Unless you’ve been living under a rock for the past several years, you’ve probably heard of cryptocurrencies like Bitcoin and how they have the potential to upend and revolutionize several important industries.
From payments and data storage to casino games and peer-to-peer sports betting, innovative crypto companies are building on blockchains and shaking up the existing order. While I’m interested in cryptocurrencies for their own sake, I’m particularly interested in how they might affect online gambling.
While scanning the crypto news headlines recently, I came across CasinoCoin, an intriguing project focused solely on the online gambling industry.
While this wasn’t the first crypto project with a focus on online gambling, I decided to do a little digging and see what CasinoCoin was all about. I’ll share the details of what I found with you now.
CasinoCoin – What Is It and What Does It Do?
It’s always best to let the firm behind the project give you a taste on what it’s all about. I found this video on the official CasinoCoin YouTube channel, and I recommend checking it out before you read on.
Done watching? Okay, good. So, what I learned from this video and further research is that CasinoCoin is a cryptocurrency which will be specifically used for one purpose—online gambling. Unlike general purpose cryptos like Bitcoin, which can be used to buy/sell anything, this one will be used only for casino gaming online.
I also learned that it will have the following features:
- It was built using a fork of the Ripple blockchain and will be able to handle up to 1,000 transactions per second. While Visa can do 56,000 per second, I doubt that CasinoCoin will ever have to handle that sort of volume.
- It is designed specifically for the regulated online gambling markets. That’s an important point which I will elaborate on in just a bit.
- Transaction fees will cost less than one penny. Yes, you read that right, one red penny maximum. Transactions are also confirmed in under five seconds worldwide.
- It will have its own wallet app called the Bankroll Manager. This will comply with all KYC and Anti-Money Laundering checks and will have features to help you manage your spending. There’s much to unpack here about what this means for players.
I know that’s quite a lot to take in. But what does all of this mean for us as online casino players? How will we benefit if CasinoCoin achieves its goals? Let’s take these one at a time.
The Potential Benefits of CasinoCoin for Players
As you might expect, it turns out the creators of CasinoCoin have done their homework. If it works, they’ll have managed to solve several problems for both players and casino operators. While I’m curious about what it could mean for operators, I’m more interested in what it’ll mean for me as a player. Here’s what I’ve got:
It’s Built on the Ripple Blockchain
This is excellent news. This blockchain is highly secure and is one of the fastest in existence when it comes to transaction times. While Bitcoin proponents fight over how to get its blockchain to be able to handle a few hundred more transactions per second, the Ripple blockchain has solved that issue and is capable of handling a whopping 1,000 transactions per second. It will likely be able to handle more in the future.
That’s exactly what the casino industry needs. With millions of people logging in to play around the world each day (although not all at the same time), a highly scalable blockchain is the only kind that’ll work if CasinoCoin is to become widespread. The last thing we want is a backlog as thousands of people try to make deposits and withdrawals at once.
You’ll still have to find casinos which process withdrawals quickly, but it’s good to know that once it’s approved by the cashier, your money will be there before you can say, “Where the heck is the jackpot that I won at this casino?”
The Ripple blockchain is also completely transparent. You will be able to view and verify every single transaction ever made on it. Never again will a casino be able to claim you didn’t make a deposit or lie that it already sent you a payment. It will be instantly verifiable right there on the public ledger.
This transparency is true of most blockchains, so it isn’t unique to CasinoCoin. However, combined with the lightning-fast speed of transactions on this one, and the virtually non-existent fees, CasinoCoin could not have picked a better blockchain. It’s a double win for us as casino players.
It’s Designed for the Regulated Online Gambling Market
I mentioned above that the word regulated was important to pay attention to. Why? Because it means CasinoCoin has a fighting chance of being adopted by big-name brands with valid online gambling licenses.
To be clear, the reason you haven’t seen brands like Bet365 and 32Red accept Bitcoin and other cryptos is because of the lack of regulatory clarity. These brands have hard-won gaming licenses from the UK Gambling Commission and others. They have to comply with strict KYC and Anti-Money Laundering laws, and they’re not about to risk accepting cryptocurrencies from unknown origins.
CasinoCoin has obviously thought this out and has built-in workarounds to ensure compliance. It’s still early, so the details on what these compliance measures might entail are sparse, but it’s encouraging to know that we might be able to use CasinoCoin at some of the biggest, most trusted names in online casino gaming.
This also means that CasinoCoin probably won’t be building its own online casino, but rather that it will work with existing regulated operators.
Transaction Fees Will Cost Less Than a Penny
I regularly use XRP, which is the cryptocurrency that Ripple uses on its blockchain. When they say less than a penny, they mean it. I usually pay fees more in the ballpark of 1/10th of a penny for a transaction of a few hundred bucks.
CasinoCoin is not XRP. It’s a different coin, and transaction fees might be a little higher. Still, a penny to send funds to and from the casino. Who could complain about that?
When I write casino reviews on this site, I outline exactly what the deposit and withdrawal fees are. As a rule of thumb, I deduct points from casinos which charge them. However, there are times when it’s understandable, such as if you’re requesting international bank transfers regularly. This will be a non-issue if you request your withdrawals via CasinoCoin. You’ll know you’re dealing with a greedy operator if they charge withdrawal fees on this, so you can take your business elsewhere.
The near-total elimination of withdrawal fees sounds good to me. Combine it with five second transaction times, as outlined above, and CasinoCoin is beginning to look like it could be a winner.
It Will Have Its Own Bankroll Manager App
I wasn’t able to find too many details about this on the CasinoCoin website at the time of writing. However, CasinoCoin has spilled the beans on what it will involve, at least in broad strokes.
Before I get into this, I want to be sure you’re clear about what a cryptocurrency wallet is. It’s a piece of hardware or software which can hold your coins. Each wallet will have a private key, and only you will know what that key is. Therefore, only you can access the wallet. Your CasinoCoins will sit in your private wallet until you are ready to deposit them, and that’s also where you’ll store them when you withdraw.
All clear? Good. So, it appears the CasinoCoin Bankroll Manager will have:
- Tools to ensure compliance with all KYC and Anti-Money Laundering laws
- Tools to help you manage your bankroll and spending
The first point might seem boring to you, but I see something you might not. If CasinoCoin can verify who you are at the wallet level, it might eliminate the need for you to verify your account at every casino you play at. That’s speculation on my part, of course, but it would certainly solve a major pain in the neck for players and would save lots of time for operators.
The second point is one I don’t have exact details on, but I like it. I’ll be the first to admit I’ve gotten carried away once or twice chasing losses and trying to meet wagering requirements. It happens far too easily, and I would have loved to have a wallet that set a hard cap on how much I can deposit, or at least made me aware that I was going over my pre-defined limit or perhaps forced some sort of time-out or cool down period after an agreed limit was reached. Again, we’ll have to wait and see how the details pan out, but I like the sound of this.
The Bankroll Manager app has not been released yet, but I’ll be keeping an eye on it and will update you when it materializes.
How Far Along Is CasinoCoin and Can You Use It Now?
At the time of writing, which is June 2019, it’s still extremely early. CasinoCoin was started in late 2013 and was originally built on the Litecoin blockchain, but it started again in 2017 when it forked the Ripple blockchain.
This is not a pre-concept project, though. You can download CasinoCoin wallets for Windows, OS X, Linux, iOS, and Android devices now. If you’re curious, I suggest you go ahead and do that.
You can also buy CasinoCoins on several cryptocurrency exchanges. I’m not going to say you should or should not do so. I don’t have any right now, but I’m planning to get some in short order. If demand for these grows and supply is limited to just under 40 billion coins, it’s possible that they could appreciate in value.
CasinoCoin also seems to have made at least one noteworthy partnership. It recently announced that Cammegh Gaming, the world’s largest supplier of roulette wheels, will issue a token on its blockchain and transmit data on it. This is not quite a casino accepting CasinoCoin, but it’s a start, and it means the project is moving in the right direction, making high-level connections, etc.
I’m well aware that gambling with cryptocurrencies is not for everyone. I rarely gamble any other way these days, but that’s just me. However, I assume that since you’ve read this far, you’re somewhat interested, so I’ll give you my opinion.
This is a project with serious potential to transform our industry. Yes, it is so early that anything could happen, and it could all go belly up in a heartbeat, but if the recent crypto bear market didn’t kill CasinoCoin, I don’t think anything will.
I’m excited to see where this goes and will be keeping a close eye on it. It’ll only take one major operator to accept it and get a competitive edge over others to start a domino effect, and if the CasinoCoin development team delivers on its promises, the future of online gambling could get a whole lot brighter.
Thanks for reading. Why not share this with your gambling-loving friends and see what they think?