Pros and Cons of Gambling With Cryptocurrencies

Pros and Cons of Gambling With Cryptocurrencies

The iGaming market is always quick to adopt new trends and incorporate new innovations. One such innovation is cryptocurrency gambling. Cryptocurrencies have taken the world’s economic structure by storm. With more people embracing these currencies, online casinos have begun incorporating Bitcoin and altcoins to facilitate crypto transactions and gameplay. Some operators offer comprehensive blockchain casinos with provably fair games.

Although the concept of gambling with cryptocurrencies is new to most, there are numerous advantages associated with crypto gambling. This article highlights the major advantages of this technology for online gambling. We’ll also consider any possible disadvantages.

Advantages of Cryptocurrency Gambling

Below are reasons why you should play at cryptocurrency casinos:

  • Anonymity

Most gamblers want to place wagers anonymously, and this is something cryptocurrency casinos provide. Creating a crypto wallet doesn’t require personal data and allows you to make seamless transactions 24/7.

As seen at most fiat casinos, players must fill out a KYC (Know Your Customer) form to facilitate sign-up or withdrawals. However, some crypto-focused casinos will eliminate this step. You can execute deposits and withdrawals on such platforms without inputting personal data. In fact, you can begin playing on some sites without registering. All you need to do is make a deposit.

  • Speedy transactions

Cryptocurrencies are famous for their decentralized system. Generally, when you place wagers at a regular (fiat currency) online casino, your funds will pass through a central regulatory authority – a financial institution or the government.

Conversely, crypto transactions don’t require a middleman as they are peer-to-peer. Thus, players will experience quicker deposits and payouts, and for many, this is the biggest advantage of Bitcoin casinos. Where withdrawal processing can drag on for several days with fiat payment methods, cryptocurrency payouts can be just as quick as deposits. A network delay is the only reason you may have to wait to be credited, and this is usually finalized within a few hours at the latest.

Since there’s no middleman in crypto payments, fees are also considerably lower than fiat alternatives.

  • No geolocation restrictions

Real money gambling is not allowed in several jurisdictions, and regular online casinos often have a list of prohibited countries. One of the reasons why cryptocurrencies allow anonymous gambling is that it is not limited to any physical location. Bitcoin and altcoins are decentralized, meaning they are not controlled by a single authority. Anyone anywhere in the world can use cryptocurrencies, and the same goes for online crypto casinos.

  • Great gaming variety

The top crypto iGaming sites feature packed game libraries. Some incorporate over 5,000 gambling alternatives across slots, table games, live dealers and specialties. Cryptocurrency casinos consolidate quantity with quality by partnering with top-tier software providers. This ensures that players have access to the best gaming experience.

  • Fairness

Many cryptocurrency gambling sites go further than offering digital coins as part of payment methods. They also integrate blockchain technology, which allows for fairness and transparency. Players in crypto casinos can check for irregular play by inputting their bet ID and other prerequisites. Doing so, you’ll see whether or not the outcome of your bet was indeed randomized. Only casinos built on blockchain technology can allow such provably fair games.

These casinos also have their details visible on the blockchain. You can check if the casino has the financial standing to pay players who win big.

  • Generous promotions

If you’re a fan of gambling bonuses, it might be time to consider a crypto betting platform. These sites offer impressive bonuses to new and existing players. For context, new crypto destinations looking to capture players’ hearts can feature Welcome Bonuses up to 6 BTC.

Crypto sites also give new players the perfect start with no deposit bonuses. To get these incentives, all you need to do is sign up. Existing players will have access to reload bonuses and tournaments with incentivizing prize pools.

The best cryptocurrency casinos understand the travails accompanying wagering requirements. These platforms feature reasonable bonus play-throughs within 30x to 40x. This allows you a fair chance to clear the bonus and withdraw your winnings.

Disadvantages of Crypto Gambling

Cryptocurrencies are a fantastic invention, but they are not without flaws. Naturally, the pitfalls extend to crypto casinos as well. Here are the major drawbacks of playing at these sites.

  • Coins are highly volatile

You don’t have to worry about fund security at your preferred crypto casino. However, the highly volatile nature of cryptocurrencies is a valid cause for concern. Recently, cryptocurrencies, especially Bitcoin Cash and Bitcoin, have witnessed massive devaluation. These digital coins are dependent on market demand, so they’re not as stable as fiat currencies, whose values are controlled by a central body.

If you were to make a lucky win with Bitcoin and the value drops, the amount would no longer have the same worth. Unless the token increases in value, you’re stuck with what you have in hand.

It’s worth noting that volatility goes both ways. If your choice crypto experiences a drastic increase, an otherwise decent win could become a jackpot.

  • Legal restrictions

One of the crypto gambling advantages is that there are no geolocation restrictions. Indeed, you can access these digital coins from anywhere in the world via the internet. However, that doesn’t mean it is legal everywhere.

Many governments have sanctions for those who use these currencies without approval from the appropriate authority, and these cryptocurrency bans extend to iGaming. Canadians are allowed to use cryptocurrencies, but they are not considered legal tender.

Cryptocurrency Gambling In 2022: Is It Worth It?

Despite the cons of cryptocurrency gambling, there are many more advantages. And that’s more than enough to take the plunge. Before you do so, ensure you’re placing wagers at a reliable platform.

Since cryptocurrency iGaming sites incorporate thousands of high-quality games, it’s easy to get immersed. Thankfully, most of these platforms feature responsible gambling tools to help you bet responsibly.

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