This week, while I was diving into the depths of RakeBit Casino, something caught my eye. Unlike most crypto casinos that proudly offer MoonPay or Onramper for buying crypto directly, RakeBit doesn’t bother with any of that. It’s like they’ve skipped a crucial step, leaving you to navigate the wild world of crypto exchanges on your own.
And that got me thinking—what’s actually better? Should you rely on a third-party payment provider to play with crypto at casinos, or is paying directly on the blockchain the way to go?
So, let’s break it down and see what’s what: Paying on the Blockchain vs. Payment Gateways.
Which one’s the real deal?
Blockchain Payments vs. Fiat Payment Providers
Now that we’ve set the stage, it’s time to dive into the nitty-gritty. Whether you’re a blockchain enthusiast or someone who prefers the tried-and-true methods of fiat payment providers, each option comes with its own set of quirks. Let’s break down the key differences and see what each brings to the table.
Technical Know-How
Blockchain:
Making payments using cryptocurrency isn’t for the faint-hearted. It demands a solid grasp of how wallets and blockchain networks function. You’ll need to navigate blockchain fees, transaction confirmations, and get comfortable managing wallet addresses. Handling non-custodial wallets and safeguarding private keys is all part of the deal, so some tech-savviness is non-negotiable.
Payment Providers:
On the flip side, buying crypto through payment providers like MoonPay, MiFinity, or CoinsPaid is a breeze. It’s as straightforward as online shopping or banking. These services usually offer custodial wallets, meaning they handle the private keys for you, cutting down the need for you to manage that side of things.
Deposit Fees
Blockchain:
Fees for blockchain transactions can be a bit unpredictable, depending on how busy the network is and what cryptocurrency you’re using. They can swing from dirt cheap to pretty pricey—especially on congested networks like Ethereum. On less crowded networks or with cheaper cryptos like Litecoin or Binance Smart Chain, you might only pay a few cents.
Payment Providers:
In contrast, traditional payment gateways often tack on a fee when you convert your fiat into crypto. This might be a flat fee or a percentage of your transaction. And don’t forget those sneaky extra charges, like excise duty from your bank or credit card company, that can pop up when funding your online casino wallet.
Transaction Speed
Blockchain:
When it comes to speed, blockchain payments can vary widely. Bitcoin transactions, for example, can drag on anywhere from 10 minutes to an hour, while quicker networks like Solana or Binance Smart Chain can wrap things up in seconds.
Payment Providers:
Using a credit card, on the other hand, generally means instant payments. But be aware, larger transactions might hit a slight delay due to anti-fraud or anti-money laundering checks that fiat gateways have to follow.
Security
Blockchain:
Blockchain transactions are like the wild west—decentralized, secure, and unchangeable. But with great power comes great responsibility. One wrong move, like mistyping a wallet address or mismanaging your private keys, and you’re on your own. Plus, there’s always the risk of phishing scams or shady crypto casinos trying to pull a fast one.
Payment Providers:
Traditional payment providers operate under the watchful eye of regulatory bodies, employing strong security measures like encryption, two-factor authentication, and anti-fraud systems to protect your funds and data. However, since these gateways hold your private keys, you’re putting your trust entirely in their hands—if they get compromised, your assets could be at risk.
Withdrawing with the Same Method
Blockchain:
Withdrawing funds to your crypto wallet is usually a straightforward process, as long as you stick to the same cryptocurrency. However, if you’re dealing with a less common currency, you might find that the casino converts it to a more widely supported option at deposit, and you won’t be able to reverse that when you withdraw.
Payment Methods:
Getting your crypto back into fiat and then into your bank account or card can be a bit of a hassle, often involving extra fees and longer wait times. Some casinos might even require you to use a different withdrawal method than the one you used for depositing fiat.
Availability
Blockchain:
Blockchain payments are accessible just about anywhere, as long as you’ve got internet and a crypto wallet. There are no geographical restrictions imposed by the payment method itself.
Payment Methods:
However, some payment providers might be limited depending on where you live, as they need to comply with local laws. In some countries, purchasing cryptocurrency could be restricted or outright banned, making it impossible to use those services.
Payment Limits
Blockchain:
When it comes to depositing with crypto, the sky’s the limit—mostly. Some transactions might cap at around 10 BTC, which is more than enough for most players.
Payment Methods:
On the other hand, fiat payment gateways usually have set limits on how much you can transfer, which is intended to prevent money laundering. But if you’re a high-roller, these caps might cramp your style.
How-To Guide: Making Payments in Crypto Casinos
Now for the million dollar questions… Should you go all-in with blockchain payments, or stick to the more familiar route of fiat payment providers? Don’t sweat it—I’ve got you covered. In this guide, I’ll walk you through the nuts and bolts of both options. Whether you’re the type who likes to keep things decentralized or you prefer the simplicity of traditional payment methods, I’ll show you exactly how to get your funds into the casino and start playing. Let’s break it down, step by step.
How to Make Payments Using Blockchain
Choose a Cryptocurrency Wallet:
- Step 1: If you don’t have a crypto wallet yet, start by selecting one. Popular options include MetaMask, Trust Wallet, or hardware wallets like Ledger.
- Step 2: Download and install the wallet app on your device or set up a hardware wallet.
- Step 3: Follow the on-screen instructions to create your wallet, including setting up a strong password and securely storing your private keys and recovery phrase.
The Trust Wallet App
2. Buy Cryptocurrency:
- Step 1: Purchase your desired cryptocurrency through a reputable exchange like Coinbase, Binance, or Kraken.
- Step 2: Transfer the purchased cryptocurrency from the exchange to your personal wallet. Make sure to double-check the wallet address before sending.
Binance is one of the most trusted Crypto Exchanges
3. Deposit into the Casino:
- Step 1: Head to your chosen crypto casino and log in or create an account if you haven’t already.
- Step 2: Navigate to the deposit section and select the cryptocurrency you want to use.
- Step 3: The casino will generate a unique wallet address for you. Copy this address.
- Step 4: Open your crypto wallet, select “Send,” and paste the casino’s wallet address. Enter the amount you wish to deposit and confirm the transaction.
- Step 5: Wait for the transaction to be confirmed on the blockchain, which may take a few minutes depending on the network.
- Step 6: Once the deposit is confirmed, the funds will appear in your casino account, and you’re ready to start playing.
This is RakeBit Casino’s Wallet that shows your personal crypto address
How to Make Payments Using Fiat Payment Providers
Select a Fiat Payment Provider:
- Step 1: Most crypto casinos partner with fiat payment providers like MoonPay, MiFinity, or CoinsPaid. Check the casino’s payment options to see which providers are available.
- Step 2: Choose a provider based on your preference and availability in your region.
At Wild.io you can choose one of the following payment providers: Banxa, Transak, MoonPay, or Wert
2. Link Your Payment Method:
- Step 1: Once you’ve chosen a provider, log in to the casino and head to the deposit section.
- Step 2: Select the fiat payment provider you want to use. You may need to create an account with the provider if you haven’t already.
- Step 3: Link your credit/debit card or bank account to the provider by entering your payment details.
You can have several different Moonpay Wallets
3. Buy Cryptocurrency:
- Step 1: Enter the amount of fiat currency you wish to convert to crypto. The provider will display the equivalent amount of cryptocurrency you’ll receive.
- Step 2: Confirm the transaction. The provider may charge a fee, which will be displayed before you finalize the purchase.
- Step 3: The cryptocurrency will be deposited directly into your casino account, or you may need to transfer it to your casino wallet manually.
- Step 4: Once the cryptocurrency is in your casino account, you’re all set to start playing your favorite games.
You can buy crypto with your credit card at Stake.com
Pros and Cons
| Payment Method | Pros | Cons |
|---|---|---|
| Blockchain Payments | 👍 Enhanced privacy and security 👍 Lower transaction costs 👍 Decentralized, with no central authority 👍 Global accessibility with no geographical restrictions 👍 Ideal for users comfortable with managing their own wallets | 👎 Requires technical knowledge 👎 Irreversible transactions 👎 Can be slow, depending on the network 👎 Price volatility can impact the amount received 👎 Risk of losing funds if private keys are lost |
| Fiat Payment Providers | 👍 User-friendly and easy to set up 👍 No need to manage private keys or understand blockchain mechanics 👍 Fast transaction speeds, usually instant 👍 Familiar process, similar to online banking or shopping 👍 Regulated, offering protection against fraud | 👎 Typically higher fees than direct blockchain transactions 👎 May involve additional charges from banks or credit card companies 👎 Centralized, which means reliance on the security of the provider 👎 Limited availability depending on geographical location 👎 Potential withdrawal complications, especially with converting back to fiat |
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Final Thoughts
When it comes to choosing between blockchain payments and fiat payment providers, it really boils down to what matters most to you. If you’re all about control, privacy, and don’t mind getting a bit technical, paying directly on the blockchain might just be your jam.
It’s decentralized, secure, and gives you the freedom to transact without borders. But, if you’re looking for convenience, speed, and something that feels more like your usual online shopping experience, then fiat payment providers like MoonPay and MiFinity offer a smooth ride.
The choice is yours—so pick your side and get back to what really counts: enjoying the game!
What’s the difference between paying with cryptocurrency directly on the blockchain and using a fiat payment provider?Paying directly on the blockchain involves using a cryptocurrency wallet and making transactions through a decentralized network, offering enhanced privacy and control. On the other hand, fiat payment providers like MoonPay or MiFinity act as intermediaries, allowing you to purchase crypto with your credit card or bank account, offering a more user-friendly experience but with higher fees and less control over your funds. Which payment method is faster for deposits and withdrawals?Fiat payment providers generally offer faster deposit times, often processing transactions instantly. However, blockchain transactions can vary in speed depending on the network—some can be completed within seconds, while others might take longer. Withdrawals can also be faster through fiat providers, but blockchain offers more flexibility. Is it safer to use blockchain payments or fiat payment providers in crypto casinos?Both methods have strong security measures, but they differ in approach. Blockchain payments are decentralized and secure, but they require careful handling of private keys. Fiat payment providers are regulated and use anti-fraud systems, but they centralize control, which means you’re reliant on their security practices. Can I use both blockchain payments and fiat payment providers at the same crypto casino?Yes, many hybrid crypto casinos offer both options. You can choose the method that best suits your needs for each transaction, giving you the flexibility to switch between them as you prefer. Are there any hidden fees when using fiat payment providers?Yes, fiat payment providers often charge fees for converting your fiat currency to crypto, which may not be immediately apparent. These fees can include a flat rate or a percentage of the transaction amount, and additional charges from your bank or credit card company might also apply. Always check the total cost before completing a transaction.FAQ
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