The Positives and Negatives of Crypto Gambling

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2022-02-02

Eddy Cheung

Blockchain technology has revolutionized online transactions a great deal. These days, gambling online is even more enjoyable, thanks to crypto payments. Most hybrid casinos accept both fiat currencies and cryptocurrencies. And yes, the difference between the two payment methods is as clear as day and night. Here, you’ll learn about all the pros and cons of crypto gambling at an online casino.

The Positives and Negatives of Crypto Gambling

Advantages of crypto gambling

Below are some advantages of playing online casinos games with cryptocurrencies. Remember that most casinos listed here support multiple forms of digital payments.

Privacy

All players would love to stay anonymous when gambling online. This is something that cryptocurrency gambling provides to the maximum. Cryptocurrency is a decentralized mode of payment. As such, no government, central bank, or financial institution monitors transactions. This means the online casino won’t ask for any financial information before processing payments. That’s especially true in strictly crypto casinos.

Faster transactions

Privacy and faster transactions go hand in hand when gambling with digital coins. Generally, it’s quicker to process transactions at crypto casinos than standard gambling sites. Why? As said before, crypto transactions aren’t facilitated by banks and other go-betweens. This eliminates any waiting time that you may experience with other forms of payment like credit/debit cards. While deposits are instant, withdrawals take just a few minutes to complete. 

Zero restrictions

In some gaming jurisdictions, you won’t use payment methods like credit/debit cards, PayPal, Skrill, and so on. A good case study is in the UK, where credit card gambling was banned in 2020. But similar can’t be said about crypto gambling. The thing is that most governments are yet to regulate crypto payments. Therefore, some offshore casinos will gladly offer this type of gambling in restricted areas. However, don’t use it for malicious purposes because authorities will still track you down.

Wider game variety 

With cryptocurrencies, you can play virtually all games at an online casino. But things can only get better because some game developers like NetEnt, Microgaming, and Play’n Go offer games specifically for crypto players. Like typical casino games, these games are provably fair. Interestingly, players can even check the game outcome using the cryptographic hash function. Of course, this adds another layer of transparency. 

Bigger bonuses and promotions

Playing at an online casino exposes players to a great deal of bonuses and promotions. Both new and loyal players can get rebates, deposit bonuses, no-deposit bonuses, free spins, and so much more. But the difference between a crypto bonus and a standard bonus is the size. Usually, crypto bonuses can run into thousands of dollars, especially when betting with higher value coins like Bitcoin. But as usual, always read the bonus terms and conditions carefully. 

Increased security

There’s no denying that most forms of payments at the casino are safe and secure. After all, players must undergo 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 offers and an additional layer of security. Also, crypto users can’t duplicate transfers as the system can only execute a single transaction at a time. 

Disadvantages of crypto gambling

It’s not all pomp and color with cryptocurrency gambling. This banking method also comes with a few drawbacks. Here they are:

Volatility

If you’re a keen follower of cryptocurrency news, you’ll realize that this has been one of the most challenging years for Bitcoin. This popular digital coin has traded between $30K and $65K this year alone. Now assume you deposited your BTCs at the casino when trading at $50K only to realize the value had dropped to $49 during withdrawal. Naturally, this means a significant loss for the player. But the reverse can also be true.

Limited authority control

Up to this point, it’s a general consensus that cryptocurrencies lack government oversight. While this means unmatched privacy and quick transactions, it also means less overall transaction security. But on the brighter side, most crypto casinos are licensed and regulated. Those without any licensing proof are also good options, although you’ll be all alone in case of any issues.

No support or refunds

Most digital coins don’t have dedicated support systems like with traditional payment methods. Therefore, players can’t raise complaints like delayed transactions, conversion rates, etc. Also, there is no undoing or refunding once a transaction is initiated from a crypto wallet. So, always enter the correct address to avoid losing your hard-earned coins.

Conclusion

The benefits of crypto gambling outweigh the drawbacks. All casino players would pay anything to enjoy instant transactions, anonymous gameplay, bigger bonuses, and other perks associated with crypto gambling. Just remember that the lack of support to address transaction issues is a cause for concern. Nonetheless, crypto payments are the future.

Best gambling quote: “Gambling is not about how well you play the games, it’s really about how well you handle your money.”

Favorite Casino Game: Blackjack

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