Cryptocurrencies have made a significant impact in the online gambling world and continue to grow in popularity. Since crypto gaming has only been around for a decade, we could say that it is not really a new concept. Now, more than ever before, there are many places to gamble with various enticing options.
These locations allow cryptocurrencies as a form of payment. Cryptocurrencies, such as Bitcoin, are becoming increasingly popular among crypto games players worldwide, because they offer anonymity and security. But you might ask yourself – how do crypto casinos work? Keep reading to learn about it!
How do crypto casinos work? Where does the Blockchain come in?
With blockchain technology rapidly changing and adapting, many industry giants are looking for novel ways to apply blockchain-based solutions. Blockchains have a lot of potential applications, but one of the most famous ones is cryptocurrency. This digital currency offers many advantages over traditional methods, such as being more reliable and transparent. Plus, cryptocurrencies are decentralized which makes them even more appealing to users.
In today’s world, cryptocurrencies have become increasingly popular and can be used for a variety of purposes, such as buying real estate, purchasing luxury items, or gambling. In fact, when it comes to gambling, many players prefer to use cryptocurrency over fiat currency since crypto casinos are considered safer. The gambling experience remains the same, thus crypto casinos work like the classic ones, but the use of blockchain technology brings it to the next level.
We chosed to focus on some of the main areas where crypto casinos specifically excel in security, to better show you why they are that much safer.
Games that prove to be fair
Crypto casinos are different from traditional ones in that they let players have fun with provably fair games. This is one of the top methods to check if the casino you’re playing at is honest and reliable. The difference between provably fair games and regular casino games is that the former allows you to confirm the results of each hand or spin.
For example, as soon as the round starts, an encrypted key that contains the outcome of said round is generated and sent to all players. After the game ends, a second key is made. By using the second key, the players can access information from the first and confirm what happened in the game. Not only that, but you can also check the casino’s integrity for yourself by playing the games for a few rounds, just to see if all rules are respected. The good news is that you can do this easily with the help of free Bitcoin bonuses or any other no-deposit bonus, which might help you continue playing.
Cryptocurrency transactions are more safe
All crypto transactions, within a casino or through a different platform, take place through the Blockchain. Blockchain refers to a type of distributed ledger that is spread out across a network. The data is organized into blocks, each of which contains information about the transactions contained within it. New blocks are connected to all the previous blocks, hence the name “Blockchain”.
To put it simply, data is stored on every user device connected to the blockchain rather than one central server – which is how most entities operating with fiat currency function. So, the Blockchain is the digital, public ledger that all cryptocurrency transactions are recorded on. Once a transaction is verified by miners, it becomes visible to everyone and gets stored on every computer in the network.
Therefore, cryptocurrencies are considered more secure than fiat currencies since no single point of failure or user can alter the record of transactions. So how does that make crypto casinos safer? It’s simple: instead of using fiat currencies, crypto casinos process payments in cryptocurrencies like Bitcoin, Ethereum, or Solana. This makes crypto casinos much more secure than old-fashioned ones, as each transaction has an extra layer of protection. All these details might shed more light and answer the question – how do crypto casinos work?
Your personal data is safe
Most online casinos request a lot of personal information before permitting you to create an account. This often includes your full name, birthdate, and home address. Furthermore, they may require financial documents such as bank statements or credit card info. The personal information you give to a traditional online casino could leave you more vulnerable to identity theft, credit card fraud, and various other web-based scams.
On the contrary, many crypto casinos barely require anything from you before you can start playing. In most cases, the only things you need to provide are an email address and date of birth. Although, even crypto casinos (especially licensed ones) will still do KYC checks before allowing you to withdraw money from transactions as a method to prevent fraudulent activity. Therefore, many people prefer crypto casinos because they require less information from the players.
You have a variety of games to choose from
While many casinos attempt to include as many gambling activities on their list, not all games permit crypto betting.
Nowadays, numerous game providers are developing more crypto-enabled gambling activities to meet the needs of most players and the number of games is only increasing.
You can receive many benefits by playing on WAGMI:
Here are some of the benefits you have by playing on WAGMI crypto casino:
- Daily Cashback
- Level-up Cash
- Level-up Spins
- Loyalty program
Conclusion
Crypto casinos like WAGMI are a go-to option for players who prioritize user security, fairness, and transparency. Although they work similarly to traditional casinos, they are largely considered a safer option. Just some of the reasons why these institutions using cryptocurrencies and the Blockchain technology, have rapidly become a fan-favorite.
If you’re ready to start playing, then make sure that you have plenty of fun and be mindful not to overspend. If you enjoy casino and crypto content, or want to learn other details of how do crypto slots work, make sure to keep up with WAGMI Casino’s blog!
