From their humble beginnings, cryptocurrencies have cemented their status in the finance and investment world, not to mention the day-to-day activities of the average joe. Today, you can use cryptocurrency for goods and services transactions, as you would with regular currency.
And in the new age of decentralized finance (DeFi), more and more online gaming and casino businesses are certainly not falling behind the trend and have started integrating cryptocurrency into their payment offering.
It turns out that using cryptocurrency to play online casino games offers numerous benefits to players. However, like all things, using crypto casino games also comes with its own downsides. In this article, we listed the pros and cons to help you decide whether using crypto casino games is a good choice for you or not.
Pros Of Crypto Casino Games
- Enhanced Privacy and security
Using crypto to gamble can provide players with a higher degree of privacy and anonymity. This is because of the decentralized nature of cryptocurrency, making it more difficult to track transactions. For instance, Limbo is a simple odds based crypto casino game that allows you to hide your identity while betting.
Other than privacy, online casinos also provide increased security. While traditional online casinos take security seriously and use numerous technologies to protect players’ financial data, crypto and blockchain technology take it even further.
With crypto games, you also don’t have to provide as much financial and personal information to the site. As a result, there’s a minimal security risk as hackers will have nothing to access online casinos. Also, since your funds are stored in a blockchain, it is virtually impossible to hack.
- Numerous Promotions And Bonuses
Most online casinos offer some pretty good promotions and bonuses explicitly aimed at players depositing using cryptocurrency. The number of bonuses and promotions that apply will depend on one online casino to another.
In some instances, you can receive bonuses worth hundreds to thousands of dollars. It may also come with free spins or bonus crypto assets. Another example, Stake.com is the world’s leading crypto casino platform that also hosts weekly giveaways of up to USD$50,000 for its VIPs. That said, make sure to check the terms and conditions of the online casino before accepting the bonus.
All in all, the best online casino games will have something generous available for players paying in crypto. So, make sure to always check their promotion and bonus sections before playing.
When playing traditional online casino games, you want your deposits or withdrawals to reflect as soon as possible. If you choose banking and other online payment methods, transaction time can go for days. This is inconvenient, particularly if you want immediate cash.
But this is not the case with crypto payments. Online casinos can process transactions faster with cryptocurrency. It doesn’t matter where you’re transferring the coins—whether a local casino website or an international one—with crypto, transactions are always close to instantaneous.
That said, some online casinos may still take a few hours to days to process your crypto transaction for security purposes.
Some online casinos may restrict payment methods in certain countries. In contrast, some casinos don’t access specific currency and payment methods. Plus, some countries like Indonesia, the United Arab Emirates, and most parts of the African continent ban online gambling, although off-shore sites will still accept players from them.
To navigate this issue, you can use cryptocurrency when playing. Cryptocurrency allows users to play wherever they are due to the anonymous nature of crypto transactions.
Cons Of Crypto Casino Games
Even if you don’t know much about crypto, you’ve probably heard how volatile it can be. Cryptocurrencies are always fluctuating in price and can have significant price swings in just minutes.
So, even if you have a significant win at an online casino, if the crypto you’re using drops in value, it could wipe out your winnings. Obviously, you could be lucky, and it could go the other way. The bottom line, playing a crypto casino game is a double gamble.
With cryptocurrency, once you’ve tapped the send button and transferred your coins to another wallet, there are no do-overs. So, if you send funds to the wrong address or send too much, there’s no way to cancel the transaction, unlike with credit cards and other payment methods.
The online gambling industry continues to evolve and adapt to significant changes, including the acceptance of crypto as payment.
Most popular online casinos are now hybrid sites that accept both fiat and cryptocurrency for payments, providing players with numerous benefits but also potential downsides. That said, it seems like players are overlooking the risks involved and continue to patronize crypto casino games, evident from their growing popularity across the world.
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