The Advantages and Disadvantages of Playing at Crypto Casinos
The year 2011 marked the introduction of cryptocurrencies into online gaming, resulting in the emergence of crypto casinos like the ones found here. Now, gamers can play exciting casino games using digital currencies like Bitcoin, Ethereum, Litecoin, etc.
Although the benefits of playing at Bitcoin casinos are numerous, many people have been concerned about the disadvantages. Do the pros of playing at Bitcoin casinos outweigh the cons? Keep reading to find out.
Overview of Crypto Casinos
Crypto casinos first appeared in the online gaming industry in 2011. Since then, many Bitcoin-based casino platforms have been launched. Of all the cryptocurrencies used for transactions at Bitcoin casinos, Bitcoin makes up over 70%.
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The crypto casino industry has experienced 536.96% growth since its inception in the US. According to estimates, the use of digital currencies at casinos will increase by 50% in 2025. That is good news for crypto casino enthusiasts, as many online casinos are adopting cryptocurrencies as part of their banking options.
Pros of Crypto Casinos
The benefits you'll enjoy as a Bitcoin casino player are numerous. Some of these benefits are explained below.
Fast Transactions
Despite many online casinos’ promises of fast and secure transactions, such claims often turn out to be false. Players must wait almost a week before deposits or withdrawals on the casino platform can be processed. Casino players, especially new users who want to play immediately after creating an account, will find that discouraging.
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Bitcoin casinos offer near-instant payment processing and withdrawal services. You don't have to wait for several days for a deposit to be processed to start playing exciting games. Deposits using Bitcoin or other crypto options are often processed within a few minutes. Also, you can withdraw your winnings from the Bitcoin casino immediately using any available crypto-based payment options.
Privacy
Bitcoin casinos offer a higher privacy level than you'll find at the usual online casino sites. While you'll find various payment options at online casinos, they aren't as private as cryptocurrencies. They require your financial data to process a deposit or withdrawal.
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With your wallet address, you can make deposits and withdrawals on any Bitcoin-betting platform. Fans of anonymous gaming will enjoy the level of privacy that Bitcoin casinos offer.
Specialized Bonuses
You'll find bonus offers exclusive to cryptocurrency players on a Bitcoin casino platform. Usually, these bonuses are more valuable than what is offered in many regular online casinos. You may find a new user Bitcoin bonus of up to 1 BTC, which you can claim in bonus cash.
Read: Blockchain in Gaming
If you want to enjoy special bonuses that you can't find elsewhere, you should give Bitcoin casinos a try. When visiting a Bitcoin casino as a new user, we encourage you to browse the promotions page before depositing. That way, you can see and learn to take advantage of the special bonuses.
Control
One of the perks of playing at a Bitcoin casino is the control it offers. All thanks to the decentralized technology it is based on, crypto casinos allow players complete access and control of their funds. Your account and the crypto in it are protected from third parties.
Cons of Crypto Casinos
Playing at crypto casinos has many advantages. Nonetheless, we can't deny the disadvantages that come with crypto betting. Here are some of the drawbacks to take into account:
Unstable Value
One of the disadvantages of playing at Bitcoin casinos is that cryptocurrencies have high volatility. Within the twinkle of an eye, the value of a digital currency can either increase or decrease. Players who convert their fiat currency into crypto when its value is unstable may incur a loss or spend more than they anticipated.
Read: Cost to Develop a Crypto Wallet App
Sometimes, the rise and fall of crypto's value occur swiftly and don't give you enough time to react. For example, suppose you deposit $100 worth of Bitcoin at a Bitcoin casino when the price is stable. In that case, you may receive a lesser Bitcoin value if you withdraw during an unstable period. You should beware of this disadvantage if you switch to Bitcoin casinos.
Untraceable Transactions
While we discussed the anonymity that Bitcoin casinos offer as a pro, we can't deny that untraceable transactions are a concern. What will happen to your balance if your Bitcoin casino account has an issue? Of course, a refund is out of the question, as transactions carried out using digital currencies can't be reversed or traced.
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You may be tempted to dump your digital currencies in an offline wallet to avoid losses when their values depreciate. However, there are better solutions, as you can only play at a Bitcoin casino by making a deposit.
Currency Conversion Incurs Extra Fees
Making deposits at crypto casinos works in two ways. You can deposit using digital currencies or fund your account with fiat currency, and the crypto casino will do the conversion for you. In the Bitcoin casino industry, many platforms offer both deposit options. Still, some of these Bitcoin casino sites only allow deposits using cryptocurrencies.
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When Bitcoin casinos convert your deposited fiat currency into cryptocurrency, it incurs extra charges. The value of these charges depends on the amount of cash you're converting to crypto. Note that this currency conversion fee will also be charged when you try to withdraw Bitcoin in fiat currency.
Many Unlicensed Crypto Casinos
Unfortunately, many unlicensed casinos are sprouting due to the widespread popularity of crypto gaming. Playing at these unlicensed Bitcoin casinos is synonymous with risking your cryptocurrencies. Though we are focusing on unlicensed Bitcoin casinos, there are many regular online casinos that scammers are operating. That said, we advise that you choose a licensed and regulated crypto casino to play at.
Conclusion
Implementing crypto for deposits and withdrawals in online casinos is a positive development with advantages and disadvantages. Despite the drawbacks, the benefits of playing at Bitcoin casinos far surpass them. It is exciting to contemplate what other possibilities cryptocurrencies will bring to the online gaming industry in the future.
