Cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and many others have seen rampant use in online casino gaming. Naturally, as with any other relatively new technology, there has been some controversy and doubt about utilizing them. The general online casino community has seen the practical benefits of crypto, but how do these contrast with the negatives? In this new decentralized finance online casino world, what are the pros and cons of crypto casinos?
Cryptocurrency Casino Gaming Overview
Since the first crypto casinos began back in 2011, they have rapidly spread through the virtual casino community with hundreds of available platforms today. For anyone interested many of these crypto casinos and cryptocurrency deposit methods are recorded at Best Casinos. This development has largely been seen in the fact that the crypto market has reached $93 billion in value for transactions. Speaking of transactions, Bitcoin as the most dominant cryptocurrency is responsible for 78.5% of all transactions in the market.
Additionally, these numbers are not slowing down according to the 536.96% rise of this niche in the US. Estimates show that the use of cryptocurrencies like Bitcoin will increase to even greater heights by 2025. These are all positive signs for anyone who seeks to get into the crypto gambling market. This is further supported by more and more casinos implementing crypto support and even exchange services for Bitcoin. So what makes crypto casinos so great?
The Advantages of Crypto Casinos
In this section, we will list the main benefits of using cryptocurrencies for online casino gaming. A lot of these benefits stem from the unique blockchain technology and the decentralization factor that all cryptocurrencies possess. Our main reference point will be Bitcoin but all of these elements are similar to popular altcoins such as Ether, Litecoin, Dogecoin, etc.
- Decentralization – Since cryptocurrencies like Bitcoin do not have an official authority figure governing them, the user is in full control of his funds. No one can take away their crypto or freeze their account. The player fully operates their transactions.
- Fast Transactions – The various crypto wallet services are much faster in transferring funds than standard bank transfers. The high transaction speed remains a positive factor globally and is not hampered by traditional means.
- Little to No Fees – When you use cryptocurrencies as your casino deposit and withdrawal method, there is no middleman in the transaction. Therefore, there is no institution to charge you any fees so transactions are often free. In case the casino itself charges fees, you are paying for a faster transaction, or you are performing an exchange, the fees are much lower than with fiat currencies.
- Privacy – Crypto wallets do not attach any of your personal information to transactions like a credit card would. This means that all your deposits and withdrawals are fully anonymous.
- Security – Since Bitcoin transactions do not require any personal data to be submitted, you are protected from identity theft. Furthermore, crypto transactions are immutable and there can be no chargebacks once sent. Transactions cannot be reversed or altered in this way amounting to fewer risks for merchants.
All in all, cryptocurrencies like Bitcoin remain largely unregulated meaning there is usually no tax. This puts control directly in the hands of the user thus requiring more work and research from them. There is also the question of the volatile value. Speaking of all of these, let us review some negatives about crypto.
The Disadvantages of Crypto Casinos
Even though there are a lot of benefits to using crypto for online casinos, there are still some important factors to keep in mind. Bitcoin and the various altcoins do indeed have some flaws which should be noted. Some of them are objective and some of them relate to user preference.
- Unstable Value – The factor of cryptocurrency volatility is an important one to keep in mind before investing. The prices of popular cryptocurrencies like Bitcoin can one day skyrocket and one day plummet. This is all based on the fact that there is a limited number of coins or tokens for each cryptocurrency. Therefore, users can have a difficult time keeping large amounts of Bitcoin for example as its value alternates daily based on uncontrollable factors.
- Accessibility – Currently speaking, not every online casino has crypto support implemented. Due to online casino operators being wary, not all of them have converted to the crypto casino model. This may of course change in the future when the majority of gambling platforms will implement this banking feature. For now, users will have to do a bit of research to check which platform supports their preferred cryptocurrency.
- Not a Traditional Payment Method – This is a minor con that involves the user having to do some homework on how cryptocurrencies work and behave before investing. It is important to find a good exchange and crypto wallet the same way it is important to constantly track the value of your cryptocurrency. There is a lot more work and learning involved compared to standard fiat methods so accessibility is slightly lower.
- Cryptocurrencies Are Untraceable – The anonymity factor might be a positive in some areas, but in others, it is a source of online criminal activity. Malicious users will have an easier time getting away with fraud. Though it should be noted that built-in monitoring tools are being implemented each day to remedy these fraudulent activities.
Final Remarks
Cryptocurrencies as deposit and withdrawal methods for online casinos are definitely cutting-edge financial technologies. There is a slew of positives and negatives to both implementing them on an online casino and using them. However, with some research and homework from the side of the user, we believe they will prove a valuable asset for the online financial world. Finally, one thing is for sure, the cryptocurrency world is vastly developing each day and we cannot wait to see what the future holds.