Betting at an online casino today is more fun than ever. The availability of games and bonuses is getting richer, and payment methods are multiplying with each passing day. One of the phenomena we see more and more is the emergence of cryptocurrency in online casinos. The advantages are many, but of course, there are some disadvantages. Let’s look at the pros and cons together. Use the moment to inform yourself on the topic and consider whether this new currency is worth the investment. Let’s go!
The benefits from using cryptocurrencies in online casinos
Ever since cryptocurrencies entered our lives, they kept amazing us with their revolutionary technology. Different from the traditional payment methods, crypto payments are fast, secure, and effective. The blockchain technology behind them is one of the most reliable in the industry, offering privacy and anonymity.
2. Easy to use.
Crypto payments are beginner-friendly and require no special knowledge. You can easily create an e-wallet and start purchasing, spending, or making transactions. No more losing time and waiting for days for the money to arrive – everything is done within minutes.
3. Security and Control.
Thanks to blockchain technology, you can access your wallet only by using a private key. This key is, in fact, a cryptographic password that no one except you has access to. There are no banks, institutions, or governments that can freeze your funds. Also, there is no chance for anyone to steal your personal and financial data.
Not everyone feels comfortable sharing their endeavors. The reasons for that can be various, but the important thing is that cryptocurrencies are providing 100% privacy. One of the biggest advantages is that there are no third parties involved. Something we can’t say about debit/credit card payments or bank transfers.
5. Light-speed transactions.
Crypto payments are faster than conventional methods. The speed of the transaction varies according to the chosen currency, but in general, they take from a couple of minutes to one hour. For example, Bitcoin payments can take up to an hour, depending on the amount you want to send or receive. Ethereum needs up to 15 minutes, while Stellar provides transactions within seconds!
6. Low transaction fees.
Probably you are familiar with Electronic Payment Systems and their not-so-cheap transaction costs. However, payments with digital coins are more profitable. This is one of the main reasons for the growing usage of cryptocurrencies in online casinos. The fees vary from zero to a couple of dollars or euros.
Disadvantages of crypto payments
Even if their overall score is positive, cryptocurrencies also present some cons, namely:
As for the moment, cryptocurrencies chance frequently and with wide margins. Financial analysts and experts believe that this phenomenon is temporary, and in the future, they expect that Bitcoin, Litecoin, Ethereum, and other well-known coins will reach a stable value. Nevertheless, only time will tell.
2. Convenient alternative for illegal activities.
Thanks to the anonymity they provide, cryptocurrencies can be used on markets like the Deep Web, where money laundering and the exchange of criminal services is a common practice. The privacy and the absence of monitoring from other organizations stimulate activities like selling drugs and faking identity documents.
3. Tax Evasion.
Since there are no third parties involved, governments have no access to the transactions. Therefore, when someone wants to avoid tax liability, it’s very convenient to pay in crypto.
4. Data loss = Financial Loss.
Yes, we can’t deny how safe is the digital storage of money with blockchain technology, but there is a little detail. You can only access your wallet by providing your key and going through various authentication protocols. But if you store your data on your laptop, and someone steals it, what do you do? If you don’t know your password by memory or you are late before someone changes it, there is no turning back. You can’t request a refund, and therefore you lose your funds.
How can you benefit from paying with crypto in online casinos?
First of all, there is an infinite number of online gambling platforms that accept cryptocurrency payments. You can easily find the one that suits you best. Evaluate the welcome packages, read in detail the terms and conditions, and explore the game library. Make sure there is a satisfying offer on using crypto – a popular way to promote payments with digital coins. In addition, the transaction fees are minimal. You can use your funds and invest them in a strategy rather than paying high fees for deposits and withdrawals. Remain anonymous and protected – cryptocurrencies in online casinos are one of the best solutions at the moment.