The Pros and Cons of Cryptocurrency Casinos
One of the most crucial aspects in choosing an online casino is going to be the payment options. Though some players are perfectly happy with more traditional means, there are always others who are looking for alternative methods. One of the most recent of these is the use of crypto in cryptocurrency casinos. If you’ve never used these before, you’re probably unsure as to the advantages and disadvantages.
The first thing we should state is that just because a casino might offer a cryptocurrency payment option, doesn’t necessarily mean that the casino is not legitimate or reputable. You can still win the jackpot online. You might be surprised how many top online casinos like Bodog Casino have embraced cryptocurrency on top of their Fiat payment methods. And some ways, you could regard them as hybrid casinos. Let’s have a look at the advantages and disadvantages of using online crypto casinos for both deposits and withdrawals.
Here we list some of the advantages of playing at cryptocurrency casinos.
A Hіghеr Degree Of Security and Anonymity
All cryptocurrencies make use of blockchain technology. Because wallets are, to all intents and purposes anonymous, it means players can choose to remain behind the scenes without revealing their identities. Thanks to a number of security factors involved in the use of crypto, many players regard it as more secure than utilising Fiat currency. There are many players who are looking to enjoy online gambling. But without the worry of being hacked or scammed by some other means.
One of the major factors that entice players to utilise cryptocurrencies in online casinos is the fact that your personal data is not attached to transactions. This means that there is little chance of your data being falling into the hands of third parties.
Cryptocurrency Casinos Offer Better Privacy
Without a doubt, gambling online utilising cryptocurrencies allows players to maintain a better measure of anonymity. This is due to the fact that cryptocurrencies are decentralised. This means it’s much more complicated to keep track of players’ transactions. Many online casinos don’t require you to provide as much information when you first make a deposit. It’s important to be aware that different casinos will have different rules and regulations when it comes to levels of anonymity.
All casinos with reputable gambling licences, like those issued by the UK Gambling Commission or the Malta Gaming Authority, will require some form of KYC (know your customer) compliance. This is especially true when it comes to making withdrawals. As they need to be certain the money is going to the correct individual.
Check For Reputable Licenses
However, if you choose to gamble at offshore casinos which have no licence or one from a very weak licensing authority, then the KYC requirements will be much less or even non-existent. In truth, here at Jackpotfinder.com, we recommend that you never play at an online casino with a weak licence or without a licence at all. Without oversight, you have no idea whether the games are fair or whether you’ll receive any money from your winnings. There’s even the possibility that your deposit will be stolen from you instantly, the very moment you deposit it.
If you do choose to utilise cryptocurrencies in order to make transactions at online casinos, then you’ll be pleasantly surprised by just how fast this method is. In many cases, the whole process only takes a few seconds. If you compare this with other more traditional payment methods, such as credit cards, e-wallets and bank transfers, these methods can take from a few hours to up to five working days. And who wants to wait days after making their initial deposit before they can gamble? Unlike many other payment methods, cryptocurrencies do not require a third party. It’s this factor that allows them to shorten the transaction time considerably.
Nо Restrictions On Location
It’s quite common to find that when you’re on the point of making your first online casino deposit, your preferred payment option is not acceptable, simply because you’re in the wrong location. That’s because different countries will have different rules when it comes to the movement of money. Especially the funding of online casino accounts. Nevertheless, you’ll find that cryptocurrencies will give players access to their favourite online casino regardless of their country’s location.
Unique Incentives And Bonuses
Because so many online casinos are under pressure to attract new players, you’ll find that cryptocurrency casinos will offer incentives and other bonuses to encourage players to make their initial deposit in cryptocurrency. Take note, that many of these bonuses and their conditions will differ between different countries. In particular, you may find different conditions when it comes to the restrictions placed on withdrawals. With this in mind, please ensure that you take the time to read through the website’s terms and conditions.
Here we list ѕоmе disadvantages оf playing with cryptocurrency:
Cryptocurrency Casinos Have Nо Government Oversight
If you gambling at an offshore casino that has zero permits and no government oversight, then you’ll have very few options if any problems arise. On the other hand, if you use a reputable online casino that accepts crypto, you are under the protection of its government-issued licence. Unfortunately, the vast majority of cryptocurrency casinos play into the idea that being anonymous is a positive thing. Unsurprisingly, many of these offshore entities will have crooks running them. The jackpot games will be balanced in such a way that it’s pretty much impossible for any player to win. We suggest you stay well clear of offshore casinos. There’s a good chance the experience will turn out to be less than stellar.
You Can’t Stop Payments At Cryptocurrency Casinos
If you have a problem or an issue when playing with traditional payment methods, because they pass through a third party, you will have time to stop the payments. But crypto is a direct transfer from you to the client. So there’s no means of stopping the payment at all. Furthermore, if you happen to send it to the wrong address, your money is gone with no chance of retrieving it.
As you’re well aware, the price of all cryptocurrencies is incredibly volatile. Just these last few months some cryptos have lost between 50% and 80%. Even though the first and best-known cryptocurrency, bitcoin, has lost two-thirds of its value from its all-time high. These large price fluctuations can affect your winnings. Imagine depositing when cryptos offered a very high rate. Only to be able to obtain your winnings a month later. When the currency is worth less than half its initial value. Of course, fans of cryptocurrency will quickly point out that this can also function the other way around.
Conclusion: Cryptocurrency Casinos
Since its initial foundation in 2009, bitcoin has certainly come a long way. Today, we can see more and more online casinos accepting cryptocurrencies. Being a little cynical, we don’t believe it necessarily means that online casino companies have a belief in cryptocurrency in itself. Rather that it’s just a new payment method that they should quickly onboard in order to catch more new players. If you’re looking for any jackpot winning strategies to use whilst playing with crypto, you’ll find that the currency itself is of no consequence.
As you can see from the above list, playing with crypto comes with both advantages and disadvantages. All the advantages can dull when you realise that, though they function perfectly well for making deposits, when it comes to withdrawals things change drastically. We’re mainly talking about the idea of remaining anonymous, which becomes redundant the second you decide to make a withdrawal.
If you’re a fan of cryptos, then you can find plenty of reputable casinos like Bodog Casino offering this payment option. Keep in mind that using cryptos will not increase your jackpot winning chances in any way. Also, don’t let the better bonuses and incentives offered by offshore cryptocurrency casinos sway you. Without proper regulation and oversight, there is always the possibility that you could lose everything.