5 benefits of cryptocurrencies

Basically, cryptocurrency is the same as money. And one of the functions of money is that people have been gambling with it for centuries. Therefore, it’s not surprising that cryptocurrency has successfully entered the online gambling industry and even made some adjustments to it. In particular, crypto-casinos have emerged.

Such casinos are divided into two types: the first one is a regular casino, where cryptocurrency is accepted as payment in addition to traditional money; the second one is a pure crypto-casino, with its entire infrastructure running on blockchain. The latter is a very special casino that has emerged precisely because of cryptocurrency.

A blockchain-based casino has no server and therefore no database accumulated in just one place and no single financial authority. All payments are processed automatically, thanks to smart contracts. The indisputable advantages of such a casino are the safety of the money won by the player, even after the establishment has closed, and the ability for any player to control the fairness and transparency of the game.

Also, unlike traditional casinos, blockchain-based gambling institutions do not require expensive equipment, licensing, highly skilled and highly paid staff, and are not accountable to state and inter-state controlling structures.

Members of gambling clubs, which are crypto-casinos in their pure form, install special software on their computers, thanks to which they become participants in the game. The specifics of crypto-casinos imply complete transparency and controllability of the gambling process for each player.

Also, if traditional casinos are regulated by national laws and block access to users from the countries where online casinos are prohibited or where gambling is prohibited, crypto-casinos don’t cause such problems. After all, the activity of this kind of gambling establishments is not yet legally regulated in any country. And it is very problematic to do so, as players have the opportunity to remain completely anonymous.

Another advantage of crypto-casinos over traditional gambling establishments is instant payout of winnings regardless of the amount. After all, all the money at the time of the game is already in the blockchain, and this system is autonomous, so much so that human intervention in its operation is completely eliminated. This is the reason why players don’t lose their money in case the casino is shut down.

Also, there are no restrictions on the withdrawal of winnings from the crypto casino. A player can get any amount due to him, as the money is already in the blockchain and at the end of the game, the corresponding amounts are distributed among the players. This process, as well as the game itself, is transparent and under the control of all participants. Online casinos are also attractive because of the very low transaction fees. This is due to the fact that crypto-casinos do not need to use the traditional banking system in order to operate.