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Explaining The Popularity of Online Crypto Based Casinos

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Explaining The Popularity of Online Crypto Based Casinos

Have you heard of online crypto casinos? This question comes merely based upon the fact that it’s not hard to assume that most people in actuality know of the existence of two of the highest-rising and most popular industries right now, the online casino industry and the cryptocurrency industry. It’s not hard to understand why the online casino industry would welcome the use of cryptos with such ease and comfort, especially after their online sports betting picks counterparts have done the same, bringing cryptos into the gambling universe to have it cemented its status as the premier, and most popular currency option right now. 

In quick words, an online crypto casino is a casino gaming platform that works either in its entirety or holds a high level of exclusivity towards the use of cryptocurrency frameworks for functioning. But what’s the difference between online crypto casinos and online casinos that accept cryptos as a form of currency?  Simple, online crypto casinos work based on blockchain technologies created by companies devoted to it. Given that blockchain technology companies are the entities responsible for the creation of cryptos, they can even if they wish, create exclusive cryptos for their casino. Unlike with regular online casinos where cryptos are accepted, in an online crypto casino, you have to be able to have the protocol token to enter and when you win, your winnings will usually return in the form of NFT’s.

But what makes online crypto casinos so popular amongst online gambling fans? Let’s take a closer look.

Security and Transparency

Even though the online casino industry has seen a fair share of exponential growth because of all the technological advances that we’re treated to almost daily, that still doesn’t mean that they hold the most trustworthy reputation amongst gambling fanatics. For example, one of the main stressing points that online gambling pundits worry about when looking for casino options is how strong their security protocols are. The online gaming, betting and casino industries have become sort of havens for internet hackers and criminals looking for their next victims of identity theft as well as other schemes that usually involve the victims losing their money. With online crypto casinos, that is not an issue to worry about whatsoever for customers old and new.

Many players have concluded that one of the most important advantages that online crypto casinos offer is the incredibly high levels of security and data management protocols that they use for their functioning. But how do they manage to assure gambling fans of such high-security measures at all times? They do it by managing the payment and personal data from the players on public ledgers that are only accessible to people who are connected to it at present times. Meaning that for there to be any changes in the systems or for there to be any data breaches or other wrongdoings, special permission would have to be needed to even begin to access the data. And yes, that permission comes from other managers of the blockchain ledger system.

When it comes to transparency, online casino platforms have also come under fire now and again because of malicious practices in which customers have been in ways cheated out of their earnings because of manipulative moves that end up altering the results of every game played. With online crypto casinos, those activities have also found a stop on the road. Given that online crypto casinos manage themselves with no-censorship policies, allowing players to be fully aware of all moves being made with their money and within the system, players feel more comfortable playing and knowing that they’ll receive a fair deal and remuneration for their winnings, instead of being cheated out by unwanted intermediaries.

Speed and No Extra Charges Charged

One of the most attractive features of using cryptocurrencies in the world it’s the decentralized nature they are produced and used in. Given that there is no governing body, be it political or economical to oversee the activities regarding crypto usage, there have been a few, very positive changes that have come along with it and that’s something that online crypto casinos have taken very serious while offering their services to gambling fans.

One of those features is the speed at which transactions such as deposits, withdrawals, or payouts can be done. Since cryptos don’t have an economic third party ruling over them to have transaction periods and charges made as well as set schedules for actions to be made, online crypto casinos can deal with their currency whenever they want at blazing speeds, especially in comparison to regular banking deposits or credit wires. While with banks or other financial institutions there are approvals and other requirements that need to be met before the transaction can be done, with cryptos, all that is left behind and transactions are usually done in a matter of minutes, without regard to where each party involved in the movement is located at.

The other feature is how thanks to using cryptos as their currency option for playing, both casinos and the players can avoid having to pay for any of the various transaction or taxation fees usually charged by intermediary players in the deals, making the expenses go up and usually the earnings go down. Again, thanks to the decentralized nature that revolves around cryptos, all of these fees become obsolete, allowing for all parties involved to not have to lose money unnecessarily. 

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