Web3, smart contracts and crypto payment gateways make crypto casinos simply better
Crypto online casinos not only offer convenience and the possibility of winning money, but moreover platforms are accessible, provide trust and provably fair to all. Traditional online casinos have payment gateways and users don’t know whether the house is playing with or against them. However, Web3 changes this.
Online casinos such as MbitCasino have been navigating the treacherous regulatory slopes for gambling and casino gaming for a long time. But the rise of cryptocurrencies and Web3-powered tools, enables online casinos to offer a much better product to the end user. Using cryptocurrencies and smart contracts, they can offer services that provide trust, privacy and transparency on various levels.
Table of Contents
- What is a next generation online casino?
- Casino trust and crypto deposits
- Benefits of crypto casinos
- Tips on playing crypto casino games
- Keep your wallet safe
What is a next generation online casino?
Online casinos have been a regulatory grey area for a long time, but things have changed. Online gambling platforms and casino portals follow regulations to align with the laws of their local jurisdictions. However, participants sometimes run into issues where payouts get delayed, or they feel the house is cheating.
But by utilizing blockchain technology, online casinos can tap into blockchain oracles and the transparency of the distributed ledger to show that the games on offer are actually provably fair to the end user. Many gambling dapps already tap into these typical Web3 mechanics.
Casino trust and crypto deposits
But trust isn’t only created by the technology, crypto casinos need to be licensed and regulated. Countries and jurisdictions such as Malta, United Kingdom, Gibraltar, New Jersey (USA), Nevada (USA) and Curacao, are known hubs for online casino companies. The European Commission provides guidelines for operating an online casino in the EU.
It’s always important to verify the validity of your casino. Where is the casino registered, and what does this mean for you? Licensed and regulated casinos need to follow strict rules, and this comes with trust.
Most crypto casinos allow deposits in various cryptocurrencies, including BTC, ETH, BCH, LTC, DOGE, USDT and XRP. Not every online crypto casino utilizes smart contracts for its games, but some do.
Benefits of crypto casinos
Players who are active in crypto casinos enjoy various benefits when compared to the traditional casino websites. Because crypto casinos work with blockchain, transactions for deposits and withdrawals are quicker. Above all, no middleman can block them.
Crypto casinos do not always require KYC, and therefore offer increased anonymity. Above all, deposits and withdrawals happen through crypto wallets and not through bank accounts. This helps too.
In crypto everything is bigger, also the bonuses. Crypto casino platforms generally offer more games, more bonuses and more ways to compete. Popular casino games include slots, roulette, baccarat, blackjack, lottery, table games, and dice. However, mistakes can’t be undone, keep that in mind.
Tips on playing crypto casino games
Playing casino games can be very tempting, and maybe you will be successful next time. But it’s also important to set boundaries. Casino games are meant to be played as entertainment, even though there’s money involved. We advise you to only use money that you have set aside for entertainment purposes. Do not gamble your savings.
In addition, it’s crucial to follow these rules:
- Never wager more than you are able to lose.
- Do not be larger amounts than you’re comfortable with.
- Do not let betting and casino games take up time that you would normally spend on work, family and friends.
Keep your wallet safe
Make it a habit to create a new wallet for everything you do. So, we advise you to have one wallet for DeFi trading on BNB Chain, one for gaming on Polygon, and also one for playing casino games. Use multiple wallets for various purposes, because it limits the impact of accidentally clicking harmful links.
For each of those wallets, keep things safe. Use hardware wallets or reputable software wallets to store your crypto assets securely offline. Also avoid sharing your wallet’s private keys or recovery phrases with anyone. Also very important, please make sure that the wallet software of your hardware wallet, your mobile app, or your browser extension is up to date. This protects you against known vulnerabilities.
Disclaimer — This is a sponsored article. DappRadar aims to provide accurate information, but readers should always do their own research before taking action. Articles by DappRadar can not be considered as investment advice.