If you haven’t heard already, crypto casinos are all the rage recently. As the technology vies for mainstream recognition – which it is succeeding in doing – there still aren’t many day-to-day uses for crypto, as many businesses refuse to embrace it.
Online gambling, however, has been an industry to welcome it with open arms. This is likely due to having a similar growth arc, as it has become more popular in the past decade. Of these, Ethereum has risen as a favourite denomination for casinos, as it boasts low costs, efficiency, and a lower carbon footprint than some competitors. Here are some of the benefits of playing at an Ethereum casino.
Enhanced Security and Anonymity
Ethereum casinos offer a significant upgrade in terms of security and privacy compared to traditional online gambling platforms. When considering a “normal” online casino, all of your money is with a third-party institution, which you’re relying on to have good security. Additionally, all of those transactions are now on your bank statement – a statement that your insurance, credit agency, landlord, and personal relations often look at.
The use of blockchain technology ensures that all transactions are encrypted and distributed across multiple nodes, making it nearly impossible, in theory, for hackers to compromise the system. Ethereum casinos also offer a level of anonymity that is not possible in traditional online casinos. Players can make deposits and withdrawals without having to reveal sensitive personal information, using only their cryptocurrency wallet addresses.
Ironically, we should remember that all ledgers are public, but the wallet itself isn’t. So, if you want to retain anonymity, you will need a wallet that you also keep secret.
Faster and Cheaper Transactions
One of the most tangible benefits of Ethereum casinos is the cost-effectiveness of transactions. Traditional online casinos often rely on conventional banking methods, which can be slow and entail significant processing fees. Processing fees are complex, and you will likely see the card issuer get a cut, the payment processor (i.e. Stripe), among other fees. While these are often beared by the casino, the costs and inefficiencies are indirectly passed onto customers.
Ethereum casinos leverage the speed and low cost of transactions afforded by blockchain technology, and this can reflect on a better customer experience. Transactions made in Ethereum are processed almost instantly, allowing players to deposit or withdraw funds with minimal delay.
Ethereum Casino Bonuses and Rewards
Ethereum casinos distinguish themselves through their innovative bonuses and rewards systems. While this is a tactic across online casinos as a whole, it’s clear that crypto casinos have a particular appetite to attract more customers right now as they try gain market share. It’s also possible for them to offer more in theory, as their operational costs are reduced due to not paying intermediary fees and such.
These platforms use the flexibility of blockchain technology to provide unique incentives, such as welcome bonuses in Ethereum, loyalty points that can be converted into cryptocurrency, and access to exclusive games. Additionally, many Ethereum casinos offer smart contract-based games, where players can earn rewards automatically distributed upon meeting certain conditions.
However, many bonuses for crypto casinos come in the form of loyalty. This is because signing up “anonymously” means that you can keep generating new wallets and signing up for new bonuses. This isn’t true for casinos that verify your identity, but then you lose the anonymity benefit. When retaining the latter, loyalty bonuses are sometimes a better opportunity anyway, as they have on-going continuous benefits.
The Future of Gambling with Ethereum Casinos
Ethereum casinos are having a growing influence in the online gambling industry, signalling a shift towards a more secure, efficient, and transparent gaming experience. As blockchain technology continues to improve, the potential for further innovation within Ethereum casinos is similarly positive.
Something that hasn’t been discussed is smart contracts, which is the technology underpinning the execution of games and probabilities, which is a more fair and transparent way of playing a chance-based game. We can anticipate the development of more sophisticated smart contracts that automate even more aspects of the gambling process, from bets and payouts to conflict resolution.
The success of Ethereum casinos could also be the catalyst for broader acceptance of cryptocurrencies in everyday transactions. As more people become comfortable using Ethereum for gambling, they may be more inclined to use cryptocurrencies for other types of transactions, further integrating digital currencies into the mainstream economy.
There is now more scope for interoperability too, meaning that the gaming industry could become more interconnected. Bonuses and collectables in one game could more easily be transferred to other games.
Conclusion
Ethereum casinos are a new way to play online casino games. They have already shown that it’s possible to reduce costs for a casino while improving efficiency and security. Even without considering the direct benefits for consumers (anonymity, faster payouts, and transparency), having leaner and better-run casinos can only be a good thing for customers, as it will improve bonuses, investment into new games, and so on.
