Cryptocurrencies and blockchain have continued to grow rapidly over the past few years. And at the forefront of this cryptocurrency movement has been Crypto Casinos, which have given gambling enthusiasts an opportunity to enjoy their favorite games without the limitations of FIAT currencies. Read our guide on the good, the bad, and the ugly of crypto & bitcoin casino sites.
For many new years, cryptocurrency has been a hot topic of discussion both in mainstream media and social media. These discussions reached a boiling point as Bitcoin price rallied to an all-time high of $50,000 in March 2021. And just like any other traditional FIAT currencies, cryptocurrencies are admissible for a wide range of transactions, gambling included. Punters the world over have a new-found love for crypto casinos for several reasons including anonymity, decentralization, and wide acceptance.
Unfortunately, crypto casinos also have their weaknesses. In this article, we are going to explore the pros and cons of playing at crypto casinos.
Crypto Casinos in Numbers
According to a 2020 report by the global gambling market size has an estimated value of $458.4 billion. Of this amount, 10% is performed using Bitcoin, although the figures could be higher considering punters in countries where gambling is illegal are using alternative ways to fund their gaming accounts. A different report by Bitcoin Strip, a portal that keeps track of online Bitcoin casinos, shows that more than 25 billion bitcoin bets have been placed over the past five years.
In terms of adoption, a majority of crypto-friendly online casinos have majorly accepted Bitcoin in the past. However, more and more casino operators have started accepting other cryptocurrencies including Ethereum, Bitcoin Cash (BCH), Litecoin (LTC), Monero (XMR), Dash, and Ripple (XRP).
Pros of Playing at Crypto Casinos
There are numerous benefits of gambling at crypto casinos including;
One of the primary advantages of playing at Crypto Casinos is that they accept these virtual currencies, which are completely decentralized. As such, you can autonomously operate without government or regular banks’ intervention, essentially giving you control over your funds. This control also means that no one can block, freeze, or dictate what you can do with the funds in your account.
Using cryptocurrencies in online casinos also helps you enjoy your favorite games without disclosing any of your financial data. Some crypto casinos even allow you to open fully anonymous accounts, meaning you can gamble without anyone ever knowing. Better yet, all the transactions conducted at Bitcoin casinos aren’t recorded in bank account statements and credit cards, which is a great thing for punters looking to hide such info from potential employers or spouses.
Bonuses and Promotions
Today, it’s almost impossible to come across an online casino that doesn’t issue bonuses to entice new customers, and crypto casinos are not different. By cryptocurrencies, you become eligible for bigger bonuses and other ongoing promotions. Along with that, casinos that use FIAT currencies have to pay millions of dollars annually as bank processing fees and many other operational-related liabilities. With crypto transactions however they get to avoid some of these fees, which then trickles down to the players in terms of welcome bonuses, no-deposit bonuses, cashback promotions, and many other exclusive deals.
Another key advantage of playing cryptocurrency casinos is transparency. All the crypto transactions are recorded in a public ledger, and all the transactions are visible to everyone. This makes it a piece of cake to prove and verify that you’ve made a payment to your casino account.
One of the reasons why cryptocurrencies were invented is to give the masses a worldwide payment system that is free from government and or bank control. Without this federal and institutional control, Bitcoin gambling sites are able to open doors to punters, regardless of what country they reside in.
For any e-commerce company in the money transfer industry, one of the best ways to make money is to charge a fee for deposits or withdrawals by users. And since conventional payment methods do it on a large scale, they tend to charge users exorbitant fees.
Fortunately, blockchain transactions attract a relatively low fee compared to conventional methods like Paypal, letting you channel the extra funds towards growing your bankroll.
Faster Turnaround Time
One of the biggest challenges that online gamblers face is the long time it takes to cash out their winnings when using contemporary banking methods. In fact, the average turnaround time for most banks is between 2-7 days. Using cryptocurrencies like Bitcoin, withdrawals are almost instantaneous.
Huge Potential for Profit
The potential for profit in the future is yet another big reason why playing in crypto casinos is advantageous. If you wager in a casino using Bitcoin at a low price, you have the potential to make profits after withdrawing and find higher market prices. Many people who initially invested in cryptocurrencies ended up making huge profits once the prices went up.
Demerits of Playing at Crypto Casinos
Although crypto casinos have multiple benefits, they also do have their downsides. Let’s take a look at some of them;
Today, gambling with Bitcoin or any other cryptocurrency may seem lucrative due to the high market prices. But what happens years later when the cryptocurrency prices completely plummet? How do you know when to withdraw your earnings and convert them into real money? These are some of the potential demerits of using cryptos casinos.
Most online casinos that accept Bitcoin or any other cryptocurrencies don’t need to hold gambling licenses in any particular jurisdiction. We all know that unlicensed casinos in the past have scammed gamblers of their monies, which is a possible problem with latter-day crypto casinos.
How to Use Crypto for Online Casino Deposits
Making deposits in a crypto casino is fairly simple and straightforward. The first thing you need to do is to create a crypto wallet and verify your account. For a small-time gambler looking to make small crypto deposits, you can directly create a wallet within the provider’s system. if you’re a high-roller dealing with high wager amounts, it’s always advisable to download the encrypted wallet to your mobile or computer.
The next step after creating a wallet is to fund your wallet, and there are two ways to do it. First, you can fund it via a bank wire or simply ask a friend to transfer Bitcoins or any cryptocurrency from their wallet to yours. Needless to say, every transaction is accompanied by a specially generated key.
After that, you need to confirm whether your favorite casino accepts cryptocurrencies. Once you’re certain, log in to your gaming account, and under the payment method, choose your favorite crypto as your banking option.
Copy the specially generated key and paste it into the payment method. Next, you’ll be prompted to enter the number of Bitcoins you want to transfer. Wait for a few seconds, and the money will reflect in your gaming account. It is also important to mention that bigger deposits may take a few minutes to reflect as the blockchain processes them.
As for the withdrawals, some crypto casinos don’t process withdrawals via cryptocurrencies. In this case, you can opt for a paper check or bank transfer.
Although cryptocurrencies are relatively new in the online gambling realm, they’ve undoubtedly turned the industry upside down. Although traditional payments remain a big part of online gambling, cryptocurrencies are slowly becoming a staple among punters who prefer anonymity, especially with a sensitive activity like gambling. Along with that, crypto’s decentralized system makes it hack-proof, meaning punters can always feel at ease knowing their personal information or data won’t fall in the wrong hands.
But that doesn’t mean that the honey pot is free of few flies. Playing at crypto casinos also comes with several notable disadvantages including price volatility, and the mere fact that digital currencies aren’t accessible to everyone. All said and done, however, the merits of crypto casinos far outweigh the demerits.