Pros and Cons of Playing at Crypto Casinos
When bitcoin was created in 2009, cryptocurrency was believed to be nothing more than a niche interest that would never grow into something meaningful. But today, the cryptocurrency world is felt in almost every industry, and gamers even use digital currencies to play their favorite games.
This has led to the development of crypto casinos such as Bitcasino, with a wide game selection and fast payouts while offering different products such as Live Casino, table games, slots, jackpots, poker, etc. In addition, gamers can access their favorite casino games via several payment methods such as Litecoin, Bitcoin Cash, bitcoin, Ethereum, tether, etc.
Crypto casinos are one of the hottest trending topics today as more and more individuals try their luck on these gaming platforms.
However, if you’re considering joining the bandwagon and signing up with a crypto casino, pause. You need to consider the pros and cons of playing games at crypto casinos. This will help you make an informed decision about whether or not it is the right thing for you.
Pros of playing at crypto casinos
Here are some of the pros of playing your favorite games at crypto casinos:
High level of security and anonymity
Using cryptocurrencies is a popular choice among gamers because they are powered by blockchain technology. This technology offers an incredibly high level of security and anonymity compared to fiat transactions or currencies.
Some personal information is usually required when using fiat currencies to play games at an online casino. You have no privacy, and financial institutions can access your bank statements anytime. Suppose you need to borrow money for one reason or another. In that case, your financial history could stand against you because most banks and financial institutions focus on credit scores before issuing loans.
You can quickly get into trouble using fiat currencies when playing casino games.
But you won’t have to contend with such as issue when using cryptocurrencies. No personal information is required when making deposits or withdrawals in cryptocurrencies. No one can even guess your identity on crypto casinos, provided your avatar has no profile picture.
You can play your favorite games at a crypto casino in complete privacy, and your banks will not be wiser. Furthermore, it will never affect your credit scores, meaning you can ask for loans from banks and other financial institutions and get them without any trouble and within a short period.
In other words, hackers can’t steal personal information on a crypto-gaming platform. As a result, your personal information is never attached to your transactions, and the casino cannot track your losses or winnings.
High transaction speed
Transactions at regular online casinos can be delayed due to several issues associated with different payment methods. But crypto casinos are different.
Using digital currencies to carry out transactions at a crypto gaming platform is faster than any other payment method. Crypto transactions can be completed within seconds or, at most, minutes. This is mainly because crypto transactions don’t require the participation of third parties or high fees. These significantly minimize the transaction period.
Unique bonuses and promotions
Many online casinos offer special promos and incentives for new and existing customers who make deposits with cryptocurrencies. The bonus amounts – as well as terms and conditions – differ from one crypto casino to another.
Regular online casinos also offer bonuses, but the value is far less than what crypto casinos provide.
Zero location restrictions
Some regions frown at gambling activities for one reason or the other. For example, some online gaming platforms don’t accept currencies or payments from a select group of countries.
But cryptocurrency casinos offer players access irrespective of location. This means you can play your favorite games as long as you have some digital currencies to spare.
Crypto casinos offer better odds than conventional casinos. Since cryptocurrencies are for fiat, crypto casinos give players better odds. This is mainly because transaction processing fees are incredibly low for digital currencies.
There is no regulatory body over cryptocurrencies. This means no one can suddenly freeze your crypto account or take it from you. You have absolute control over your crypto funds.
Cons of playing at crypto casinos
Here are the cons of playing at crypto casinos:
No governmental authority
It is common for one issue or another to crop up at online casinos, whether crypto-based or otherwise. Unfortunately, gamers have very few options if there is a transaction issue at a crypto casino. This is due to the lack of a governing authority or licensing.
This doesn’t imply that crypto-gambling platforms are not regulated. On the contrary, most crypto casinos are regulated and officially licensed, like the example highlighted above.
But many crypto-gaming platforms out there operate with no official license. Therefore, you need to perform in-depth research to ascertain the level of honesty of any crypto casino before committing to your digital currencies.
Retracting payments is impossible
Most conventional payment methods allow you to cancel transactions swiftly for one reason or the other. But there’s really no way to retract or stop crypto payments once they are set in motion.
This means if you send digital currencies to the wrong address or transfer too much money, it could get lost forever.
Cryptocurrencies are volatile
One of the primary drawbacks of playing at crypto casinos is the value of cryptocurrencies. The values of digital currencies can be highly volatile. For instance, bitcoin or Ethereum is known to fluctuate by several hundred dollars within a day. Suppose you deposit $200 worth of bitcoin or Ethereum into your crypto casino account. By the next day, that amount could be worth $40 or $350.
Although crypto volatility can work in your favor, you will lose a lot of money even before playing any game. Even if you win a casino game or two, the value of your winnings in cryptocurrency may still be lower than your initial deposit.
Cryptocurrency has come a long way since the first one made its debut in 2009. As more online casinos accept digital currencies, dedicated crypto casinos are also becoming popular. However, considering the pros and cons of playing at crypto casinos will go a long way in helping you make the right decision.