Cryptocurrency is a type of virtual currency that uses special cryptographic technologies to create and protect it. Although only 10 years have passed since the first digital currency appeared, cryptocurrency has become commonplace in recent years. During this time, digital currency has come to be used by billions of people. And their numbers are steadily rising. Moreover, the leaders of many countries have taken into account the investment potential of digital currencies. More and more often in 2022, crypto began to be used to buy various goods, to pay bills at the restaurant, to transfer as payment for services rendered and much more.
Due to the growing popularity of digital currencies, online casinos have accepted the introduction of cryptocurrency as a payment method in iGaming. Most online casinos that apply KYC did not appreciate this new payment method. Players are drawn to the decentralized nature of the currency, its security, independence from state authorities and absolute anonymity. All these things combine to provide the kind of comfort that each of us needs.
Thus, crypto casinos can be divided into two types:
- Full-fledged digital casino, in which financial transactions are carried out only with digital “money”.
- Hybrid casino, which offers payments in both fiat and digital currencies.
Crypto provides a higher level of anonymity
As soon as cryptocurrencies became widely known and accepted as payment methods, many players began to choose blockchain casinos. Offering 100% anonymity, crypto casinos attract users from all over the world to place bets. Thus, every time another transaction takes place between the crypto wallets, the players are assured of its confidentiality. No regulator can track the financial flows of every taxpayer in their country. Yes, you can track where virtual funds are spent from a wallet connected to a specific person, if you wish. But first, it does not reveal the full identity of the individual in question. Secondly, in the absence of advanced technical knowledge in this field, it is impossible to carry out such research.
To provide increased anonymity, crypto casinos often offer the fastest possible registration. All typical casinos require a username, email and password to open an account. But technology offers innovative registration solutions, with some operators offering one-click account registration and others offering a pre-account. To turn it into an account, you need to provide a system-generated username and, for example, an email.
The most important thing about digital casinos is that there is no minimum check, and this quality is extremely attractive for those who do not accept the disclosure of their identity on the Internet. Thus, in order to play a game from these operators you have to register, deposit in the crypto currency and you can start. It’s extraordinary! You do not have to upload documents, enter data or wait for a response from the casino regarding the result of the verification. This trend is also true for cryptocurrency customers in a regular online casino. However, there are exceptional cases in which the conditions of use of the site provide for a verification process. This refers to cases where the casino suspects the customer of fraudulent activity.
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Szilaghi Consulting has worked in the gambling business since 2004. We can assist new clients with the incorporation of gaming companies, fiscal registration, and licensing matters. To draw on our experience and to benefit from our advice, contact us today to find out more.
How can Szilaghi Consulting help you start your online gambling business?
Choosing a gambling licensing jurisdiction is quite difficult, to begin with. Given the sheer number of factors that need to be considered by gambling operators, the choice can be overwhelming.
Szilaghi Consulting has been providing services to the online and offline gambling industry since 2004. We have helped our clients to make the right choices, to realize their visions, to overcome obstacles, and, above all, to succeed. We offer transparency and efficiency and we are committed to always acting only in your interest.
Our experience in obtaining online and offline gambling licenses differentiates us from the competition. Szilaghi Consulting will cover all your needs, from the incorporation of the gambling company, the creation of fiscal and compliance structures, to obtaining the gambling license.
We invite you to schedule a consultation with us. We like to communicate with our customers, troubleshoot their problems, and offer solutions. We invite you to contact us today to discuss this with one of our agents. Let us help you take your business to the next level.
Faster deposits and withdrawals
The payment system in crypto casinos is based on the use of a single program and most of the actions are incorporated into it. They are activated when the conditions set out in the smart contract are met. For example, in the case of a win, this amount is automatically transferred to the crypto wallet. Interference from intermediaries and banks is completely eliminated from transfers. Thus, the waiting time for funds is reduced from 3-10 days (as is often the case when using conventional payment systems) to a few minutes. The lack of low fees or commissions is another advantage of using cryptocurrency. And as a last feature offered by the blockchain is the impossibility of limiting the value of the deposit by the operator.
Although we are talking about digital currencies, the speed of transactions is influenced by the name of the cryptocurrency. Thus, Bitcoin is the most expensive, popular and slow cryptocurrency. Not the best choice for players. Sometimes the transfer can take up to a day to receive funds. The second most popular cryptocurrency is Ethereum. Even in the busiest times of the blockchain, the money reaches the wallet within half an hour. It is extremely good for the player. However, there is a “gift” – namely that the value of the commission can vary, and sometimes they are quite high. One of the most popular currencies that we also recommend is Litecoin. It comes with very fast transfers – up to a few minutes and small commissions. This is exactly what you need for instant deposits and withdrawals.
Given the above considerations, crypto casinos are the future. Due to the fear of the unknown of many players, the complete transition to crypto transfers has been delayed. They only need one crypto transaction to understand its simplicity. All you need to do to complete a transaction is provide your wallet address, transfer amount and authentication key. Online casinos that offer cryptocurrency payments have control over financial transactions. Whether it is the history of bets, amounts, winnings or any other monetary activity, it is impossible for this information to be falsified. As a result, you can always be sure that you will not be fooled by the casino.
Crypto casinos offer more games
Although there is a major difference between blockchain and classic slots when it comes to payouts and anonymity, the gaming side is no different. Crypto casinos offer an equally impressive selection of slots, table and card games, video poker, craps and dice. Moreover, some casinos offer such a large selection of games that many traditional casinos cannot boast. Thus, video slots with cryptocurrency support are offered in over 5,000 models, table games (roulette, blackjack, baccarat) based on RNG, other models (bingo, lottery, wheel of luck, etc.) and hundreds more.
In conclusion, why is the number of crypto games continuing to grow? Due to the potential of digital currency, more and more studios are developing blockchain games, and online operators are accepting crypto as their payment method.
Contact Us to Start Your Gaming Business Today
Szilaghi Consulting has worked in the gaming business for over 18 years. Contact us today to find out how we can assist you with the incorporation of your gaming company, right through the business, fiscal, and licensing matters.
