Some casinos in Las Vegas have announced that they will soon accept payments from their users in cryptocurrency, and other enthusiasts are already developing platforms with gambling on the blockchain. Why is there suddenly a demand for this and what does it really mean?

After years of prohibition, the first legal casinos and slot machine halls started operating in Sweden. The best of them you find at https://www.casinostrategi.net/.

One of the key conditions of legalization is registration of all the visitors and careful tracking of their payments and winnings by the state monitoring system.

While our country is only taking its first steps in the new entertainment market, a completely new trend is emerging in the world of gambling - cryptocasinos.

Today in many online casinos and poker rooms it is already possible to pay and withdraw money in cryptocurrency - it allows players not to wait for international transfers for several days and not to pay commissions to banks.

The same policy is planned to be implemented in some large networks of land-based gambling establishments. How it works and what is the threat - let's understand together.

What is a cryptocasino?

By and large, a "cryptocurrency casino" differs from a regular casino only in the fact that the key payment instrument there is not fiat money, but digital coins.

Otherwise, crypto gambling platforms do not differ from regular online casinos: here you can also find thousands of kinds of slots, roulette or, for example, betting on sports.

The availability of cryptocurrency wallets, in which you may keep one of the digital currencies, is the sole aspect that can be included among the features of cryptocasinos. Typically, such wallets are created for prominent "crypto" currencies such as bitcoin, Ethereum, Binance, XPR, and others.

As with fiat money, cryptocasinos may impose limits on withdrawing cash from the site to a personal account.

However, as experience has shown, trustworthy platforms are not concerned in payment delays, and bitcoin transactions are often quicker than payment processing in conventional payment systems.

Why have cryptocasinos become popular?

Apparently, the key to the popularity of cryptocasinos today is the very concept of cryptocurrencies: users like the idea of secure and anonymous transactions that are very difficult to trace or counterfeit.

This method of payment allows players to bypass banks and various third-party payment systems by sending money directly to their account.

The cryptocurrency transaction process does not require the transfer of personal data, bank account information or identification documents. And modern crypto exchanges allow you to do it as fast as transferring money in your bank's app.

In addition, the idea of cryptocurrency in casinos began to promote some land-based institutions in Las Vegas: recently the management of the hotel-casino Resorts World Las Vegas announced a partnership with the cryptocurrency platform Gemini.

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For the first time, cryptocurrency at Resorts World Las Vegas will only be available for non-gambling purchases. But hotel-casino executives assure that soon their users will be able to buy game chips for cryptocurrency - for this, they need to approve the use of cryptocurrencies in casinos at the legislative level.

Governmental regulation is the main problem on the way of cryptocurrency implementation in casinos in different countries, because not everywhere in the world people treat bitcoin and other coins loyally.

Let's give blockchain

Another feature of using cryptocurrencies in gambling is blockchain technology, which is the basis of all digital coins without exception.

The fact is that with the help of a decentralized chain, you can create random number generators (RNG), which are responsible for the operation of all online slots and even poker rooms.

By the way, at the beginning of 2021, multiple world poker champion Phil Ivey confirmed his intention to be an ambassador and contribute to the launch of Virtue Poker, - the first online poker platform on the blockchain.
The platform's founders should unveil its decentralised product in the near future, which they claim assures the principles of fair play, a high level of user money safety, and convenient usage of the poker room.

It is envisaged that each player's Virtue Poker balance will be held in their Ethereum-purses, with money arriving directly in the poker-room only during the game.

This implies that if the site is suddenly shut down, all of the users' money will be returned to them.

Phil Ivey personally committed to do his utmost to promote the innovation and reaffirmed his decision to become a Virtue Poker Ambassador.

What's the bottom line?

Cryptocasino is a pretty good idea, or rather a technology that is already being implemented on different platforms.

The only problem with this is government control and the opponents of cryptocurrencies, who do not consider digital money as a reliable financial tool.

However, if developed correctly and successfully, cryptocasinos can solve the main problem of players - fast transfer of funds between accounts and full control over the transactions they carry out.