The world of crypto is relatively new, so it makes sense that crypto gaming is something you may have yet to come across. We explore in this guide what crypto gaming is and why you should be paying attention. Whether you’ve got a portfolio of cryptocurrency or not, crypto gambling is still an option for you.
We live in an age where technology is changing everything and the gaming or gambling industries are no different. For instance, you can access VR casinos and live dealer technology means you can connect to real people and enjoy a casino game much like if you were in the casino. As technology has grown, so has the potential for your experience in the casino to be closely modeled on real life, and to be more exciting in the process.
What Is a Crypto Casino?
Quite simply put, a crypto casino is one that accepts cryptocurrencies. Whether you are interested in Bitcoin games and Bitcoin gaming or whether you are more keen on some of the newer, up-and-coming cryptos, there are currencies that allow you to use multiple options, so you can gamble the way you want to.
The very fundamentals of the casino are exactly the same, so you don’t have to totally learn things anew, but there is the option to gamble in a slightly tweaked way just by changing the currency you are using.
How Does Crypto Gaming Work?
Before we explore the question of “what is crypto gaming?” we need to really understand how it works.
Most of the time, cryptocurrency casinos work in the same way as other casinos that let you wager using Dollars or another currency. The difference may be that when you deposit using crypto money it could be transferred into credits on the site, and then transferred back to the currency of your choice when you get a win and cash out your money.
The fact that it is pretty similar means there isn’t much to learn when you first sign up for your crypto casino.
Of course, different cryptocurrency casinos and gaming sites have their own approach, and there are even NFT gambling games out there, with the excitement of winning NFTs as part of your prizes.
Benefits Of Crypto Gaming
What is crypto gaming good for anyway? What are some of the benefits of this kind of gambling and what is the point in doing so?
Let’s dive into some of the reasons for this kind of technology being so widespread and being adopted by the majority of the industry in one way or another.
Depending on the way you usually make your transactions there could be a delay. This is likely higher when withdrawing money, meaning you might have to wait a long time to get the money you have won. This is true when using credit and debit cards but also other methods like Paypal.
Instead, cryptocurrency casinos make it really easy to make your transactions incredibly quickly. This is one of the main reasons why gambling companies have adopted cryptocurrency. The fact that they use wallets and operate using blockchain means they are much more convenient and easy to make simple and super fast transactions.
The fact that the transfers are so quick and that there are so many other flexible features related to using cryptocurrency means that there are plenty of ways to make speedy transactions and to do other things like using the same crypto balance no matter what country you are in. Crypto casinos and cryptocurrency gambling have less of a focus on physical location as a result, and this means that you can rely on your single currency to deposit money no matter where you are and what traditional currencies you hold.
It is possible that this can save you money with fewer fees attached and associated with moving your money around. There won’t be any deposit fees, for example, no matter what transactions you use your balance for. It is also a great option for casino and gaming company operators who can help you to facilitate cheaper transfers. The value of crypto can also go up and down while you are gambling, which can be another way to increase the money sitting in your account.
Crypto is known as being one of the most secure ways to transfer money. How does crypto work when it comes to keeping you secure?
It uses encryption throughout the whole procedure including some very advanced coding and methods of keeping the finances safe, even when they are transferred. Each transaction is anonymous but also trackable and this means that there is strong security in place even when depositing money or switching between wallets.
The way that blockchain works mean that you don’t have to share much in terms of personal details, so your financial affairs remain your own no matter what. You can transfer money in and out of wallets rather than having to worry about a centralized bank or other company knowing about all of your transactions and money matters.
The blockchain technology that is used to facilitate wallets and transfers in the world of cryptocurrency also has a level of security in that it is very hard to penetrate and hackers should struggle to infiltrate the blockchain companies. By decentralizing the financial matters of millions, cryptocurrencies make it far more secure for people to send and receive money.
The Future of Gaming Is in the Blockchain
There is little denying that blockchain technologies are going to revolutionize gaming. Already, we’ve seen some of the very biggest companies investing in blockchain technology and improving what they offer in terms of cryptocurrencies (which can be used to buy currencies for Xbox, Playstation, and more) and also their use of blockchain for things like their own security systems.
There are also games that incorporate blockchain technology as well as cryptocurrencies and NFTs. There is the option on some games to even win NFTs along with the other prizes. Some novel ideas to gaming incorporate the option to “earn” other currencies and tie this to in-game currency systems.
While there is a lot of speculation about how the future of gaming is going to be different based on blockchain technology, pretty much everyone is in agreement that blockchain is going to change everything.
So, what is crypto gaming? It is fair to say that it is the future of gaming. For both iGaming and gambling companies, the option to allow players to use crypto to gamble is bound to be something that is implemented in the future, if they haven’t already included cryptocurrency as part of their platform.
Cryptocurrency gaming in online casinos is good for security and offers some level of protection to both the players and the casino itself. There are many who believe that crypto will become the way we do all of our financial dealings in the future and that the current state of the industry is just the start.