Cryptocurrency now has a key role in iGaming. It is estimated that just over 8% of the worldwide population are crypto users, and while that may seem like a small percentage, it is significant for online gambling. So much so that some online casinos have introduced their own iGaming coin, read on as we assess how crypto coins impact iGaming.
What are Casino Coins?
Casino coins are a form of cryptocurrency available at online casinos specific to that casino. So, while many iGaming sites will offer cryptocurrency as a form of payment, in addition to fiat payment options, a casino coin is an internal coin that can be used to play at that casino. In addition to being used to play at the casino, some internal crypto coins can also be traded on the market. If something is labeled as a ‘crypto coin,’ it usually means it has been created as a form of payment and exchange. Crypto coins created by iGaming sites are native to that site, and their uses can vary depending on the casino’s offers. In addition, an online casino in NZ accepting NZD does not mean that a crypto coin is not available; it is possible for an online casino to offer both.
How to Claim Casino Coins
Claiming casino coins at iGaming sites can vary depending on the online casino in question. However, most online casinos tend to offer a rewards, points, or bonus system for their crypto coins. For example, casino coins could be awarded as a form of deposit bonus. You could make a first deposit at the casino using fiat or cryptocurrency and be awarded crypto coins as your bonus. Another popular method for obtaining crypto coins is by completing tasks at the online casino. Tasks could include making several deposits each week, playing specific games, and entering tournaments. Some crypto casinos even allow you to store their crypto coins in your account and earn interest.
Pros and Cons of Crypto Coins on iGaming
Faster transactions and lower fees are one of the major benefits of using crypto coins at iGaming sites. Digital currency moves much faster than fiat currency due to the processing times that many traditional payment methods can have, especially when depositing to an online casino that is not registered in the same country as the casino. In addition to the speed of the transaction, many users of crypto coins, especially casino casinos, find transaction fees are much lower or even non-existent. Some credit cards and bank transfers can incur charges when making a deposit but that is not the case when using crypto coins, especially casino coins linked directly to the iGaming site.There is still some regulatory uncertainty around using crypto coins in some countries. Some crypto coins can also be highly volatile but that is not always the case when using casino coins issued internally by the iGaming site. They may not see the same volatile fluctuations that a cryptocurrency, such as Bitcoin, would see.
