From being completely worthless to people who became millionaires because of cryptocurrencies, they have come a long way since they first emerged. Cryptocurrencies became more widespread and took over the world in a short span.
That is why many industries have recognized the potential of cryptocurrencies and started implementing them into their businesses. One of the pioneering industries that accepted cryptocurrencies as the payment method is the online gambling industry, which always adapts to current trends and stays up to date to meet the needs of its users.
Since many players wanted to be able to gamble without having to use their credit cards or bank accounts, lots of crypto-casinos started to appear, which are essentially online casinos where players gamble using their digital currency, instead of conventional money.
Using cryptocurrencies as the payment method has many benefits overusing credit cards, bank accounts, or similar conventional means of payment and we’ll reveal some of them, along with some disadvantages that crypto-casinos have over conventional online casinos.
If you too are interested in trying out your luck using cryptocurrencies, have a look at the new casino sites and find the one that meets your criteria. In this topic we’ll cover the dos and don’ts of crypto casinos, aiming to show you the real image of gambling with digital currency and answer your questions about this topic.
The Advantages of Crypto-Casinos
Not everything about crypto-casinos is perfect, especially since they are relatively new and many players still have doubts about switching to gambling with cryptocurrencies because of that. We’ll try to prove them wrong.
- More reliable security – Although every distinguished online casino is well secured and reliable, there is always a small chance that your data can become a victim of a cyber-attack, thus compromising your bank account and personal info. There have been cases of this in the past when data has leaked. On the other hand, there is no need to leave any sensitive info if you’re playing on crypto-casino as you’re using a crypto wallet for enhanced security.
- Anonymity – Unlike conventional online casinos who’ll ask you for personal details such as an ID or Passport for verification, your identity will remain hidden when you’re using the cryptocurrencies.
- Faster transactions – Every single player wants to be able to withdraw the money right away, but that’s not possible with conventional money. Transactions take time to process, and sometimes this can last even for a couple of days. Without any doubt, this aspect can ruin the gambling experience for some players. However, when using cryptocurrencies, withdrawals are instant and no middlemen are taking the fees from your transactions.
- Decentralization – The digital currencies are based on blockchain technology, which essentially means that cryptocurrencies aren’t related to any governments, and therefore you’ll have absolute control over your funds without any interference.
- Unique crypto-games – Some of the online casino games are made to be played with cryptocurrencies exclusively. These games are always attractive to players as they can offer more than conventional online casino games.
Disadvantages of Crypto-Casinos
Online gambling companies that created crypto-casinos have to work harder to prove their worth to potential players. Currently, there are some disadvantages of crypto-casinos which will hopefully become a thing of the past.
- Unregulated business – The first thing that comes to our mind in regards to crypto-casinos is the fact that they aren’t regulated in the majority of the countries. However, it was the same for online casinos when they first appeared, but now they have been regulated by governments who benefited from them from taxes. We believe that the same thing will happen to the crypto-casinos at some point, maybe sooner than everyone expects.
- The volatility of Cryptocurrencies – Over the years, the prices of cryptocurrencies, in general, have increased significantly. Nevertheless, they regularly go up and down due to many factors. Those prices always settle eventually, but sometimes they can have a turbulent period when they get low.
- Unavailability in All Online Casinos – More and more high-quality online casinos are starting to accept cryptocurrencies, but there are still those who refuse to do so, and this can be an issue for some players. However, this will probably change in the future and hopefully, every online casino will accept cryptocurrencies.