Using cryptocurrency when playing at your favorite online casino isn’t anything new for us. Even if a majority of players still prefer the old classic Fiat currency, they do know that crypto has become a popular option. Just to give you an idea of its growth, the number of crypto bets has increased by 83.6% since the end of 2022.
Considering the number of great crypto casinos on the market, both sides are understanding the many benefits. Some prefer to use cryptocurrency for faster, more private transactions. One of the reasons why online gambling is so in-demand is the 24/7 accessibility. Mixing the two together makes for a superb combination and a match made in heaven.
At the Top of the Crypto Casino Food Chain
World class crypto casinos such as BitStarz, mBit and 7Bit all saw the potential back in 2014 and have worked extremely hard to get to where they are today, at the very top of the crypto casino food chain. I mean, I have an entire list with extensive reviews of my favorite casinos that I will gladly share with you.
There are people being introduced to crypto gambling every day which is amazing. Just because you know what Bitcoin is and have a basic understanding of how cryptocurrency works doesn’t necessarily mean you are aware of the benefits of using it.
Any growing trend will raise questions and in this case, people want to know why players prefer crypto at online casinos. What are some of the pros and cons? For anyone who is new to crypto casinos, I will list a few of them here below, just to give you an idea.
Pros of Using Crypto at Online Casinos
The integration of Bitcoin, Ethereum, and other cryptocurrencies in online gaming delivers several significant advantages. Here are some of the main ones:
Anonymity and Privacy
Words like anonymity and privacy are often brought up in discussions about crypto. These groundbreaking digital coins still bring a substantial advantage to online gaming platforms.
In contrast to credit cards or bank accounts, cryptocurrency transactions do not require personal information. Players only need to provide a wallet address. This extra layer of privacy is invaluable to many and a valuable benefit. There are a lot of players around the world that prefer their gambling to be discreet and using crypto helps give them that luxury.
Lightning Fast Transactions
One of the most annoying areas of online gambling is when you have to wait for hours and sometimes even days to withdraw your funds from the casino. Bank transfers, for example, take multiple business days. Some e-wallets allow instant transactions, but with Fiat currency, which can easily take hours.
By using cryptocurrencies, it will not only eliminate this problem but you should also be prepared for lightning fast transactions. Whether you are giving your account a boost or cashing out your winnings, the process is both quick and straightforward.
Lower Transaction Fees
Traditional payment methods usually demand fees that can eat into players’ gaming budgets. Ouch! However, that’s not the case with cryptocurrencies, as these costs are significantly reduced.
Most crypto transactions require a minimal network fee, making it a very cost-effective option. This means you can use your funds to actually play the games rather than losing it, having to pay transaction fees.
Cons of Using Crypto at Online Casinos
As you can see, there are a lot of upsides of using cryptocurrency for online gaming. More privacy, lower costs, and faster transactions are only a few of them. Is there something negative I should be aware of? Of course and as always, the more you know, the better off you are
Let’s take a look at some of the things you should keep in mind.
We have come a long way but we have to be honest and say that the regulatory environment for cryptocurrencies is still evolving. This can understandably be a challenge for online gaming platforms allowing players using crypto.
Different jurisdictions have shown different stances in terms of the legality of using Bitcoin and other altcoins for gambling. For this reason, many crypto online gaming platforms are not allowed to operate on a global scale. This is also a reason why some players are skeptical and don’t want to risk breaking any laws.
Despite being a lot safer in many ways, at the same time, cryptocurrency transactions are irreversible. This can open up the doors to potential fraud or theft. Just like in any industry, there are some shady characters out there and all casinos can’t be trusted. This is why I keep asking readers to do your research before signing up at a new casino.
You will find that not all crypto casinos hold a license and I will continue to stress the importance of being able to present a license. Having a license will force a casino to uphold certain standards and requirements, meaning they are more trustworthy.
All of the ones on my list I have looked into and written a detailed review about. Just like recommending playing at a reputable casino, I also recommend reading my reviews about any casino you might be interested in.
Enjoy Playing With Crypto
The evolution of crypto has brought substantial improvements to how players transact on online gaming platforms. If there were no or very few benefits, crypto gambling wouldn’t be as popular as it is.
In terms of industries, few are as fiercely competitive as the online casino business. What I mean by that is that casinos have to work extremely hard to deliver a product that players can enjoy and trust and you can find a lot of information about them right here at BCK.