What is a Cryptocurrency Casino?
A cryptocurrency casino, also known as a crypto casino or blockchain casino, is an online gaming platform that allows users to wager with cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). These casinos use decentralized technology, typically built on the blockchain, to facilitate secure, transparent, and fast transactions.
How Do Crypto Casinos Work?
Crypto casinos operate similarly to traditional online casinos. Users create an account, deposit funds using a cryptocurrency wallet or exchange service, and then bet on various games such https://planbet-casino4.com/ as slots, table games (e.g., blackjack, roulette), poker, sports betting, or live dealer games. The key difference lies in the way deposits and withdrawals are processed.
Upon registering for a crypto casino account, users receive an address to deposit cryptocurrencies into their account wallet. This process typically involves creating an exchange account with a reputable service such as Coinbase or Binance, purchasing cryptocurrency, and sending it to the provided address. The deposited funds can then be used for wagering on games, often without any additional verification requirements.
Withdrawals usually follow a similar process: users request withdrawal of their winnings in a chosen cryptocurrency, which is transferred back to their personal wallet or exchange account. Some crypto casinos may also offer instant withdrawals using protocols like Lightning Network (LN) or Interledger Protocol (ILP).
Types and Variations
Several types of crypto casinos exist:
- Non-custodial : These platforms store the users’ cryptocurrency deposits in their own wallets, reducing reliance on a centralized entity for asset management.
- Centralized : Similar to traditional online casinos, these use external services (e.g., exchanges) to handle user funds and transactions.
- Hybrid : Combines aspects of non-custodial and centralised models.
Additionally, various blockchains are used in crypto casino development:
- Bitcoin Cash
- Tron