Crypto Gambling – How Does It Compare to Traditional Gambling
As any other tech-based industry, online gambling is always advancing. The biggest advance in recent years which is popular with players is crypto gambling. And it’s becoming more and more popular since people have already got used to using crypto currencies in their everyday life. So, they are not unfamiliar with the general advantages of crypto. Therefore, more online casinos allow them to play with it. Some of them are even all-crypto casinos.
If you haven’t tried gambling with crypto yet I suggest you do. But first, get familiar with the pros and cons of crypto gambling compared to gambling with money.
Crypto gambling pros
Here’s what drives players into crypto casinos:
Increased privacy and security
Reputable online casinos have reached a high level of security, that’s a fact. However, putting personal and banking details out there always comes with a certain risk. First, hackers. Next, government tax agencies. Not to talk about scam casinos that may misuse your information if you don’t check them before signing up.
Therefore, the biggest advantage of gambling with crypto currencies is the higher level of security and privacy. With crypto, the only information connected to your online profile is the crypto wallet address. You don’t share any personal or banking details, nor can the casino store any. Also, there is no paper trail of your transactions for anyone to discover.
Faster deposit and withdrawal times
With crypto gambling all deposit and withdrawal processes are incredibly faster compared to using bank wire, card, or even e-wallet options. In some cases, crypto transactions may even be instant, thanks to the decentralized nature of blockchain currencies. There are no banks in the middle, so there’s nothing to slow the transactions down.
This advantage is very appreciated by players, especially when it comes to withdrawals. Bank transfer withdrawals can take up to 10 days, while for other means of money transfer it takes at least a few hours. And this takes away the thrill of winning big, which no player can be happy with.
In addition to collecting your winnings instantly, crypto gambling comes fee-free, too! Again, thanks to the absence of middlemen in the crypto transactions, there are usually no fees charged. Meaning, by keeping all of your money, you can make more of them in the long run.
Crypto gambling cons
As you can see, crypto betting really has very interesting advantages. But now, let’s see the drawbacks.
Still in rise
The biggest drawback of gambling with crypto is that it may not be available in your favorite online casinos. However, you can find your games in some kick ass crypto casinos, too! And I believe that it’s only a matter of time when the majority of online casinos will implement crypto currencies.
Crypto is volatile
Most crypto currencies are volatile in terms of their market price. So, you can never know what comes next. This is great when they leap up in a few hours, but not so great when the reverse happens. In terms of crypto gambling, the potential drawback can occur in the following case. If the price of the currency you are using takes a big dive and the coins you currently have are worth much less then when you bought them.
Tips for crypto gambling
Although crypto currencies offer added protection against identity theft, you still have to be cautious when playing on any online gambling site.
If you think you chose a scam site by mistake, just withdraw your winnings if you can and move on to another one that you know is trustworthy. It’s good to check other players’ reviews before depositing in a new casino so you won’t have this type of concerns.
And if you haven’t run into any problems, still remain cautious and withdraw your winnings every day before you leave the site, if you can. Don’t wait to withdraw your winnings in crypto because you never know what the next day will hold for its value.
Always consider converting at least some of your payouts back to your country’s regulated currency. Make sure that if your country actually has regulations and laws dealing with crypto currency and/or gambling online that you abide by them.
Where can you find crypto gambling options?
If you decide to try gambling with crypto you’ll need to choose where to do it. There are two main types of sites that you can choose from, depending on your preferences.
All-crypto casinos don’t accept deposits in traditional currencies. And logically, all winnings are paid out in crypto currency. This type of sites are relatively new so you probably won’t find track records of their history. So, if you fear that the site may be gone the next day after you sign up, you’re not the only one.
The volatility of crypto currencies demands that these sites have to be prepared for the value and price fluctuations. If you choose this type of site, be prepared to go the extra mile in terms of research and double-checking to ensure the safety of your money. Because the differences between a reputable site and a scam site are not always crystal clear on first sight.
For people who are well familiar with crypto-trading the all-crypto casinos are the logical choice. Since they deal only with crypto currency in payments and payouts, it is more of a streamlined approach.
Established casinos with crypto options
These are online casinos that you maybe know and have played on in the past that have added cryptocurrency as an accepted payment or payout method. They are a good option for anyone wanting to try gambling with crypto currency. Many of them have a history of stability, and have a cache of satisfied players that spans over at least a few months.
On the downside, they may not have as many types of crypto currency offered as a payment or payout method as compared to crypto-only sites. So, you may need to purchase one that is more mainstream. This again, asks for a little more research on your part.
In general, this type of site is generally a safer choice, but hey, there’s ultimately no guarantee that a site won’t go bust or experience a crash or an overload.
The only way we can help you is to invite you to check the reviews of various online casinos on our site. There you will find results of our team’s in-depth research as well as other players’ experiences.