Blockchain technology has greatly revolutionized online transactions. These days, online gambling is even more enjoyable, thanks to crypto payments. Most hybrid casinos accept both fiat currencies and cryptocurrencies. And yes, the difference between these two payment methods is as clear as day and night. Here you will learn all about the pros and cons of online casino crypto gambling.
Advantages of crypto gambling
Below are some of the benefits of playing online casinos with cryptocurrencies. Remember that most of the casinos listed here support multiple forms of digital payment.
All players would like to remain anonymous when gambling online. This is something that cryptocurrency gambling provides to the max. Cryptocurrency is a decentralized payment method. As such, no government, central bank or financial institution tracks transactions. This means that the online casino will not ask for any financial information before processing the payment. This is especially true in strictly crypto casinos.
Privacy and faster transactions go hand in hand when gambling with digital coins. In general, it is faster to process transactions at crypto casinos than at standard gambling sites. Why? As already stated, crypto transactions are not facilitated by banks and other intermediaries. This eliminates the waiting time you may experience with other forms of payment such as credit/debit cards. While deposits are instant, payouts only take a few minutes.
In some gaming jurisdictions you will not use payment methods such as credit/debit cards, PayPal, Skrill and so on. A good case study is in the UK, where credit card gambling is banned in 2020. But the same cannot be said for crypto gambling. The thing is, most governments have yet to regulate crypto payments. Therefore, some offshore casinos will be happy to offer this type of gambling in restricted areas. However, do not use it for malicious purposes as the authorities will still track you down.
A wider variety of games
With cryptocurrencies, you can play almost any online casino game. But things can only get better as some game developers like NetEnt, Microgaming and Play’n Go offer games specifically for crypto players. Like typical casino games, these games are proven to be fair. Interestingly, players can even verify the outcome of the game using a cryptographic hash function. Of course, this adds another layer of transparency.
Bigger bonuses and promotions
Playing in an online casino exposes players to a large number of bonuses and promotions. Both new and loyal players can get discounts, deposit bonuses, no deposit bonuses, free spins and more. But the difference between a crypto bonus and a standard bonus is the size. Typically, crypto bonuses can reach thousands of dollars, especially when betting on higher value coins like Bitcoin. But as usual, always read the bonus terms and conditions carefully.
It cannot be denied that most forms of casino payment are safe and secure. After all, players must go through an ID verification process before withdrawing any winnings from the casino. But blockchain technology is even more secure than SSL encryption. The ability to decentralize control also offers an additional level of security. Also, crypto users cannot duplicate transfers because the system can only do one transaction at a time.
Disadvantages of crypto gambling
It’s not all colorful with cryptocurrency gambling. This banking method also has several disadvantages. Here they are:
If you are a big follower of cryptocurrency news, you will understand that this has been one of the most challenging years for Bitcoin. This popular digital coin has traded between $15,000 and $65,000 this year alone. Now suppose you deposited your BTC in the casino when you were trading for $50k only to realize that the value dropped to $45k during the withdrawal. Of course, this means a significant loss for the player. But the reverse can also be true.
Limited authority control
Up to this point, the general consensus is that cryptocurrencies have no government oversight. While this means unmatched privacy and fast transactions, it also means less overall transaction security. But on the bright side, most crypto casinos are licensed and regulated. Those without any proof of license are also a good option, although you will be on your own in case of any problems.
No support or refunds
Most digital coins do not have dedicated support systems like traditional payment methods. Therefore, players cannot file complaints such as delayed transactions, conversion rates, etc. Also, there are no reversals or refunds once a transaction is initiated from a crypto wallet. So, always enter the correct address to avoid losing your hard-earned coins.
The pros of crypto gambling outweigh the cons. All casino players would pay anything to enjoy instant transactions, anonymous play, bigger bonuses and other benefits associated with crypto gambling. Just remember that the lack of support for dealing with transaction issues is a cause for concern. However, crypto payments are the future.