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Unless you have lived your past years in a barrel, you have probably heard of cryptocurrencies if not check out this quick guide on Investopedia . In fact, you may have heard quite a few myths about them as well. Some say that it’s a way to get rich quick, whereas others say that cryptos will take all your money. However, one thing is for sure: the popularity of cryptos has skyrocketed. Thanks to their rise into the mainstream, some online casinos have also started offering payments in cryptos. In this article, we will talk about crypto casinos and how they differ from regular online casinos. We will also look at their future in Finland.
What are crypto currencies?
Cryptocurrency is a form of asset that is based on digital cryptography. Cryptography is a system in which data is encrypted and reassembled later. The base of cryptocurrencies is block chain technology. Thanks to block chains, payment transfers are fast and safe, and no banks or third parties are needed. The story of cryptos started in 2009, when Bitcoin was first published. Bitcoin is still the most well-known cryptocurrency out there, but many don’t know that it is only one of many available cryptocurrencies. Creating cryptos is simple, because basically anyone can do it. However, the value of a crypto is determined by the markets. Markets are flooded with new cryptos, and some of them become very valuable, whereas others do not.
What are crypto casinos?
Crypto casinos are online casinos that accept cryptocurrency as a form of payment. The games are also played with cryptocurrencies. Crypto casinos in Finland are somewhat a new phenomenon, but their popularity has been huge from the start and continues to grow. There are two types of crypto casinos: the types where you can deposit both cryptos and fiat money, and the types where only cryptocurrency is accepted. Generally, crypto casinos only support a few different currencies, such as Bitcoin. In addition to Bitcoin, large currencies such as Ethereum, Bitcoin Cash and Litecoin are also popular. However, some of the smaller cryptos may not be available.
What are the pros of crypto casinos?
Crypto casinos offer many pros compared to regular online casinos, mostly related to the benefits of cryptocurrency, but there are other reasons as well. Because no third parties are needed in transfers, the transfer fees are generally lower than when using regular currency. Also, the player doesn’t need to worry about their account being frozen or blocked. The transfers are instant thanks to block chain technology. Cryptocurrency also guarantees anonymity, although online casinos do need to verify the player’s info. However, the personal information is only for the online casinos and no unauthorised persons have access to it.
For most people, cryptocurrency is often additional to their ’normal’ money, as people rarely invest all of their money into it. As a result, playing with cryptos can be less risky than playing with the money in your bank account, although it is always important to play responsibly.
What are the cons of crypto casinos?
The biggest con is probably the volatility, especially since cryptocurrencies can decrease incredibly rapidly in value. On the other hand, volatility can be a positive thing if the value rises quickly. Another con is that when playing with cryptos, it can be hard to see how much actual money you are betting. When using Bitcoin, for instance, you may be playing with one thousandth of a Bitcoin, which could be difficult to mentally convert into euros.
The future of crypto casinos in Finland
Since the popularity of cryptocurrency seems to rise every year, the future of crypto casinos is also looking bright. Knowledge and awareness of crypto is growing, thus decreasing the irrational fear about using them. In fact, more and more people are interested in playing at crypto casinos.
Players already have a lot of choices when it comes to crypto casinos. In the future, there will almost certainly be even more options. This is a definite benefit for players, as healthy competition will lead casinos to improve their services and offers, such as better bonuses. In addition to bonuses, casinos can also stand out by supporting more cryptocurrencies. Converting a lesser known crypto into Bitcoins can be a lot of work when you must do it every time before depositing at a casino.
We are living in exciting times, and we can only expect the popularity of crypto casinos to increase in the future.
