Pros and Cons of Using Cryptocurrencies for Online Casinos

In the world of online gaming, gambling sites keep making waves as billions of dollars have been generated over the last few years. While land-based casinos are still available, many people are gravitating towards online casinos as alternatives. 

Playing your favourite game in front of a device can be fun and rewarding so long as you know your way around it. No matter how it turns out, the advantages still outweigh the disadvantages, so it’s a win-win. 

In this article, we are about to learn the advantages and disadvantages of using Cryptocurrency in online casinos. Let’s dive in.

Cryptocurrencies and Online Gaming

Anything to attract and keep players in the game and to ensure that they are satisfied is a welcome idea. For example, casinos offer incredible bonuses, free spins, no-deposit bonuses, etc., to entice people. The free online slots by Slotozilla allow users to play games demo versions of slots allotted to them.

Casinos are always doing better, offering the latest services, and now cryptocurrencies as payment methods for online casinos are one of the amazing features that make gaming better. Many casinos accept different types of crypto, from well-known to lesser-known. 

Fiat payment does not come close to what crypto is offering. However, it also comes with some drawbacks, and we will be looking at all that in this article.

Popular Crypto Used at Casinos

Online gaming platforms that accept cryptocurrencies are called Crypto casinos. This type of payment method offers an alternative way to play by using different types of digital currencies instead of the traditional payment methods. There are a couple of them you can use to make your transactions online. Some of them are listed below.

• Bitcoin
• Bitcoin Cash
• Ethereum
• Ripple
• Tether
• Dogecoin
• Solana, etc.

Overview of the Increasing Use of Different Cryptocurrencies Over The Years

Here is a simplified table showing the trend of different cryptocurrencies below.

Pros of Using Cryptocurrency For Online Casinos 

After researching cryptocurrency, we’ve compiled a list of pros and cons of using it below.

Advanced Security 

When it comes to playing games in the online space, one of the things users seek is their security. Due to this, Online casino providers are doing everything possible to give protection to players. 

Therefore, there is a need to have fair and transparent transactions that both players and casinos can bank on. Using what is called ‘blockchain technology’ provides an advanced platform where games are played fairly. The technology follows a predefined system that ensures that nobody can manipulate the outcomes.

Fast Transactions and Payments

Payments using cryptocurrency are usually fast compared to fiat currency while playing online casinos. It takes care of the slow payment processing that might take a few days before the players receive payments. 

One of the reasons to love cryptocurrency is that it is super fast, and within minutes of placing withdrawals, you will receive your winnings in your bank account. The lightning-fast processing of payments makes this type of payment more desirable because of the quick access to your earnings.

Lower Or No Transaction Fees

Using the traditional online casino payment method comes with additional fees when depositing or placing withdrawals. Players prefer using Cryptocurrencies because of the no fees or sometimes lower transaction fees. Using fiat currency imposes fees, which usually reduce the final money remitted to the player’s account. 

If you remove these substantial fees, it means that players will get a more considerable portion of their total earnings. The low fees, or the lack of them, is a big advantage that puts crypto gambling ahead. 

Supports Anonymous Gameplay

Cryptocurrencies allow you to retain anonymity during gameplay for individuals who want to remain anonymous. Remember that if you are making deposits or placing withdrawals with fiat currency, you would have to input your bank details and card number. 

Many players would not want to leave personal information like name or address on the internet. Crypto gambling, on the other hand, you don’t need all of that. 

All you have to do is sign up for an account with your email and then connect the cryptocurrency of your choice. In this way, players’ privacy is protected online.

Global Reach

Cryptocurrency works on a decentralised network to make it have a global reach across any geographical location worldwide. It is not affected by local regulatory constraints or gambling laws peculiar from one country to another. 

There’s no news that some countries maintain rigid gambling regulations that affect playing online casinos. However, crypto casinos allow you to play games even with the stringent local laws. Now, there is no longer any inhibition or geographical limitations to deal with. 

Provably Fair Bets

Blockchain technology is built on transparency and fairness in gameplay. If you want to get some fair gaming, try cryptocurrency casinos. Players can leverage this feature to place bets that will maximise their winnings. 

Players can see the odds of the game in the blockchain code to ensure that the casino is not manipulating them to their favour. Plus, payment is automated, meaning that you get your money once you win. With the code in place, you can use provable data to choose the most suitable game with more winning chances. 

Bypasses the Traditional Banking Systems

With Cryptocurrency transactions, there is no need to depend on the traditional banking system. For locations that have limited access to traditional banking systems, 

Crypto casinos are beneficial. All you need is to carry out transactions online with your wallet. People who live in areas with little or no access to banks can play from any part of the world. 

Cons of Using Cryptocurrency for Online Casinos With No Regulation 

Lack of regulation is one of the downsides of using cryptocurrency. What this means is that there are no predefined bodies overseeing or regulating these transactions. The government isn’t doing that, and no other financial body is either. 

For example, if there is a case of fraud or irrational activities during gameplay, there is no accountability or anyone to hold accountable. 

Lack of Global Acceptance

As convenient as crypto is, it is still one payment that is still struggling with acceptance on some platforms. Even though there are online casinos that use cryptocurrency as a means of payment, there are many others who don’t accept it. 

So, if you are a player who prefers this to fiat currency, it will pose some challenges if the online casino does not offer such services. 

Cryptocurrency Is Volatile

One of the things to note about cryptocurrencies, in general, is their volatile nature. The ever-fluctuating and changing prices affect the market from time to time. 

The prices can skyrocket in one minute, and the next time we are talking about it has gone down. This makes it difficult to maximise profit from winnings sometimes because your winnings must have lost value before cashout time. 

Conclusion

Cryptocurrency in online casinos is fast changing the way online gambling is coming off lately. 

We have seen advanced security, anonymity, global reach, etc, are some of the many advantages of using this system; also, with the ability to bypass local gambling laws so that players can access games and the potential of people living in places with limited or no access to banks, it is a great step in the right direction.

Using cryptocurrency in online gaming comes with its unique challenges, which include lack of global acceptance, no regulation, volatility, etc. However, it’s good to note that the online gaming space is still advancing with many prospects and will still do better in the future.