Cryptocurrency is a hot topic in the iGaming industry across the globe, and many online casinos are now accepting various cryptos as a means to accept all types of players. But with the crypto crash of 2022, can we expect this trend to continue?
This article will seek to look at all of the following:
- The benefits of crypto at casinos
- Security of your crypto at casinos
- The top casinos that currently accept crypto
- Current predictions on the future of crypto in iGaming
Who will the battle of the iGaming industry?
The Benefits of Using Crypto at Casino
There are a number of reasons why many players prefer using cryptocurrency at their favorite casino rather than fiat currency.
Instant transactions
Fiat currency can take up to 7 business days to process at a centralized financial institution. But, crypto transactions are instant at all crypto casinos, and there are no transaction fees.
Very low minimum withdrawal limits
Depending on the crypto a player is wagering with, they could end up with a very low minimum withdrawal needed for their winnings. For example, the current minimum withdrawal for Bitcoin casino players at BitKingz is 0.0001 BTC, which at the time of this writing is equal to less than $2 USD. Compare that to the standard fiat withdrawal method at many casinos being around $10 USD, and you can understand why many will prefer to use their crypto for faster and easier transactions.
Offers security via blockchain technology
Blockchain technology uses high-level encryption to protect a user’s data. This makes online and mobile payments more secure for people, as a user will need to use their personal key to access their cryptocurrency.
Many crypto-specific bonuses
As more and more casinos use accept cryptocurrencies for wagering, many are offering special welcome bonuses and casino promotional offers specifically for crypto players. Here are just a few examples of some of the great crypto bonuses you’ll find at top casinos.
- BitStarz Welcome Bonus: 152% match up to 3 BTC + 280 Free Spins
- King Billy Weekly Crypto Bonus: 51% match bonus of up to 0.051 BTC
- Kosmonaut Daily Crypto Cashback: up to 21% of your deposits back
Bitcoin slots and other crypto-only casino games
You’ll find plenty of games that cater directly to crypto players at many of the best online casinos. For example, check out Paradise Trippies by Caleta Gaming at Rocketpot Casino. This NFT-themed slot will even reward players with actual NFTs as prizes when playing.
Play NFT slots at Rocketpot Casino
Is Crypto Safe at Online Casinos?
Almost all of the top crypto casinos are legally licensed and use the latest in industry-standard encryption technology to keep all of your personal and financial information secure. Many also allow users to set up two-factor authentication (2FA) for an added level of security.
You’ll also be able to keep your personal crypto secured in your crypto wallet and only deposit the funds you want to wager within the moment. Top crypto wallets include both cold and hot wallets. Cold wallets offer the highest level of security for players as they are only linked to the internet during use.
The 5 types of crypto wallets
Is Crypto Legal at All Online Casinos?
No. Unfortunately, at this time, cryptocurrency is not a legal means for wagering at all online casinos. This is due to a number of factors.
- Some regulated markets have made it illegal at casinos
- Some countries have made crypto illegal
- In some countries, it is simply not recognized as a form of legal tender, yet
However, most analysts predict that this will change in the near future as crypto becomes more accepted. This is especially true for the United States, which is looking at how to regulate and tax cryptocurrencies. Once these regulations are in place, we can expect to see the casinos in states where online gaming is legal to begin accepting many of your favorite cryptos.
The Best Crypto Casinos of 2022
When looking for a casino to play at with your crypto, be sure it’s a brand you can trust. Our reviews of top crypto casinos give you all the details you need to know, but here’s a very short list of our top 5 casinos for 2022.
Final Thoughts on the Future of Crypto Casinos
So, what is the future of crypto at online casinos? Will fiat currency become obsolete? As long as both remain popular among users, we can expect to see both being accepted at top casinos. However, as more casinos continue to accept cryptocurrencies for wagering, we can expect to see the trend of crypto casinos continue to expand.
Crypto is a highly volatile market, but many analysts believe it will rebound, and values are expected to go higher than ever before. Because of this and the growth of the Metaverse, we can assume that in the long-term future that crypto will most likely overtake fiat currency at some point.
But only time will tell. What do you think? Is crypto the way of the future for iGaming? Will fiat be phased out? Let us know in the comments below.
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