Crypto Casinos vs Regular Casinos: How Are They Different?
In recent years, the term “crypto casino” has been circulating on the internet quite a lot. The same is true in Canada. The question is, are they the same as regular casinos? What do we mean by a Bitcoin casino? Or, any other “cryptocurrency” casino for that matter?
Throughout this guide, let’s try to distinguish the differences by explaining different paradigms of the term. And before anything else, we need to start with understanding what crypto is.
What is Crypto?
Unless you’ve been living under a rock, you’ve definitely heard of cryptos. It’s been the talk of the town for the last decade and it has finally proved itself to be a viable payment method.
Yes, that’s exactly what crypto is. A payment method. The difference between cryptocurrencies with fiat currencies is that there is no central authority to regulate the market. It means there’s no way to control the liquidity or the value of the currencies. Hence, it’s considered the most “volatile” type of currency out there.
You might be thinking who regulates the industry if there are no central governing bodies, right? Well, that’s where blockchain comes into play. A blockchain is a decentralized network of nodes that ultimately houses crypto transactions and records them.
In a blockchain of a casino Bitcoin, there can be hundreds if not thousands of nodes that simultaneously execute, validate, and record transactions. And that’s how the blockchain eliminates a “single point of failure”.
What Does a “Crypto Casino” Mean?
When you try to contextualize crypto in the iGaming industry, that’s where all the confusion begins. For the longest time, a crypto casino like a Bitcoin casino meant it accepts payments in cryptocurrencies.
For example, take the crypto WildTornado casino Canada which is an online casino that accepts various cryptocurrencies. Just like this, you may find plenty of crypto casinos all over the internet that specializes in accepting crypto payments as well as offering withdrawals.
However, that’s only 1 paradigm when it comes to a Bitcoin casino online, for example. And this is where the newest term “provably fair” comes into play.
Provably fair is simply an algorithm that lets you input a seed into the hashing process to generate random results for the games. The other seed is provided by the developer of the game. So, both parties have equal contributions in generating the most random result.
Now, one important thing to understand here is that a provably fair algorithm at a casino Bitcoin doesn’t improve your chances of winning at all because it’s still random. But it surely helps with the peace of mind that the games you’re playing are not rigged.
Before the days of the provably fair algorithm, it was the RNG (Random Number Generator). It’s also an algorithm that keeps generation strings of numbers even when you’re not playing games.
So, if an online casino had a reputed license, you could rest assured that the games aren’t rigged. Many operators even employ 3rd party auditors to ensure that the RNG is working properly and no one has remotely tried to rig the process.
Difference Between a Crypto Casino and a Regular Online
A regular casino, say WildTornado for example, is not so different from the crypto casinos everyone is going crazy over. There are surely some differences but they’re not as drastic as many of you seem to believe.
To further clarify the message we’re trying to convey, let’s go over the common aspects of any online casino and put them in both RNG and Crypto contexts.
If you’re familiar with the iGaming industry, you should know that every online casino must boast a license to operate legally. It’s true for a casino Bitcoin online as well as a non-crypto casino. In Canada, the provinces now have the power to regulate online gambling. As a result, you can expect to see an influx of new operators including crypto WildTornado casino Canada.
The game library is one of the aspects you might see some differences. In many Bitcoin casinos or other crypto casinos, you’ll find a tab for crypto games. These are run on a blockchain rather than traditional servers. And this is where the “provably fair” algorithm comes into play.
Otherwise, you’ll find an identical collection of online slots, table games, live dealer games, bingo, lotteries, scratch cards, and all other types of games you look at in online casinos.
Primarily, this area is going to be the most different between a crypto casino and a regular casino. To this day, most people think of casinos that accept cryptocurrency as crypto casinos. And that’s every bit true.
In a crypto casino, you should find all major currencies like Bitcoin, Ethereum, Ripple, USDT, etc. for both deposits and withdrawals. If you visit crypto WildTornado casino Canada, you’ll find all of the stated cryptos and beyond for your transaction.
In regular casinos, you won’t find any crypto methods. You can only use your traditional credit cards, debit cards, and e-wallets to fund your casino account as well as withdraw from it.
Last but not least, the fairness paradigm is a little different for crypto casinos and regular online casinos. Keep in mind that we’re referring to the “provably fair” casinos only. Regular casinos that only accept a few cryptos as payment methods do not qualify for this section.
A Bitcoin casino online, or a crypto casino online, whatever you may want to call it, is a platform running on a blockchain. It means the entire operations of the casino are handled by smart contracts rather than regular servers.
The result of this practice is that the operators eliminate all single points of failure. Even if one node in the blockchain is offline, there are plenty of others to back that up at all times. As a result, you get 100% uptime on the servers.
And you already know about how the seeds and the hashing algorithm work so, let’s not go there anymore.
The trend of playing at Bitcoin casinos is picking up quite fast in the country. If you’re not aware of the differences and the benefits of one over the other, it might become a confusing trait on your end. So, we’ve tried to cover both in an as meaningful way as possible.