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Understanding Crypto Casinos in Brazil

11/15/2022, by Partner - Cleverads

Crypto casinos are becoming a phenomenon in Brazil as well, helping to make cryptocurrency payments even more popular. But do you know how to bet with cryptocurrencies? Understand how crypto casinos work in Brazil. In order to understand the success of cryptocasinos, we first have to know its fundamentals. After all, what is a crypto casino? Crypto casinos are online casinos that accept cryptocurrencies, or digital currencies, as payment. And what are cryptocurrencies? Can you play an online slot machine at an online casino using cryptocurrencies? The answer is positive. According to the specialized website Online Casino, there are even crypto casinos. And it is perfectly safe to deposit and withdraw with Bitcoin. Cryptocurrencies are encrypted digital currencies, created to allow peer-to-peer (p2p) transfers without interference from banks or political decisions. This way, a player can easily deposit or withdraw from an online casino without having to explain to the bank, or wait for authorization to validate the transaction. With the popularization of cryptocurrencies, crypto casinos emerged, now also present in the online gambling market in Brazil. A crypto casino fundamentally accepts cryptocurrencies as a payment method, even if they allow deposits in 2 or 3 physical currencies. With this explosion of crypto casinos, many of the best online casinos also started accepting cryptocurrencies, namely the famous Bitcoin. What came out of it? Even here in Brazil, the player is no longer able to use cryptocurrencies only in crypto casinos, and can now also use digital currencies in the best online casinos.

Advantages of Bitcoin and Other Cryptocurrencies

The popularization of cryptocurrencies and the success of crypto casinos is recent, but it started in 2008. That year, Bitcoin was launched, an encrypted digital currency that started to revolutionize payments on the world stage. For the first time, it was possible to make a point-to-point transfer, without a bank or political decision in between. Based on a computational network called blockchain, Bitcoin showed 4 important advantages:
● Transfers are faster as they don't need a bank's authorization;
● They are also cheaper, because without a bank in the middle he cannot charge fees;
● Security is reinforced as the blockchain records all operations;
● Anonymity is reinforced while maintaining transaction transparency.
Let's just stop a little on these topics of security, anonymity and transparency, explaining better so that there is no doubt. In a blockchain transfer, it is this computational network that validates all operations. This validation is done randomly by a few computers, but all computers connected to this blockchain will record all operations. In this transfer, the digital coins leave a digital wallet that is also encrypted directly to another digital wallet that is also encrypted. The encrypted addresses of these wallets and the information on the encrypted digital currencies are registered on the blockchain. That way, a bank doesn't need to know that you made a deposit at an online casino. With this anonymity, your personal data is more protected. But the transaction does not lose transparency because everything was recorded, although in encrypted form. All movements made with your digital wallet are registered by the blockchain.

How to bet with cryptocurrencies at the casino

Now that we understand all the concepts, the success of crypto casinos may raise another question. After all, if these casinos are based on payments with digital currencies, how do you bet with Bitcoin or other cryptocurrencies? The answer is also in the blockchain. Crypto casino platforms validate their operations on the same computational networks as the various cryptocurrencies they accept. When the player makes a deposit in Bitcoin at the crypto casino, that balance is recorded on the blockchain. Then the casino system takes that balance and automatically exchanges it for the video game currency (usually the dollar), like a slot machine. In this way, the player bets with Bitcoin, even though this game was developed for dollar bets. Earning dollars in this game, the casino system automatically exchanges it for Bitcoin and places these digital currencies in the player's balance, recording these winnings on the blockchain. All this without the player having to do anything. The player's only concern, after making a cryptocurrency deposit, is just enjoying the games, which can be slot machines, roulette, poker, blackjack, baccarat, wheels of fortune or others. And it is all of these, combined, that explain the growing success of crypto casinos.