How Does a Memecoin Casino Work

Online gambling has become significantly more popular after this sector began integrating cryptocurrency payments. Ever since Bitcoin exploded onto the scene more than a decade ago now, the scale and sheer expanse of cryptocurrencies out there presently is staggering. 

With so many of them in the mix now, cryptocurrencies are now better known by categories. Among the likes of stablecoins, altcoins, and even a category called shitcoins, one of the better-known types of cryptocurrencies these days are memecoins. Born out of internet subculture and dark humor, these cryptos are growing fast and evolving to fit a range of new use cases every day. 

As a terrific example of this ingenuity, the MemeBet coming off a successful presale, this particular memecoin seems set to usher in the world’s first memecoin crypto casino.  

The First Meme Casinos

It’s important to note that while MemeBet’s foray into online casinos seems set and will be groundbreaking when it happens, it’s not the first meme crypto casino. In fact, crypto casinos have been around for some time now and have been widely embraced by iGamers all over the world. 

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According to crypto writer Gary McLellan from Best Crypto Casinos Ltd, the popularity of these sites stems from the fact that crypto casinos are generally able to offer more perks than traditional casinos as they provide features like anonymous play, better bonuses, loads of game choice, and faster payments. 

The key difference with these platforms is that most accept major cryptos like Bitcoin, Ether, or Solana. However, MemeBet is set to change all that as it seeks to become the first crypto casino powered by memecoins alone. This represents an exciting shift from conventional crypto casinos as a wider range of crypto holders will now be able to gamble online with their memecoins. 

What Are Meme Coins?

Having raised close to $300k already, MemeBet has been attracting a ton of early investors. However, it’s very important to first take the time to understand what memecoins are before you understand how they operate in casinos. They are simply a type of cryptocurrency coin that is created as a joke originating from an online meme. 

DogeCoin was the first meme coin to be created back in 2013 as a joke of Bitcoin but it managed to become extremely popular over the years—mostly thanks to its connection to Elon Musk. Next, it was followed by the likes of Flocki Inu and Shiba Inu coins that were developed in 2020. These coins were generally created with a lack of value but have also grown quite successful, leading to an entire market for memecoins these days. 

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The Use of Meme Coins in Casinos

As mentioned, a memecoin casino is simply an online casino that primarily uses memecoins to play with. However, players are allowed to bet on the regular types of games you would find at casinos, such as poker, slots, and even blackjack. They have now even created special meme-themed games that focus more on using meme currencies. 

To play, players will simply have to deposit their meme currencies (such as DogeCoin for example) into their casino wallets and then use them to wager on games the same way they would use fiat money. This provides current owners of these memecoins with another convenient way of making use of them without the hassle of trying to convert them into fiat money first. 

Transaction Speed and Costs

Another benefit of using memecoins is the convenience of their transactions. Traditional payment methods, such as bank transfers or credit cards, sometimes have a high processing cost and may take several days to transfer funds. 

On the other hand, cryptocurrency transactions are usually much faster, as they can instantly be transferred to your crypto wallet. DogeCoin is the ideal type of currency to use on smaller and more frequent transactions, as it has the fastest delivery rates and does not require overall intensive verifications. 

Also, compared to other popular cryptocurrencies like Bitcoin or Ethereum, a lot of memecoins have a much cheaper transaction cost and are faster to transact with. Players can sometimes become reluctant to play games online due to the long waiting time for payouts. 

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However, at crypto casinos, players usually have access to immediate payouts. Therefore, the incorporation of memecoins will likely have a significant effect on the number of players who will now participate in online casino games.

Security and Anonymity

Security is one of the key challenges on any online gambling platform, and memecoin casinos are no different. However, as memecoin transactions are also run on blockchain technology, they do come with inherent security features that make them difficult to amend once recorded on the chain.

Players will be able to play anonymously at memecoin casinos, something not available to players in normal casinos. This is because players may not necessarily have to follow the stringent registration processes at traditional online casinos so KYC processes can be dispensed with. 

Therefore, meme casinos will only require players to have a crypto wallet address for deposits and withdrawals, allowing them to play more privately. This privacy usually appeals to most users and generally influences their decision to join crypto casinos in the first place.