly interesting for casinos.
TRX – Tron as a special cryptocurrency
Tron has also set itself special goals and, like EOS, has been present on the crypto market since 2017. Cryptocasinos offer the deposit method only if they are particularly broad. The main focus of Tron is actually based on the creation of digital content (NFC) and its distribution. However, due to its reasonable transaction speed, Tron is also very suitable for online casinos.
Dogecoin – from parody to cryptocurrency.
Actually, DOGE never intended to become one of the major cryptocurrencies. However, due to the cute dog image, which the parody currency made its own, the coin became known and, moreover, popular in no time. The extremely high transaction speed, which is still well ahead of bitcoin, is the main point here. In cryptocasinos, this is a big advantage for players who count on fast conversion.
Crypto waiting time vs. banking time
Even though there may well be waiting times for crypto payments, depending on the sum of transactions currently in progress, these are negligible compared to the bank runtimes for fiat transactions. Often it is only a few minutes, sometimes more, until the cryptocurrency is available. A transfer through the bank account can take up to five days (standard is 1 – 2 business days).
How long a single transaction really takes depends largely on the utilization of the blockchain. If many transactions are currently being made, the commissioned payment will join the queue. The better known and larger the currency, the more frequent the waiting times can be, as other dispositions are also carried out. Small currencies often have less waiting time but are not yet available everywhere. Compared to bank payments, however, the waiting time is short for all cryptos!
