Many online casinos now accept cryptocurrencies from gamblers. You may be able to make deposits and withdraw your earnings via bitcoins, ethereums, or other cryptocurrencies. However, should you use crypto coins to gamble in an online casino?
What are the advantages or disadvantages you can expect? Also, is it safe to use cryptocurrencies for gambling?
Let’s explore more on the topic.
The Growth of Cryptocurrencies in Online Gambling
Cryptocurrencies have grown significantly since the introduction of bitcoin. Right now, there are more than 12,000 cryptocurrencies across the world. Additionally, over 1,000 cryptocurrencies have been added every month since the end of 2021.
The growth has made an impact on businesses and different industries, including online gambling. You may be able to pay for your order at the grocery store with cryptocurrencies. Or, your local shopping mall may allow you to buy stuff with bitcoin or ethereum.
This trend is also visible in online casinos, which accept cryptocurrencies to attract more gamblers. It also eases some of the administration and management challenges faced by casinos.
Moreover, using crypto coins may be advantageous to gamblers. How?
The Pros of Using Cryptocurrency for Online Casinos
Below are a few ways cryptocurrencies may be helpful when you want to gamble in an online casino:
Any centralized authority or government does not regulate cryptocurrencies. You can buy and sell cryptocurrencies without revealing your identity.
Therefore, you may be able to gamble anonymously online using cryptocurrencies. You don’t have to worry about revealing your name or other personal details.
Fast and Easy Transactions
Online casinos offer several deposit and withdrawal methods like wire transfers and credit cards. However, it still takes time to process your transactions, especially for bank transfers. Additionally, there might be rare cases of failures in processing payments.
Cryptocurrencies do not rely on intermediaries or third parties to complete a transaction. You can deposit money or withdraw your earnings to get the amount in your wallet right away. There is no delay or need for waiting.
Cryptocurrencies are not limited to any region or country. You can use them to pay someone or businesses globally.
Therefore, you don’t need to worry about geographical restrictions to gamble online. You may choose any online casino that accepts crypto coins and start gambling.
However, you may need to use a VPN to be able to access casinos restricted in your region.
Better Bonuses and Rewards
Many virtual casinos offer lucrative bonuses when you gamble with cryptocurrencies. These bonuses may include a welcome bonus, a deposit bonus, and more.
The high bonuses attract more players, ensuring the casino earns more revenues.
Boost Your Earnings
Many people invest in cryptocurrencies. They buy a crypto coin at a lower price and sell it when the market value climbs higher. The difference between the selling price and the buying price is the profit of the investor.
Most of us know about bitcoin, but other coins have promising growth too. So, the amount you earn as winnings on online casinos in cryptocurrency may increase in the future.
Let’s say you withdraw 5 crypto coins (your earnings) from an online casino. One crypto coin equals $2 today. However, in a year, the price of one coin becomes $5.
So, you can sell your coins at a profit, which is not possible for other payment methods.
Cryptocurrencies are not controlled by any central agency. They work autonomously based on blockchain technology. It ensures that control and profits are spread across several entities and not just one.
In some cases, gamblers may even be able to get a share of the casino’s profits. Moreover, decentralization means less interference from the government or the authorities.
An Entry into the Metaverse
The metaverse is a virtual world developed by various leading names in the tech industry. It is an open world where you can control your digital avatar and even buy cars, visit shops, or own a house.
Needless to say, you will come across virtual casinos in the metaverse. You would be able to walk into any of these casinos like a traditional one and play different games. It is similar to many games where you can interact with virtual objects in a digital world.
The virtual casinos in the metaverse are expected to accept payments in cryptocurrencies. It allows online casinos to make payouts and process deposits with more convenience and less cost. So, they may even offer better rewards and payouts compared to regular casinos.
The above are the primary advantages of using cryptocurrency to gamble online. However, crypto coins also have a few drawbacks you should consider.
The Disadvantages of Using Cryptocurrency for Online Gambling
All is not gold when it comes to cryptocurrencies. There are some cons, such as:
- A cryptocurrency transaction is irreversible. You can only get your money back by contacting the recipient.
- The value of cryptocurrencies is highly volatile. They may rise or fall in price steeply within a few hours.
- Cryptocurrencies are out of governmental control. You cannot file a legal case in case of fraud.
- Not all online casinos accept the same cryptocurrencies. You may have to switch your coin for accepted crypto, which might incur trading fees.
- You need to purchase cryptocurrencies first to gamble with them. It does not apply to credit cards or wire transfers.
Cryptocurrencies are gaining traction across the world. You may use them to gamble in online casinos and enjoy several perks. For example, you may get better bonuses and be able to maintain your anonymity on the platform. However, cryptocurrencies are unregulated, and you cannot approach anyone in case of complaints.
Therefore, it is necessary to ensure you select a reliable online casino to ensure your money doesn’t fall victim to any fraud. Check for the registration of the casino and read the terms and conditions carefully. Additionally, research online to assess the reputation of the casino and read original reviews from gamblers. Don’t go by the reviews posted on affiliate websites.