Blockchain technology has revolutionized online transactions. These days, online gambling has become even more enjoyable thanks to payments in cryptocurrency. Most hybrid casinos accept both fiat currencies and cryptocurrencies. And yes, the difference between the two payment methods is as obvious as day and night. Here you will learn about all the pros and cons of cryptocurrency gambling at online casinos.
Advantages of Gambling on Cryptocurrency
Below are some advantages of playing online casino games with cryptocurrencies. Remember that most of the casinos listed here support several forms of digital payments.
Privacy
All players would like to remain anonymous while playing online. This is what cryptocurrency gambling provides to the maximum. Cryptocurrency is a decentralized payment method. Thus, neither the government, nor the central bank, nor the financial institution monitors transactions. This means that the online casino will not request any financial information before processing payments. This is especially true in strictly crypto casinos.
Faster Transactions
Privacy and faster transactions go hand in hand when playing with digital coins. As a rule, transactions in crypto casinos are processed faster than on standard gambling sites. Why? As mentioned earlier, crypto transactions are not facilitated by banks and other intermediaries. This eliminates the waiting time that may occur when using other forms of payment, such as credit/debit cards. While deposits are instant, withdrawals only take a few minutes.
Zero Restrictions
In some gaming jurisdictions, you will not use payment methods such as credit/debit cards, PayPal, Skrill, etc. A good example is the UK, where gambling with credit cards was banned in 2020. But this cannot be said about gambling with cryptocurrency.
The fact is that most governments do not regulate cryptocurrency payments yet. Therefore, some offshore casinos are happy to offer this type of gambling in areas with limited access. However, do not use it for malicious purposes, because the authorities will still track you down.
A Wider Selection of Games
With cryptocurrencies, you can play almost all online casino games. But the situation can only get better, because some game developers, such as NetEnt, Microgaming and Play’n Go, offer games specifically for crypto players. Like typical casino games, these games are probably honest. Interestingly, players can even check the result of the game using a cryptographic hash function. Of course, this adds another layer of transparency.
Big Bonuses and Promotions
When playing at an online casino, players receive a lot of bonuses and promotions. Both new and regular players can receive discounts, deposit bonuses, no deposit bonuses, free spins and much more.
But the difference between a crypto bonus and a standard bonus is the size. Typically, crypto bonuses can run into the thousands of dollars, especially when betting with more expensive coins such as bitcoin. But, as usual, always read the bonus terms carefully.
Increased Security
There is no denying that most forms of casino payments are safe and reliable. After all, players must go through an identity verification procedure before withdrawing winnings from the casino. But blockchain technology is even more secure than SSL encryption. The possibility of decentralizing management also offers an additional level of security. In addition, cryptocurrency users cannot duplicate transfers, since the system can only perform one transaction at a time.
Disadvantages of Cryptocurrency Gambling
Not everything is so pompous and colorful with gambling on cryptocurrency. This banking method also has several disadvantages. They’re here.
Volatility
If you follow the news about cryptocurrencies closely, you will realize that this has been one of the most difficult years for Bitcoin. This year alone, this popular digital coin was trading from 30 to 65 thousand dollars.
Now let’s assume that you deposited your BTC into the casino, trading at $50,000, only to realize that the value dropped to $49 during withdrawal. Naturally, this means significant losses for the player. But the opposite may also be true.
Limited Authority Control
There is still a general opinion that cryptocurrencies are not controlled by the state. While this means unmatched privacy and fast transactions, it also means less overall transaction security. But on the other hand, most crypto casinos are licensed and regulated. Those who do not have a license confirmation are also good options, although in case of any problems you will be completely alone.
No Support or Refund
Most digital coins do not have special support systems like traditional payment methods. Thus, players cannot file complaints, for example, about transaction delays, conversion rates, etc. In addition, after initiating a transaction from a crypto wallet, it is impossible to cancel or refund funds. Therefore, always enter the correct address so as not to lose your hard-earned coins.
Conclusion
The advantages of cryptocurrency gambling outweigh the disadvantages. All casino players are willing to pay anything to enjoy instant transactions, anonymous gameplay, big bonuses and other privileges associated with crypto gambling. Just remember that the lack of support for dealing with transaction issues is a concern. Nevertheless, cryptocurrency payments are the future.
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