FUNToken Casinos

Cryptocurrencies have entered the online gambling industry over a decade ago, and are here to stay. The digital currencies are the future, and the industry has recognized their potential. Knowing that online casinos and cryptocurrencies go pretty well together, an innovative company created a whole ecosystem based on blockchain technology to provide players with a fun and convenient online gambling time, using FUN Token as their payment solution. What are FUN Tokens?

FUN Tokens allow you to bet and win across online casinos using a digital currency, a coin simply called FUN. This is a native coin, developed by FunFair Technologies, the company that created this all-encompassing system to deliver online casino players with a simple, effective and speedy online gambling.

Essentially, the coin is the fuel that enables key processes on the FunFair network, the reward paid to developers for their creativity in games development and the chip that players use to play across online casinos.

Just like any digital currency, coins can be sent and received to and from compatible wallets in a quick and easy way, thanks to the Ethereum blockchain. That’s right. Even though FUN is a coin native to FunFair, it functions on the Ethereum blockchain. A smart contract on this blockchain is what you need in order to get administered with the digital asset.

FUN Token Overview

 To tell you the story about how these FUN Tokens came to exist, we must first introduce you to the masterminds behind them. The investor and tech entrepreneur Jez San OBE, and the two iGaming veterans Oliver Hopton and Jeremy Longley created the blockchain group FunFair Technologies in 2017, with the aim of creating a truly fair, decentralized and above all, fun, online gambling powered by blockchain technology. The company is headquartered in Singapore, but it has teams in Dublin and London, too.

They chose Ethereum as their medium because it is a decentralized platform which uses blockchain to enable a secure network which removes the need for traditional servers and removes any possible vulnerabilities to be exploited. Thanks to its smart contracts, the company has the ability to run the game code without any possibility of third-party interference.

In just a short period of time, FunFair became a leader in providing blockchain-powered casino technology, even though it already had some competitors. The group developed a platform and protocol leveraging the security and transparency of the blockchain, which are the foundation of the ecosystem that links all operators, players and developers in real-time. Thus, what they created was a way more fun, fairer and more user-friendly experience for everyone involved, set to revolutionize online gambling as we know it.

Speaking of which, FunFair Technologies even created an online casino on its own, called CasinoFair, to deliver that ultimate blockchain casino experience it promised. The casino went live in 2018, a year after the FUN Tokens were invented, and offers players FunFair’s proprietary games.

The FUN Tokens, though, were created on the 22^nd of June in 2017, in the Token Event. The coins created back then will be the only ones that will ever exist. Contrary to other digital currencies, such as Bitcoin, FUN coins cannot be mined, so no new ones will ever be created. The FunFair founders created a certain number of coins back then, which are locked and only released after an 18-month period. But don’t worry, that number is not at all small. In fact, there’s a total of 11 billion coins that are circulating and held by the founders.

You can purchase FUN on the FunFair platform at several exchanges. Nova Exchange, EtherDelta, HitBTC and Binance are just some of the exchanges where coins are available. You should know that although your ownership is anonymous, transactions are publicly trackable via tools like Etherscan and CoinMarketCap.

Once you buy your coins, you would need to choose a wallet to store them. The company itself recommends its recently released FunFair Wallet, which allows online gambling on any device and any browser, but Metamask is another great alternative.

Playing at Online Casinos with FUN Token

Just like with other cryptocurrencies, security, anonymity and safety are guaranteed with FUN Token. But also, you'll be making deposits and withdrawals in such an easy way, that you'll never be bored by lengthy procedures.

Unfortunately, though, this digital currency is still not available across many online casinos. You would first have to find an online casino that supports it in order to get started. Once you find one, you can rest assured that your transactions will be completely safe, since blockchain-powered registration to the casino and payments eliminate any possibility of fraud.

After you join an online casino that accepts the cryptocurrency, you would need to go to its Banking page in order to make your first deposit. Find FUN’s logo, and click on the icon. You’ll be redirected to a page where you’ll need to enter your crypto wallet information. If you’ve ever used cryptocurrencies, you probably know what you need to do. You need to enter the amount of coins you’d like to deposit and the public key. Once you confirm your transaction, the coins will reach the casino account in a blink of an eye.

But what’s incredible is that withdrawals are as easy! Quick withdrawals cannot be achieved with traditional methods, but with this digital currency, they are instantaneous. With this solution, any winnings you make playing your favourite games are held escrow by the blockchain. You don’t need to wait for days for them to reach your crypto wallet, because they are instantly paid out.

Gambling Restrictions for FUN Token

The gambling restrictions FUN Token faces are similar to those of all cryptocurrencies. While crypto technology has been around for over a decade, the laws and regulations surrounding it haven’t been ironed out in pretty much any country. Essentially, the restrictions for using FUN Token will vary drastically based on your location. There’s no unified front when crypto regulations are in question, especially not with activities like crypto gambling. It’s best to refer to your country’s local online gambling laws to get an idea of what to expect.

The laws surrounding online crypto gambling in western Countries like the USA usually don’t prohibit players from gambling with cryptocurrencies like FUN Token. Of course, even within the US, different states have different rules. While no law explicitly bans crypto gambling, there is the Unlawful Internet Gambling Enforcement Act which might get some players into trouble.

In the UK, a few specific restrictions apply to crypto gambling. For the most part, these restrictions are aimed at the casinos. An example of this is the requirement to disclose fund sources before applying for a license. If a casino fails to meet this requirement and others connected to the issue, their license application will be denied.

Interestingly enough, even in countries like South Korea, where cryptocurrencies are prohibited, people find a way to get their hands on them and use them for online gambling purposes! Usually, this is done by buying tokens, such as FUN Token, through crypto exchanges. In contrast, some countries have shown a keen interest in cryptocurrencies and aim to work with them instead of against them. El Salvador is an excellent example of this. The country made Bitcoin, the first-ever cryptocurrency, legal tender in August of 2021.

Pros and Cons of Playing with FUN Token

Most people have at least an inkling of what cryptocurrencies have to offer at this point. Since FUN Token is a crypto token, it gets all of the benefits of cryptocurrencies and even a few extra perks because of its focus on the online casino market! There’s undoubtedly much to gain from using method, but you should still keep in mind the cons of using it too.

One of the main benefits you get by using this cryptocurrency is the most obvious one: the decentralization. Your online casino payments are not tracked by any authorities, so you won’t ever see a casino expense on your bank statement, or in other words, you will keep your anonymity. In fact, the biggest perks of using crypto for online banking are precisely the anonymity, and the transparency. While they might seem like opposites, they’re both core to how cryptocurrencies operate. All crypto transactions are registered on the blockchain ledger. Since the ledger is available to the public, you can view every transaction ever made using crypto! Thanks to this, you can up your safety and avoid shady dealing and scams. On the other end, players needn’t share personal information when making crypto transactions. The only thing they need to disclose when making a payment is their crypto wallet number.

Then, of course, you can rest assured that your transactions will be completely secure, since they are executed via blockchain technology, protecting you from any frauds and third-party interference.

Needless to say, the fact that your entire online gambling time goes straight from and to your crypto wallet, saves you a lot of your precious time. Deposits and withdrawals are instant, so you don’t need to wait hours and even days to get access to your coins. You’ll be getting an instant gaming time, which is something all online casino players strive for.

All of these perks provide you with rich user experience, at a really low cost. As an online casino player, you want cost-effectiveness, speed and convenience, and you’re getting all of that with this payment solution, plus a next-level entertainment.

On top of the traditional perks of using crypto, it offers a few exclusive perks in the casinos that support it. As you might have expected, these come in the form of FreeSpins, Cashback, and additional interest on Bitcoin savings! These promotions might come with a few terms, so make sure to read learn more about them before proceeding.

Now that we’ve discussed some of the perks of crypto, specifically FUN Token, it’s time we go over the downsides of using this payment option. Unfortunately, this Token isn’t immune to the cons of cryptocurrencies. The main problem with using this option is the culture surrounding crypto itself. It takes time to learn the ins and out of the crypto world, so newbies might need to invest some time and effort to grasp the basic concepts of how it all works.

The complexity of cryptocurrencies is arguably the biggest con of using them, but this lack of knowledge can also drag other problems along with it. Inexperienced crypto users are much more susceptible to scams and shady practices. Because of this, it’s always best to learn the basics before starting your crypto venture.

We’d also be doing you a disservice if we didn’t mention the elephant in the room, the volatility of most crypto coins and tokens. The price of many cryptocurrencies fluctuates drastically. On one side, this can mean excellent gains if you play your cards right. Of course, it can also mean huge losses if things go the other way. Before delving into the crypto world, make sure you’re aware of the risk.

Does Using FUN Token Limit My Game Choice?

We’ve covered most of the downsides of using cryptocurrencies for online gambling purposes, but one thing we didn’t get into detail about was the limited availability of games attached to these payments. Crypto payments do limit your game choices at online casinos. Not all casino software supports crypto payments, so you’ll likely miss out on plenty of fun games that you might have had an eye on. The good news is, there are just as many top-tier games that are crypto-friendly! Multiple game providers work with crypto, so you can find fun alternatives without missing a beat.

If you’re not sure what to expect from Bitcoin-friendly software providers, we’ve got you covered. Among the many names you’ll run into out there, you’ll find industry leaders like BetSoft, BGaming, iSoftBet, Habanero, Vivo Gaming, Mr Slotty, and many more! You can also expect to see plenty of up-and-coming game studios looking to reach a new market. You might also be surprised by some of the popular titles that fit the crypto-friendly bill! A few of them are Aloha Elvis King, Deep Sea, Riot, Johnny Cash, The Myth, and Fire Bird!