If you are an avid online gambler, you will probably know about the crypto gambling trend. It is about playing with digital currencies such as Bitcoin and Ethereum instead of splurging cash at your favorite online casino. With more and more states in the US legalizing online casinos, the concept is gaining popularity at lightning speed.
When it comes to numbers, the industry is thriving beyond expectations. According to a 2022 survey by Chainalysis, nearly 70 crypto-friendly casinos operating in the country had made a whopping $2.8 billion until the first quarter of the year. The number was $10 billion in 2021, which was a 64% increase from 2020. The growth hasn’t stopped since then.
The best part is that more and more casinos are adopting cryptocurrencies as an integral part of their payment options. Before joining the bandwagon, you must dig deep to understand the pros and cons of crypto casinos. Let’s dig deeper to get insights into both.
Upsides of Crypto-Casinos
Both cryptocurrencies and online gambling can be overwhelming for beginners. Even seasoned gamers may feel apprehensive about the prospect. Knowing the upsides of crypto gambling will make you far more comfortable during your first stint on a crypto-casino gambling platform.
Here are the reasons to try your luck with them:
Fast Transactions
Like any other online transaction, you expect online gaming to be super fast. Despite the claims, many online casinos fall short on this front. Players often have to wait several days for the processing of deposits or withdrawals. That’s a discouraging factor for beginners who are enthusiastic about playing immediately after creating an account.
With crypto-casinos, you can enjoy near-instant payment processing and withdrawal. Deposits with cryptocurrencies are processed within minutes. Likewise, you can withdraw your winnings almost immediately.
Privacy
CasinosHub notes that privacy is the top reason for the popularity of crypto-casinos. With big names like DraftKings and BetMGM falling prey to fraud recently, security is a valid concern for internet gamblers. Bitcoin casinos are a much better option than traditional gaming websites because of the higher level of privacy they offer.
The conventional payment options at online casinos aren’t secure because they fetch your financial data to process deposits and withdrawals. Conversely, you can do it anonymously with your wallet address on a crypto platform. Privacy comes as a part of the package.
Lesser Fees
Crypto-casinos get extra points for cost-effectiveness because they charge lower fees. You can try your hand at a variety of games, from classic slots to blackjack, roulette, and video poker, all without paying a hefty fee to access the platform. You need to pay only for the basics, such as the monthly membership, withdrawal fees, and software licensing costs.
You may even find specialized bonuses on cryptocurrency platforms. Notably, these are more valuable compared to those offered by regular online casinos. As a first-time gamer, you will get a new user Bitcoin bonus, which you can later claim in bonus cash.
Fair and Transparent
Fairness and transparency are other benefits of crypto casinos over their traditional counterparts. Players can check the platform’s adherence to the rules of fair gaming. These platforms run on blockchain algorithms, allowing users to verify the randomness of game outcomes through an audit.
Since crypto platforms use the random number generator (RNG) software, there is hardly a chance of bias. You can rest assured of provably fair results, provided you choose a reputable casino gaming website.
Downsides of Crypto-Casinos
While the merits of crypto-casinos make them worth trying, you should check their downsides to make informed decisions. Here are a few drawbacks to be aware of:
Volatility
Did you know that Bitcoin lost over 60% of its value in 2022? Volatility has always been a concern for even the most avid cryptocurrency enthusiasts. It applies to the gambling segment too. With the value rising or plummeting without a hint, gamers are always at risk of losing or spending more than they anticipated.
The rise or fall may be so unpredictable that you hardly get enough time to react. For example, you deposit $100 worth of Bitcoin when the price is stable. You may receive a far lesser value if you withdraw during a dip.
Untraceable Transactions
While anonymity is a merit of crypto casinos, it can turn into a disadvantage because of untraceable transactions. If the balance in your casino account has an issue, you cannot get a refund because digital currency transactions cannot be traced or reversed.
Playing at an unlicensed casino compounds the issue because you cannot do much legitimately to counter such incidents. The best piece of advice is to pick only a legit and licensed platform for your gambling sessions.
Currency Conversion Fees
You have two ways to make deposits at crypto casinos. Firstly, you can use digital currencies, and secondly, you can fund your account with fiat money, which the casino will later convert. While most platforms offer both deposit options, some sites allow only deposits using cryptocurrencies.
When a casino converts deposited fiat currency into cryptocurrency, it will incur a currency conversion fee. The value of these charges is according to the amount being converted. You will have to bear the charge again when withdrawing Bitcoin in fiat currency.
Wrapping Up
Crypto-casinos take online gambling to the next level, but they have a fair share of advantages and disadvantages. Regardless of their drawbacks, these websites offer enough reasons to try your fortune with them. All you have to do is find a reliable website, trust your instincts, follow the rules, and dive into the world of opportunities.