The Pros And Cons Of Using Cryptocurrencies In Online CasinosApril 1st, 2019
Should you use your cryptocurrency to deposit at online casinos? We take a look at all the pros and cons.
In recent years, the use of cryptocurrencies when making transactions on online casinos has become more commonplace.
The number of online casinos accepting these payment methods is constantly growing and players are enabled to play more and more games by depositing via Bitcoin and other variation of cryptocurrencies.
No matter your experience level with cryptocurrency, we have put together this post to help you decide whether online gambling with your chosen currency or coin is the right thing to do.
Pros of Cryptocurrency Casinos
If you are reading this, then chances are you are onboard with the Crypto train, have an account, and are just looking at whether it’s a safe thing to do.
You can probably speed read this part and head straight for the cons.
Cryptocurrencies use blockchain technology, which provides users with completely anonymous cryptocurrency transactions.
No third party is ever given access to your personal and financial information. It is a decentralised unit meaning that no banks or any government’s system have jurisdiction over it or the transactions made using it.
You can see why this is appealing when dealing with online casinos – it’s an extra layer of security when doing online transactions.
Since online casinos don’t need the help of a third party payment facility when processing your deposits, there is no need for them to charge high transaction fees.
By cutting out the middleman, costs can be dramatically lowered in transactions processing, and payments can be processed instantly.
Most online casinos that accept cryptocurrency will not take a fee for any transaction you make, but please note that some others may do – but for a very low sum.
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- Been Around For Over Two Decades
- Create their own unique games
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- Cryptocurrency casino
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Because cryptocurrencies like Bitcoin are transacted via blockchain technology, it’s difficult for anyone to steal, or hack, the transaction.
There are no single points of failure within the system, being incorruptible and 100% transparent, and no single entity can control the network.
It doubles down on the anonymity security, but basically, you have peace of mind with how your money is handled.
The Cons of using Cryptocurrencies to deposit at Casinos
Cryptocurrency casinos are still in their infancy, much like the currency itself. The casinos that tend to add them to the books have done so because they want to join the bandwagon… or because there’s a reason they like the anonymity of transactions.
There are many of the second kind out there, which is why we have few in our selection of Android and iPhone casinos.
Bitcoin and other cryptocurrencies are volatile, which means that their price goes up and down depending on the market.
There is a constant fluctuation in the value of cryptocurrency, as the rate at which it can be exchanged for other currencies is determined by the supply and demand of the currency.
In December 2017 the price of Bitcoin was close to $14,000 – move forward to February 2019 and its now closer to 4,000 per coin (*Statista Stats).
The amount you deposited one day, may change by the time you make a withdrawal.
It is untraceable
While anonymity may be an advantage it also poses as a disadvantage. You have no guarantee of taking back your money if something goes wrong.
There is no way to recover coins if they are lost and there is no system in place to protect the value of your coin.
Let’s be honest, we’ve seen online casinos come and go quickly enough that it wouldn’t be completely crazy to be worried about them going under.
Uncertain legal status
Casinos that accept Bitcoin do not need to hold a license issued by a certain jurisdiction.
It is a well-known fact that licenses are associated with a lot of application fees, so online casinos can save huge amounts of money they would otherwise spend on applying for a license.
That is why it is always best to do thorough research on a Bitcoin casino you’re considering signing up at before actually going through with the process.
If you decide to explore Bitcoin, try to learn as much information on its usage and security measures you need to take before making a deposit with an online casino.
There are a number of trustworthy Bitcoin casinos across the internet, the only one we’ve come across that we feel we can recommend is Slotland, who have been around for two decades and create their own games.
Once you start playing your favourite casino games, keep an eye on your bankroll and always play responsibly.
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