More than 10 years have passed since the day when an alternative to fiat money in the form of digital coins was announced (Bitcoin mining and the first transactions on the network began in January 2009). Initially, the public was wary of this innovation. But over time, the first cryptocurrency gained value, so-called altcoins began to appear, and the value of blockchain systems has already begun to be considered from a different angle. Some of the properties of crypto money have attracted the attention of gambling site owners, as well as anonymity and lack of government regulation complement online gambling remarkably due to the ban in many countries. Let’s talk about crypto casinos in India.
Crypto casinos in India
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Prerequisites for creating a cryptocurrency casinos online
Now it is not difficult to find an online casino where you can replenish your account with cryptocurrency. Some establishments combine fiat money payment services with digital coin wallets, others work only with cryptocurrency, and others are in no hurry to add either Bitcoins or altcoins to payment methods.
Some online casinos that specialize exclusively in cryptocurrencies are directing efforts to improve the functionality and comfort of the players who own cryptoassets and are not averse to exchanging a few coins for chips for leisure gambling.
There are more and more people who adhere to the views that such payment methods are the future. This opinion should not be taken too skeptically. It is enough to look at the main stages of the evolution of financial resources: bones and shells, precious metals and rare resources, coins from precious metals, banknotes backed by gold, fiat currencies, not backed by anything but the strength of state power and promises government.
People choose the equivalent for the exchange of values and remuneration of labor, which is more convenient for them at the current stage of the development of civilization.
Since the end of the 19th century, power over money and its purchasing power has increasingly found itself in the hands of the powers that be, where it is to this day. Central governments, large banks, hedge funds, and corporations with capitalizations in the hundreds of billions control the value of fiat money. It is not unusual that humanity began to look for a way out, and with the advent of modern information technologies, computers and all kinds of gadgets, digital money appeared on the basis of protocols and networks for data exchange. This is another proof that civilization does not stand still and continues to develop, striving for freedom and equality. The characteristics of the first cryptocurrency and a number of blockchain projects created next are aimed at exemption from central administration and decrees that restrict the ways of managing their own money.
For those who are not aware of such details and became interested, I recommend referring to the articles on thematic information sites. We will further highlight the main features of decentralization, which played into the hands of online gambling.
Pros of using cryptocurrency in online casinos
Crypto casinos online have advantages for both players and owners of gambling resources.
Let’s start with the pros for online casino operators:
- time for opening a virtual establishment with digital coins replenishment is reduced from several months to a couple of weeks;
- opening costs are much less;
- expands the area of activity allowing you to work in the innovative area of the market;
- the popularity of cryptocurrencies is growing daily and the number of players who prefer this method of replenishing an account is increasing;
- there are no costs associated with the conversion in crypto casinos;
there is no need to obtain a license, as in the case of working with fiat payment systems. Such documentation in
- online casinos using cryptocurrencies is only needed to increase the reputation among players, but a high level of authority can also be achieved through honest interaction with customers, thanks to reviews and ratings on independent sites, which will confirm the reliability of the institution;
- the absence of intermediaries for transferring funds is an important advantage. Firstly, as one of the measures taken by government agencies to combat gambling, requirements have begun to be imposed on banks and the electronic payment system not to carry out transactions with those accounts that are seen in the gambling sector. Special blacklists have been created, and some banks, in order to please the state financial system, are themselves monitoring to identify accounts used to transfer funds to casinos and withdraw winnings. Secondly, in cooperation with banks and electronic payment systems, casinos are forced to give a percentage of the transaction amount. This was repeatedly reported by representatives in communication with users on the forums, operating this as one of the serious articles of losses.
Pros of cryptocurrency casinos for players
Now let’s look at the prerogatives that gamblers get when they use digital coins to fund their account:
- high speed of account replenishment and payments. There are no delays on the part of a third party to receive the winnings, since there are no intermediaries in cryptocurrency transactions;
- security of personal data – for transactions there is no need to indicate bank account numbers and personal data;
- commission – in some crypto casinos it is minimal, in some it is completely absent;
- protection from blocking by the government – cryptocurrencies are not regulated by state monetary systems, so the authorities cannot block accounts, as well as prevent the use of digital money to fund an account. Hence the following advantage follows: you can play anywhere, even in a country that prohibits gambling; there is also such a plus as the absence of the need to verify your identity.
Cons of funding your account with cryptocurrencies
The note allowed us to approach one of the disadvantages of acrypto casino – this payment method is difficult for a user who does not understand the topic.
Creating the same cryptocurrency wallet requires some familiarity with the specifics of the field. When choosing a cryptocurrency for playing in an online casino, it does not hurt to learn at least a little about some of the features of altcoins according to the characteristics of the protocols and algorithms of their blockchains. But, at the same time, if a person has a crypt, then he has already received some minimum skills in this area, and they are quite enough for making transactions. Delving into information and theory is a personal matter.
The second disadvantage is that advantages such as lack of regulation, control and verification are used to their advantage by unscrupulous operators.
The third disadvantage is that the cryptocurrency market is subject to high volatility. Sometimes the funds that were allocated for gambling at the time of replenishment had one value in real money, and during a gaming session the value in real money can change significantly.
Of course, such a moment will frustrate if you lose, but if you have a large drift, this minus turns into a plus.
Crypto casino bonuses
For a gambler, one of the important advantages is that cryptocurrency casino operators are still in a tough struggle for popularity and offer their customers bonus offers that are much more interesting and often much more profitable than in online casinos for real money. This can be not only a multiple (two and three times) increase in the bankroll when making a deposit, but also the provision of free chips for playing without depositing funds – neither real nor digital, and with a small wager. And upon withdrawal, there will be no identity verification requirement.
Cryptocurrency casino no deposit bonuses
No deposit bonuses atcryptocurrency casinos can be obtained not only for registration, but also as a regular visitor to this gambling resource. In an effort to increase their popularity and appeal, some gambling sites with cryptocurrency funding are running regular promotions and offering loyalty bonuses daily. Using such incentives, the player, having lost the deposited funds, again receives a certain number of chips for the game and, together with the replenishment of the bankroll with a bonus, there is a chance to win back without having to make a deposit.
You can always find out about new bonus offers or those that you have not yet had a chance to use on the page with casino bonuses on our website.
New online casinos for cryptocurrency
As the field of blockchain technology develops at a rapid pace, brand new online casinos for cryptocurrency are opening every day. Our New Online Casinos section allows you to follow trends and the launch of new gambling sites.
Caution: Cryptocurrency Casino Scammers
Cryptocurrency and online gambling are associated with big money and on this basis, unfortunately, the weeds of fraudulent organizations and small fraudsters are growing, implementing various schemes on how to pocket the players’ money. Therefore, with new casinos for cryptocurrency, one must be extremely careful when registering, and especially when replenishing a gambling account.
An essential recommendation in this case is to turn to viewing ratings and reading reviews, but in the case of new establishments, the difficulty lies precisely in the fact that the services have few ratings, as well as comments from real players about the work of the casino, or they are absent altogether.
As a precaution, you can check which servers are downloading slots from and if they are related to manufacturers. This will make sure that the game is played on licensed software.
But even by providing games from truly world-famous developers, the casino may try not to give out winnings. Moreover, more and more casinos for cryptocurrency appear with their own slots and others and games where the mathematics of the game cannot be verified at all.
Unfortunately, sometimes small amounts can be transferred, but the withdrawal of large wins is a real test of any online casino for honesty. Here, fans of high stakes can be given the only advice – not to be tempted by new casino bonuses for bitcoins and other cryptocurrencies, but to deal only with time-tested gambling resources. In any case, wait a bit until the institution shows itself in the gambling market – it gains the necessary reputation and the amount of feedback that will allow us to draw the appropriate conclusions.