If you have any interest in casino games or even online gaming more generally, you’re probably familiar with online casinos. They have taken the gambling industry by storm, quickly rising to become one of the most important segments of the market.
Though online casinos is an adequate blanket term, there are actually many different kinds of online casinos. In the United States, sweepstakes casinos — which focus more on the social aspect of casino games — are incredibly popular because they are legal in almost all states. Some online casinos focus solely on slot machine games or table games. Others are a part of a wider gambling company and come secondary to their sportsbook offering.
Cryptocurrency casinos, such as the online casino Metaspins, are one of the fastest growing types of online casinos. There has been a lot of social media hype around cryptocurrency and crypto casinos in recent months. So how exactly do they work?
This article will give a brief explanation of what cryptocurrencies are and how they work. Then we’ll break down how crypto casinos work.
Cryptocurrency
Cryptocurrencies are digital currencies that are deregulated and free from government or financial institution oversight. They each make use of a blockchain, which is a digital ledger that records each and every transaction. This makes cryptocurrencies incredibly secure.
They are created through a process known as mining. Mining is the process of verifying each transaction on the chain to add each new block. It is done through the use of incredibly powerful computer systems, working to solve complex number puzzles to verify the transactions. Cryptocurrency mining has become so time consuming that most people choose to purchase currencies on an exchange. This has made cryptocurrencies accessible to more people.
The two most established and respected cryptocurrencies are Bitcoin and Ethereum. These two coins are among the oldest and have the most uses and users. New coins are constantly appearing, though many do not have a long lifespan. Meme coins are a crypto niche that has been impressively successful. These coins are inspired by popular memes. Dogecoin is the perfect example of a successful meme coin.
Crypto casinos
Crypto casinos work in the same way as regular online casinos. The primary difference is that players make their deposits and withdrawals in cryptocurrencies instead of using other payment methods. The process of creating an account is the same and the game libraries feature titles from the same elite game development studios.
Deposits and withdrawals
One of the most serious reservations many people have about cryptocurrencies is that they don’t have many real-world uses. They can be invested in and stored, but what else? An increasing number of businesses, especially digital industries, now accept payments in crypto.
Crypto casinos are a part of this practical utilisation of cryptocurrencies. While most business only accept the two biggest coins — Bitcoin and Ethereum — businesses that are entirely crypto-based have a bit more freedom. We can see this with crypto casinos, which accept a much more diverse range of coins.
The newest and smallest coins typically won’t be accepted because they are so volatile. Some of the alternative coins accepted by the top crypto casinos include Bitcoin Cash, Tron, Cardano, Dogecoin, Litecoin, USD Coin, Ripple and Tether.
Bonuses
Offering bonuses is a great way for online casinos to stand out from the crowd and attract new players. The most frequently offered bonuses are free spins and deposit matching. These help players kickstart their accounts and get started on a better footing. Many online casinos also operate loyalty or VIP programs, which reward players for playing regularly.
Crypto casinos are no different. Most of them offer the same types of bonuses. Sometimes there are additional special bonuses for depositing a specific coin. The major difference is that some of the top crypto casinos have special NFT bonuses. Some casinos award exclusive NFTs as special prizes or as bonuses for playing particular games. No matter what your opinion on NFTs is, there’s no denying that they are a hot commodity in the digital universe.
Marketing
One of the ways that crypto casinos have been making a name for themselves is through their clever marketing work. They have a clear understanding of their target demographic and how to reach them. While traditional online casinos might use television or Facebook ads, crypto casino marketers have taken a more modern approach.
Crypto casinos have a perfect understanding of the influencer marketing world and of the reach that streamers have. By working with streamers and influencers, crypto casinos get their brands in front of the right audiences and get to show off their interface and gameplay.