Foreword｜SuperAce88
Blockchain technology has dramatically changed online transactions. Online gambling is much more fun these days thanks to cryptocurrency payments. Most hybrid casinos accept both fiat and cryptocurrencies. Yes, the difference between the two payment methods is as clear as night and day. Here you will learn all about the pros and cons of crypto gambling at online casinos.
Advantages of Crypto Gambling｜SuperAce88
Here are some of the advantages of playing online casino games with cryptocurrencies. Keep in mind that most of the casinos listed here support several forms of digital payments.
1. Privacy｜SuperAce88
All players wish to remain anonymous when gambling online. This is what cryptocurrency gambling offers to the greatest extent. Cryptocurrency is a decentralized payment method. Therefore, there is no government, central bank or financial institution monitoring transactions. This means that the online casino will not ask for any financial information before processing the payment. This is especially true in strict crypto casinos.
2. Faster transactions｜SuperAce88
Privacy and faster transactions go hand in hand when gambling with digital coins. Generally, transactions are processed faster at crypto casinos than at standard gambling sites. Why? As mentioned earlier, banks and other middlemen do not facilitate crypto transactions. This eliminates any waiting time you may experience with other payment methods such as credit/debit cards. While deposits are instant, withdrawals take only a few minutes to complete.
3. Zero limit｜SuperAce88
In some gaming jurisdictions you will not be able to pay with credit/debit cards, PayPal, Skrill etc. A good case study is in the UK, which banned credit card gambling in 2020. Not so with crypto gambling. The problem is that most governments have yet to regulate crypto payments. Therefore, some offshore casinos are happy to offer this type of gambling in restricted areas. However, do not use it for malicious purposes as the authorities will still track you.
4. Wider variety of games｜SuperAce88
With cryptocurrencies, you can play almost all games at online casinos. But things are only going to get better as some game developers such as NetEnt, Microgaming and Play’n Go offer games exclusively for crypto players. Like typical casino games, these games are proven fair. Interestingly, players can even check game results using cryptographic hash functions. Of course, this adds another layer of transparency.
5. Bigger bonuses and promotions｜SuperAce88
Playing games at online casinos allows players to receive tons of bonuses and promotions. Both new and loyal players can get rebates, deposit bonuses, no deposit bonuses, free spins and more. But the difference between crypto bonuses and standard bonuses is size. Often, crypto winnings can run into the thousands of dollars, especially when wagering with higher value coins like Bitcoin. But as always, be sure to read the bonus terms and conditions carefully.
6. Improve security｜SuperAce88
There is no denying that most payment methods at casinos are safe and secure. After all, players must go through an identity verification process before they can withdraw any winnings from the casino. But blockchain technology is even more secure than SSL encryption. The ability to decentralize control provides an additional layer of security. Additionally, crypto users cannot transfer funds repeatedly, as the system can only execute one transaction at a time.
Disadvantages of Crypto Gambling｜SuperAce88
Cryptocurrency gambling isn’t all pomp and color. This method of banking also has some disadvantages.
1. Volatility｜SuperAce88
If you’re an avid follower of cryptocurrency news, you’re aware that this has been one of Bitcoin’s most challenging years. This year alone, the popular digital coin has been trading between $30,000 and $65,000. Now suppose you deposit BTC into a casino while trading $50,000, only to find that the value has dropped to $49 during a withdrawal. Of course, this means a big loss for the players. But vice versa.
2. Limited access control｜SuperAce88
So far, cryptocurrencies have generally been viewed as lacking government regulation. While this means unparalleled privacy and fast transactions, it also means less secure transactions overall. But on the plus side, most crypto casinos are licensed and regulated. Those without any proof of license are also good options, though if anything goes wrong, you’re on your own.
3. No Support or Refunds｜SuperAce88
Most digital coins do not have dedicated support systems like traditional payment methods. Therefore, players cannot make complaints about transaction delays, conversion rates, etc. Also, once a transaction is initiated from a crypto wallet, it cannot be reversed or refunded. So always enter the correct address to avoid losing your hard earned coins.
Conclusion｜SuperAce88
The benefits of crypto gambling outweigh the disadvantages. All casino players are willing to pay any price to enjoy instant transactions, anonymous games, higher bonuses, and other perks associated with crypto gambling. Keep in mind that the lack of support for resolving transaction issues is a concern. Nonetheless, crypto payments are the future.
