Best Cryptocurrency Casinos

Cryptocurrencies have been steadily growing in popularity for a few years now. For their many advocates, Bitcoin and other digital assets offer a future free from self-serving central bankers and the corrupt monetary policies of government. Such a future depends on adoption though, and one of the first industries to embrace this financial and technological innovation is the online casino industry.

Top Casinos with Cryptocurrencies

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What are Crypto Casinos?

A crypto casino is a casino that accepts cryptocurrency. However, not all casinos that accept cryptocurrency are really crypto casinos. There are various different types of cryptocurrency-friendly casinos.

We’ll introduce each to you below:

Cryptocurrency-Only Casinos

In the years since Bitcoin was first invented, loads of crypto casinos have popped up. They offer similar titles to established casinos, only they don’t accept dollars, pounds, or euros. Instead, players must deposit in one of a number of digital assets accepted by the venues.

Cryptocurrency casinos are not bound by the same restrictions as more traditional online iGaming venues. They also require much less effort to setup since there’s no need for operators to forge elaborate banking relationships. This is both a blessing and a curse for us as players.

Granted, the lower operational costs of running an online casino has brought many innovative, creative new developers to the industry. However, they have inevitably brought more than their fair share of scams too.

Since many cryptocurrency casinos are not regulated at all, it’s very important to do research on a platform prior to playing at it. Our listings have been tested by our in-house team of casino veterans so you can be sure of a safe gambling experience with these operators. However, many other operators might not be so trustworthy.

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Advantages of Cryptocurrency-Only Casinos:

  • Few player restrictions. You will be able to play no matter what country you are from.
  • Massive welcome bonuses. Cryptocurrency casinos are relatively new and are competing against companies that have offered casino services for decades. They need to attract new players somehow!
  • Fast withdrawals. Cryptocurrency isn’t usually quite as fast as a more traditional VISA transfer to deposit with. This is because the casino simply trusts that the bank sending the deposit will actually do it. With cryptocurrency, ultimate finality is achieved much faster. It’s not instant, which means deposits might take a little longer but when it comes to cashing out, you’re looking at minutes rather than days!

Blockchain-based Casinos

Some casinos are built entirely on the underlying blockchain technology of cryptocurrencies. Blockchain is a method of storing data in a decentralised and censorship-resistant manner. It can be incredibly secure, as well as being very transparent. Obviously, casino operators are interested in promoting both of these qualities.

Many blockchain-based casinos are built directly on existing blockchain networks. Ethereum, EOS, and NEO are popular choices because of their smart contract functionalities. Games created using opensource code on public blockchains benefit from the above advantages but can also offer a massive additional feature.

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Fiat and Cryptocurrency Casinos

Occasionally, you’ll find an established casino willing to take deposits in cryptocurrency. Generally, these operators will use a cryptocurrency payment provider like BitPay. This means that the company itself never handles any Bitcoin or cryptocurrency. Instead, the provider exchanges the crypto for cash and pays the company on behalf of the player.

The casinos willing to accept payments via a service provider like BitPay should not really be considered crypto casinos on account of them never actually receiving digital currency. Additionally, established names “accepting” Bitcoin in this way does not really leverage any of the potentially world-changing attributes of digital asset use. They will still only be accessible to the same player pool and will abide by all the standard deposit and withdrawal procedures.

The use of service providers with regards to cryptocurrency has been the subject of a lot of discussion recently. Allegations of BitPay withholding public donations from the Hong Kong Free Press have angered many advocates of cryptocurrencies. For them, one of the most important attributes of digital currencies is that they can be used without censorship from any third party whatsoever.

Provably Fair Gambling

Provably fair casino gambling could dramatically disrupt both the casino industry itself and the casino industry auditing sector. The idea is that a player themselves, with a bit of technical knowledge, can check if the game is fair. You can think of it a bit like inspecting the entire deck of cards before and after a hand of blackjack to make sure the dealer hadn’t loaded the deck in some disadvantageous way.

The impact of provably fair gambling on the casino industry could be massive. Operators spend massive amounts on obtaining fairness reports for their games. If such trust can be effectively established by the player themselves, the casino will make vast savings. These can in turn be passed on to the customers in the form of promotions or higher return-to-player ratings.

Crypto-Games.net

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Why Use Cryptocurrency at a Casino?

Cryptocurrency use at casinos is still very niche. In the developed world, we have access to banking facilities that allow us to play at a host of established iGaming venues that have spent years earning the public’s trust.

Despite the fact that cryptocurrency casinos are largely lacking the trust of the more established online casinos, they do also offer some advantages of their own that make them appealing in their own right.

For example, high volume players might love the speedier cash outs made possible by cryptocurrencies. Traditionally, players would have to deposit a bank roll on one or more sites and leave it there when they are not playing. At a cryptocurrency casino, players can withdraw their entire roll in a few minutes and have it ready to play at the next appealing site. This substantially reduces the amount of trust a player needs to have in the casino since they can simply move funds off the platform when they are not using it.

Players might also notice juicier promotions and higher return-to-player games offered at cryptocurrency casinos. This is because a crypto casino is vastly cheaper to setup and operate. This saving on company overheads can be passed on to the customer to make the platform even more competitive.

What’s more, cryptocurrency isn’t just about us privileged folk in the developed world. There are billions of people that lack access to any form of banking yet a great number of them do have an internet-connected smartphone. Cryptocurrency can connect these people with a global economy, allowing them to take part in all kinds of economic activity that we take for granted here in the developed world. For these people, such a technology affords great freedom.

Even in other parts of the world where banking facilities are far better, cryptocurrency casinos can promote greater freedom too. In many nations, it’s illegal to gamble. Now, we would never encourage people to break the law, but it is clear from their own marketing materials that many cryptocurrency casinos are more than happy to accept players from any nation.

Tips for Cryptocurrency Newbies

There are some things that every newcomer to the cryptocurrency industry should be aware of. Below, we’ve compiled some of the most important to get you started in this fascinating emerging market:

 

Storing Cryptocurrency Safely

One of the most revolutionary qualities of cryptocurrencies is that for the first time in human history, you can send value around the globe without permission from any middleman. However, with such great power comes responsibility.

To be able to use crypto assets like Bitcoin in their most censorship-resistant, permissionless manner, you need to know the private key that your cryptocurrency is associated with. This will look like a random string of letters and numbers. Despite its seeming randomicity, the private key is the single most important aspect of securely using cryptocurrency correctly.

Some cryptocurrency storage methods, like an exchange wallet, never allow customers to see their private key. This means, to make any transaction, they first need to have it approved by the centralised service holding the cryptocurrency on their behalf – not really permissionless then, eh?  

If you choose to store your cryptocurrency on a centralised exchange or similar service’s wallet, whether it be for trading or out of sheer laziness, you should be aware that you stand a significantly increased chance of losing all your money. Exchanges are hacked all the time. In many examples, customers have lost all the cryptocurrency stored on the trading venue’s wallets.

Best practice with regards cryptocurrency storage is always to record your private key and look after it. Always use wallets that show you, and only you, your private key. Once you buy your cryptocurrency from an exchange, brokerage, peer-to-peer marketplace, or wherever, you should immediately send it to a wallet that you hold the private key to. You can then use it with whatever cryptocurrency casino you like.

If it Sounds too Good to be True…

Following the incredible percentage gains of Bitcoin’s earliest investors, a lot of people think cryptocurrency is a free meal ticket. Of course, when hopeful people flock to something new, so too do scam artists.

Over the last few years, the number of gullible investors duped out of savings by shady crypto investment schemes has soared. Common tactics include using celebrity’s faces to endorse some new “can’t fail” investment opportunity surrounding the crypto asset industry and/or promising some incredible returns for convincing new investors to take part in the scheme.

Beware also of dubious investments promising to disrupt an industry with blockchain and producing little to back it up. There are all kinds of investment opportunities out there in cryptocurrency. Of course, for every one billion-dollar-idea, there are 100 that should never have left the drawing board.

Basically, as with everything else in life, if it sounds too good to be true, it probably is…

Learn!

Cryptocurrencies and blockchain technology are potentially revolutionary technology. Before you start messing around with it or even investing, you should make it a priority to learn all you can about them.

Read the news surrounding the industry and read the works on Bitcoin by respected individuals in the industry such as Andreas Antonopoulos and Saifedean Ammous. Visit forums. Read whitepapers. Develop an understanding of what is wrong with the old financial system and think about how different crypto assets might address these shortcomings.

Such knowledge will not only allow you to appreciate Bitcoin and other cryptocurrencies’ elegant designs but also to develop a deep knowledge of how exactly to use crypto and how it might be a hugely disruptive force going forward.

Cryptocurrencies and Online Casino Security and Safety

Earlier we mentioned the risk of centralised service providers being hacked and users losing their money. This is also something of a danger at online casinos offering cryptocurrency deposits too. However, the risk is greatly mitigated by the fact that there is no incentive to leave great amounts of cryptocurrency at the casino. This is because withdrawals are so fast from cryptocurrency casinos. You simply don’t need to leave your bankroll there overnight.

Although casinos do represent something of a honeypot for hackers – lots of people potentially using the service at once – the amount of funds they hold in their digital asset wallets will be miniscule in comparison to even a small exchange platform. This makes them a far less alluring target and therefore less likely to fall victim to cyber criminals.

Cryptocurrencies and Online Casino Security and Safety

To ensure you do not contribute to the allure of a casino to hackers and to properly protect your cryptocurrency holdings, make sure you withdraw your balance after a session at a cryptocurrency casino. It’s cheap and fast so there really is no excuse not to do it.
 
All this talk about hacking probably makes cryptocurrency use sound incredibly dangerous. It’s really not though. If you take adequate security precautions yourself, you as an individual are far less likely to fall victim to hackers than a large exchange platform. You simply won’t be anywhere near as lucrative as a target to them. Also, large companies have far more potential holes in their security than an individual who understands how to store digital assets correctly.

Although a cryptocurrency wallet itself is incredibly difficult to hack (there has never been an example of one being brute forced), that isn’t to say that crypto casino gambling is perfectly safe. Being a largely unregulated market, for now, there are all kinds of companies competing for your attention – both good and bad.

Whereas most cryptocurrency casinos will be genuine and honest, there certainly exist some venues that are simply awaiting the perfect opportunity to head for the hills once the amount of digital currency they have in their wallet makes such an exit scam appealing enough.

Fortunately, you’ve already found yourself a great resource to separate the good from the bad – us. We’ve played at many of the crypto casinos serving the global market today and only recommend those that we are confident in the trustworthiness of.

FAQ

How do I get some cryptocurrencies to use at online casinos?

You can buy, earn, or mine cryptocurrencies.

  • Buy – use a peer-to-peer marketplace (like LocalBitcoins), exchange (Kraken), or brokerage (Coinbase).
  • Earn – if you work in the tech industry, you might have the opportunity to get paid directly in cryptocurrency. Alternatively, crypto faucets will gift a small amount of cryptocurrency for performing various menial tasks.
  • Mine – Using a computer system to support a cryptocurrency network is called mining. Bitcoin mining is largely inaccessible to all but corporate interests now, but other digital assets can be mined with a regular computer.

What does provably fair mean?

Provably fair refers to a system by which players themselves can ensure the fairness of an online casino game. Provably fair games are usually built on opensource, public blockchains, like Ethereum, Bitcoin, or EOS.

Why shouldn’t I just use the wallet on Coinbase/Kraken/any other exchange?

You should by all means use the wallet on an exchange platform. You just shouldn’t use it for storage of your cryptocurrency. If you want to trade, you will have to use an exchange’s wallet. Most people will use such a centralised wallet system when they first buy some cryptocurrency too.

The important thing is to minimise the amount of time your assets are exposed to the risk of hackers. The same applies for cryptocurrency use at online casinos. You deposit, play a bit, then withdraw to a wallet that you hold the private keys to.

How do I know that a cryptocurrency casino is legit?

With little regulation over the cryptocurrency space, determining the trustworthiness of a crypto casino is tough. That’s why we put together this guide. We only recommend cryptocurrency casinos that we have played at ourselves and thoroughly tested all aspects of – including withdrawals.

Do cryptocurrency casinos offer bonuses?

Cryptocurrency casinos, being a pretty new innovation, actually offer some of the best promotions around. Operators are eager for new players to register, have a great time, and tell their friends (or the internet) about the experience. This is the only way they will build enough trust to challenge the big names of the established iGaming industry.

Is cryptocurrency a good investment?

It’s very difficult to say whether cryptocurrency is a good investment. A lot of passionate market analysts have some crazy speculations for the medium-term price of Bitcoin. Some say $100,000, others $1 million.

For every ultra-bull in the Bitcoin market, there is a pessimist though. A lot of representatives of traditional finance have attempted to discredit cryptocurrencies over the years. They argue that it’s nothing more than a tool for money laundering and other criminality. Ultimately, these naysayers think the fad will fizzle out.

No one knows the future of cryptocurrency. It does, however, seem likely that some form of digital cash will be part of our lives in the future. If you are considering investing in cryptocurrency, do plenty of research and don’t invest more than you are comfortable with losing. It’s still an incredibly high-risk market.