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Online casinos have been around since 1994, and crypto casinos came onto the scene a few years after that, in 2012. Both platforms offer players a unique way to wager and have some similarities and some differences. They are similar in that both crypto casinos and traditional online casinos are virtual, so players don’t have to visit physical in-person establishments like they once did in order to place bets. However, there are some big differences between the two. Let’s explore.
Payment Methods
One of the most glaring differences between the two platforms is the payment methods that they accept. Traditional online casinos usually accept fiat currencies like USD, EUR, or GBP and bettors can pay using methods like debit cards, credit cards, e-wallets, and bank transfers.
On the other hand, crypto casinos are known for accepting cryptocurrencies as a payment method. What’s interesting is that many crypto casinos accept digital currency as well as fiat currency (source: https://techreport.com/gambling/crypto-casino/). Crypto expert and author Geoff Kukard explains that one of the main benefits of paying with crypto is the speed at which it is processed. Transactions happen quickly, sometimes instantly. When betting online, this is ideal for players who want to fund gambling accounts quickly or withdraw winnings with ease. Beyond quick transaction times, crypto payments also have a reputation for being lower in cost than most fiat payment methods. The quick nature and low cost of crypto make it a top choice for many online bettors looking to fund their gaming online.
Bonuses and Promotions
Both traditional online casinos and crypto casinos offer bonuses and promotions, but crypto casinos set themselves apart by offering larger bonuses and unique promotions. Crypto casinos do this in order to attract new players and retain current customers.
Bonuses and promotions can look like welcome bonuses, free spins, matched deposit amounts, or reload bonuses. As the online gambling industry continues to grow, it’s likely that players will see larger bonuses and more promotions in an ongoing effort to win their loyalty and business in a busy market.
Anonymity and Privacy
Another way that crypto casinos are different from traditional online casinos is the level of privacy and anonymity that they offer. Traditional online casinos typically use strong security technology, like Secure Socket Layer (SSL) encryption to protect player data, however, casinos that accept crypto are able to offer players an added layer of security and privacy beyond the usual efforts.
Simply by accepting crypto as a payment method, crypto casinos offer a higher level of anonymity than sites that accept fiat currencies. This is important for players who value their privacy online. Some players value discretion so much that they opt to wager only at anonymous casinos, which accept crypto and don’t ask for personal details from players. Crypto is pseudonymous in nature, so players are identified by their pseudonyms when playing and transacting, rather than their name and other personal identifiers. This makes crypto payments, and crypto casinos, more anonymous and private than their traditional online casino counterparts.
Provably Fair Gaming
Because many crypto casinos operate using blockchain technology, they are able to take advantage of and use provably fair gaming algorithms. These algorithms ensure that the outcome of each and every game is fair and honest. Players are able to review game results, proving that the operator has not tampered with the outcome. Provably fair gaming creates an environment of trust and confidence for both players and platforms.
While many crypto casinos offer provably fair gaming, it is not yet possible for traditional online gaming sites. This is another area that differentiates crypto casinos and online casinos.
Global Accessibility
Yet another way that crypto casinos are different from online casinos is that they are accessible from anywhere in the world, whereas traditional online casinos are usually tied to one region or jurisdiction and constrained by regulations and legal constraints.
Cryptocurrency transactions are known to be borderless, which means that players can place wagers using crypto no matter where they are physically located. An additional perk for international players accessing crypto sites is that by using crypto, players won’t have to deal with the hassles of currency exchange and international rate fluctuations.
Conclusion
While crypto casinos and traditional online casinos both have similarities, their differences are many. Traditional online casinos allow bettors to wager online, like crypto casinos, but they are often limited to the rules and laws put in place by local authorities. Additionally, online casinos accept fiat currency, whereas crypto casinos accept digital currencies like Bitcoin and Ethereum and sometimes fiat currencies, as well. Beyond accepting virtual currency, crypto casinos also set themselves apart by offering unique bonuses and promotions, enhanced privacy and anonymity, provably fair gaming, and global accessibility.
