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The only way is forward – having entered the iGaming industry, cryptocurrencies have changed it for good. Gambling entities are still ‘exploring the terrain’; however, the number of businesses integrating crypto or even transforming their platforms into blockchain-based ones is booming.
As with every domain it enters, crypto has not just changed the very core of how casino platforms function but also empowered players. The introduction of decentralization has bolstered their trust in virtual transactions. Moreover, adopting blockchain technologies has opened up immense opportunities, streamlining processes and shaping a new, enhanced player experience.
Uncovering the Benefits
The benefits of cryptocurrencies in the iGaming industry are not just theoretical; they’re tangible and can be harnessed by businesses and players alike. The extent to which these benefits can be realized depends on the platform’s degree of integrating blockchain technologies. Let’s delve into the key advantages that await those who choose a crypto-centered casino.
Enhanced Security
Blockchain technology has ushered in an era of unparalleled security. Payment processing occurs on a peer-to-peer decentralized network, with all transactions stored on an immutable record holder and secured with cryptographic methods. This robust system ensures the integrity of transaction history, making crypto transactions tamper-proof and providing a sense of safety unmatched by traditional gaming platforms.
Level Playing Field
In blockchain-based casinos, all transactions and game actions are open for scrutiny at any time. This transparency ensures players that the gaming outcomes are trustworthy and guarantees they will receive their winnings. Moreover, blockchain casinos like Fairspin allow players to withdraw even huge wins that very day.
Ensuring a level playing field is a game-changer for online casinos hosting tournaments, as blockchain technology eliminates the possibility of altered results, fostering a sense of trust and ensuring fair competition.
Fast and Cheap Transactions
As decentralization has removed the need for middlemen, crypto owners can enjoy quicker settlement and reduced transaction fees compared to conventional payment methods. Cheaper transactions also benefit casinos, allowing them to optimize processes and use resources efficiently.
Extra Earning Opportunities
Blockchain casino players can benefit from more than just game winnings. They are encouraged to multiply their income through staking – digital assets are frozen for a specific period, after which holders are rewarded with more crypto. For example, the Fairspin casino has a Hold to Earn program with an average annual APR of up to 500%.
However, along with undeniable advantages, cryptocurrencies have brought a set of pitfalls to consider. Read on to find out what challenges crypto presents.
About the Pitfalls
Forewarned is forearmed – most crypto challenges can be overcome if you know what to prepare for. Others present an inherent part of every new beginning, and the crypto industry is still young and yet to develop efficient ways to integrate into the existing gambling framework.
Volatile Nature
Cryptocurrencies are subject to price fluctuations, creating uncertainty for investors. Nevertheless, the risk can be mitigated using stablecoins, or cryptos whose value is pegged to another currency, commodity, or financial instrument.
Concern of Illicit Activities
The anonymity of transactions can attract fraudsters pursuing money laundering and other illegal activities. However, enabling KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures is one way to avoid such cases. A casino can make it obligatory to pass identity verification before allowing a player to transact on the platform.
Regulatory Challenges
The rapid development of crypto and blockchain technologies forces regulators to keep pace, quickly adapting the guidelines with which crypto casinos must comply. A clear regulatory network for crypto within the iGaming sphere is yet to be developed, although certain jurisdictions have taken decisive steps in this direction.
With the key crypto benefits and challenges figured out, it’s time to delve into the exciting world of crypto gambling! Let’s see how crypto integration works for a real blockchain casino and learn what advantages its players get.
Fairspin Leading the Way
Although most crypto casinos don’t advance beyond integrating crypto payments, the real game changers revolutionize their platforms into blockchain-based ones to leverage all competitive advantages the technology brings.
Fairspin is a leading casino that prioritizes transparency and security along with an immersive entertainment experience. With a staggering 8,800+ games on offer, the platform enables players to review all game actions to ensure fair play.
Such transparency is achieved through blockchain – the casino uses the Trueplay solution to transfer data to a tamper-proof digital ledger. Once recorded, all transactions can be easily accessed and verified via Trueplay Explorer.
Security aside, Fairspin users can enjoy broad crypto-related benefits revolving around its native TFS Token. This ERC20/BEP20 digital asset is the backbone of every casino incentive, from a sign-up bonus to staking rewards. Let’s consider each of them in more detail.
Bonus System
Fairspin boasts an extensive bonus system designed to elevate players’ gaming experience and boost their winnings. From a generous welcome pack to regular cashback rewards, the casino ensures that every player feels valued and rewarded.
Welcome Pack
Once registered, users immediately receive a 200 TFS bonus with no wager to kick-start their gaming journey.
The next bonus awaits after making a deposit. Moreover, there is a whole welcome pack for the first four deposits on the platform:
- up to 100% and 30 free spins for the 1st deposit
- up to 75% and 30 free spins for the 2nd deposit
- up to 75% and 30 free spins for the 3rd deposit
- up to 200% and 50 free spins for the 4th deposit
The offer is time-limited, adding a thrilling element of urgency. Besides, the deposit sums and wagering requirements vary depending on the sum you wish to receive. For instance, the maximum bonus of 200 TFS + 50 FS has a 3-day lifetime, and to unlock it, you will need to deposit at least 500 USDT and complete a 60x wagering requirement.
Rakeback
Whether winning or losing, every bet still earns you rakeback in the best Play to Earn games. Everyone is sure to return a certain percentage of what they deposited. The percentage varies depending on the game type. For example, it is 0.2% for slot games and 0.075% for traditional and live roulette.
Loyalty Program
A 10-level loyalty program adds to the excitement. As a new user, you start from the initial “Player” level, but with each game you play and each rakeback you earn, you climb higher, unlocking more thrilling benefits along the way.
The newbie will receive 5% weekly cashback with no wager, 5% weekly cashback with a 60x wager, and a staking limit of Play to Earn × 5,000. Let’s compare the advantages provided to the players who have reached the highest levels:
Play, rakeback, and get to the very top! However, the fun does not stop there – users can multiply their funds by joining Fairspin’s staking program, which promises risk-free passive income.
Hold to Earn
According to Fairspin’s Community Manager, Poly, “the Hold to Earn program provides an average annual APR of up to 500%, with daily returns reaching 21%”. Whether you choose an 8-hour, 1-day, or 3-day plan, you can freeze your tokens and watch your earnings grow as you receive a share of the casino’s profits.
Such staking is risk-free, as players will get their deposit back even if the platform does not gain any profit during their holding period. This happens when someone shakes the casino with a huge win. However, given the impressive APR figures, Fairspin holders can still get lucrative rewards with no effort.
Summary
The integration of crypto and blockchain technologies has revolutionized the gambling industry. Unprecedented transparency, enhanced transactions, and new exciting earning opportunities are just some benefits that blockchain casino players access.
Fairspin stands out as a leading blockchain-based iGaming platform. It offers all the advantages mentioned, coupled with abundant games and generous bonuses. Sign up on the platform to find out what the state-of-art gaming experience feels like!
