If you’re a part of the online gaming world, you’re surely aware of the fact that the industry does its best to stay in touch with the latest trends. That means that there are always innovations like live casinos and virtual reality technology. Another area where online casinos like to be up to date is the payment methods. With that in mind, providers allow players to use options like bank transfers and debit and credit cards. However, they have also been implementing various e-wallet alternatives as well as different cryptocurrencies.
You might have noticed that cryptocurrencies have seen an increase in popularity, as they’re being used for everything from buying jewellery and expensive watches to purchasing cars. In case you’ve got some cryptocurrencies of your own, you might be thinking about using them in an online casino in order to make some more. So, let’s go over some advantages of using crypto in such environments but also some potential downsides. Read on to learn more.
What is the history of cryptocurrency in online casinos?
Bitcoin is the first decentralized cryptocurrency, which appeared in 2009. However, over time, many more appeared on the market and there are now over 9,000 different cryptocurrencies. Slowly but surely, they started making themselves at home in various markets. It should not surprise that they also found their way to the online gaming arena.
As crypto started gaining more traction, more and more online casinos decided to offer it as an option to their users. What is more, some casinos even decided to offer it as the only payment method. Casinos like these are available all over the globe, so you should be able to find some no matter where you are as long as gambling is legal. For example, you can easily find the best Bitcoin casinos in Ireland if you’re located in the country.
What advantages can online casino users expect from cryptocurrencies?
Now that you know how easy it is to find a crypto casino, it’s also vital that you understand why opting for one and using cryptocurrency to play some casino games can be very beneficial. Here are a few reasons why you should try it.
Privacy
If you don’t already have cryptocurrency, you need to know that you need a crypto wallet in order to use it. However, a crypto wallet does not require you to link any of your personal or financial information to your account like using a credit card would. If you’re wondering what this means, you’ll be glad to hear that your deposits and withdrawals will be fully anonymous. Privacy is a top priority for people that use crypto, which is something you might appreciate as well when playing casino games online.
Security
Besides privacy, you will surely also value the fact that these transactions are also secure. Seeing as how they don’t ask you to submit any personal information, it means that there is no data that could be stolen. This way, you are able to avoid identity theft and other types of scams. Moreover, cryptocurrency transactions cannot be unsent, meaning that there are no chargebacks. There is no way to reverse or alter transactions, which lowers the risk for merchants. Before you make an account with an online casino, you want to look for a trustworthy review website that will let you know which operator is safe and protects your privacy and security.
Decentralization
Decentralization is another feature that attracts players to cryptocurrency. As there are no official authority figures governing them, there is no one else that is in charge of the users’ funds. There is no one who could freeze their account or take away their money. This means that you will be completely in control of your crypto wallet and your transactions. Decentralization also means that the currency is not dependent on any country, so it’s not affected by most geopolitical events. While there are countries that are implementing laws regarding cryptocurrency, it looks like it will take a long time before it happens across the globe.
Fees
Something else you should keep in mind is that fees with cryptocurrencies are small to non-existent. When using credit and debit cards and e-wallets for making deposits and withdrawals, you will be faced with fees seeing as how the middleman in the transaction takes a cut. There are no institutions here that will charge you for the transactions, which means that they are often free. In certain cases, there is a fee for a large amount of money.
Speed
Additionally, a big pro of using crypto casinos is their speed. Crypto wallets are much faster when it comes to transferring funds. While debits and credit cards can take up to a few days and e-wallets a few hours, cryptocurrency transactions are completed instantly. Many people treasure this feature as it means that they have access to their winnings straight away. This is sometimes vital as it means that it can boost the amount they can withdraw.
Earning potential
Speaking of boosting winnings, you should also know that you can sometimes withdraw more than you actually won, depending on how much your preferred type of cryptocurrency is worth. For example, if the cryptocurrency sees an uptick in its worth, you can wait and see if it rises even further and withdraw your fund then. On the other hand, if you notice that the value of Bitcoin or some other currency is going down, you can wait for a bit longer before you withdraw your winnings. That way, you can actually get more money than you initially won. This is a strategy that many experienced individuals rely on.
What downsides might be encountered when using cryptocurrencies?
While there are many benefits to using cryptocurrencies in online casinos, you should keep in mind that you might still encounter some downsides. You might not relate to all of them, but certain ones can impact your overall experience and even prevent you from using crypto for this purpose. Take a look at what cons there are to cryptocurrencies.
Accessibility
First and foremost, the matter of accessibility needs to be addressed. Not all individuals are able to get access to cryptocurrencies, whether it’s Bitcoin, Ethereum, or Dogecoin. However, even if you happen to have some in your possession and want to use them for this purpose, not every online casino supports this payment method. Many of them are still wary of this approach, which is why they haven’t implemented the model yet. Although this might change in the near future, you should look for a list of casinos that do accept the option you prefer before you sign up.
Innovation
Even though innovation is not bad, it can sometimes feel overwhelming. If you’re encountering cryptocurrency for the first time, you will have to do your homework to learn more about how they work and behave seeing as how they are not a traditional payment method. You will need to look for a crypto wallet and exchange that suit you as well as keep constant track of the value of the cryptocurrency you’ve opted for. As it is still rather new, it might be too much work to stay on top of.
Traceability
In some cases, the fact that crypto is untraceable is a great thing. However, in certain areas, it allows for criminal activity. It opens the door for malicious individuals to commit and get away with fraud. That being said, you should keep in mind that more and more monitoring tools are being added in order to prevent fraudulent activities. Of course, you should also do your research and make sure you can trust the casino you are thinking about joining.
Regulation
In addition to not being easily traced, cryptocurrency is also not properly regulated in most countries worldwide. That means that governments and financial institutions cannot hold online operators accountable for any unfair practice or fraudulent activity. This can put you at risk if you opt for a non-reliable casino that deals with cryptocurrencies.
Volatility
Finally, it’s important to remember that cryptocurrency is very volatile. That means that the price of Bitcoin or some other currency can skyrocket one day and plummet the next. You should be very aware of this fact before you decide to invest in it as there is a limited amount of each cryptocurrency. As the value depends on uncontrollable factors, working with crypto can be rather risky and your bankroll can change drastically depending on the day. It can also mean that your winnings will be worth less if you don’t cash out on time.
As you can see, there are both pros and cons to using cryptocurrencies in online casinos. If you already have some currency in your possession, you might be thinking of using it for some casino games. Make sure you look for a reliable provider, learn as much as you can about cryptocurrency, and act on time in order to make the most of each bet.
