Online casinos have seen a surge in players and traffic, especially during the pandemic. Some have started accepting cryptocurrencies. Is this a passing fad or should you be searching for the best crypto casinos?
There are both advantages and disadvantages to using cryptocurrencies for casinos and for players on such casinos.
Let’s see what they are and how they could benefit you or perhaps harm you too.
Benefits of the Best Crypto Casinos
The link above shows the best crypto casinos available to players living in the various corners of the world. Are they beneficial over regular online casinos?
One of the answers lies in how long it takes to transfer your bitcoins from your wallet to the casino and back again.
According to Unchained Capital, this timing would look like this:
“Bitcoin blocks are solved every 10 minutes on average; however, bitcoin blocks are not solved precisely every 10 minutes on a fixed schedule. The next block may be solved in 1 minute or 20 minutes, 30 seconds, or 36 minutes. The network adjusts such that blocks are solved on average every 10 minutes.”
Compare this transaction speed of 10 minutes to sending cash via a wire transfer — which could take 24 hours or more.
Clearly one of the best benefits of a crypto casino is the speed with which you can send your funds to the casino. You’ll also receive your bitcoin and crypto funds just as fast.
Some crypto casinos also accept withdrawals and deposits in other cryptocurrencies. These other cryptocurrencies can have transaction speeds that are even faster than bitcoin.
Another advantage that some may find useful is the semi-anonymity of Bitcoin and other cryptocurrencies.
Bitcoin allows you the opportunity to deposit and withdraw your winnings without your bank, credit agency, or spouse seeing and being judgmental of playing casino games.
However, keep in mind that Bitcoin is only partially anonymous.
A government agency may still be able to trace your transactions and link them to you.
If you want to use crypto completely anonymously you’ll want to use crypto coins like Monero or BEAM, which are built with privacy in mind. However, not all crypto casinos accept privacy coins.
There are ways to use bitcoin and remain anonymous, but it takes a considerable amount of effort and responsibility. If that doesn’t scare you, then plenty of stout resources are available to the curious.
Using Bitcoin Can be a Game Too
Playing casino games with or without crypto is always a thrill. Using bitcoin and crypto in the meantime can also be a thrill.
The price of bitcoin and other cryptocurrencies can fluctuate considerably throughout the year. You may deposit a certain amount, win casino games, and then withdraw a sum that is larger or smaller than the one you put in.
If you time this with the market, you might even increase your winnings. Just watch out to not lose them too, since Bitcoin can be quite unpredictable.
Disadvantages of Crypto Casinos
There are a few disadvantages to using crypto when playing at casinos. These can be mitigated, but you should be aware of them first so you can take the proper actions.
Transaction Are NOT Reversible
Regular casinos can be funded with bank accounts and even credit cards. These methods have ways to replace your funds if you detect fraud at the casino or need to get your money back in other ways or for other reasons.
Bitcoin and cryptocurrencies are the opposite.
Once you send bitcoin or crypto to an address you cannot get it back — unless the receiving person sends it back to you.
This is a feature that helps bitcoin and cryptocurrencies stay secure. The tradeoff is that you need to be responsible for how you send your funds.
When sending and receiving bitcoin, be sure to always double-check the address. If you send your crypto to the wrong address, it just might be gone forever.
Buying Crypto is Almost Easy
Obviously, if you want to use crypto casinos you need to have crypto.
Buying crypto these days is far easier than it used to be. You can sign up on an exchange that you feel comfortable using in the country of your residence.
Then you can send the crypto from the exchange to the crypto casino of your choice.
However, if you want to buy and transact certain cryptocurrencies, like Monero or BEAM, you may have a tough time since they are not available on exchanges like Coinbase.
Create a Pro-Con List
The best thing you can do is compare the best crypto casinos in the link at the top of the article.
Create a list of items you’d need from a crypto casino. See if you can find one that fits.
Buy the crypto that is accepted by the casino of your choice.
If anonymity is important to you, follow the guides on transacting privately with Bitcoin – or use a privacy coin you believe in that does not fluctuate too much in value.
Follow their deposit instructions and always double-check the address you are sending it to.
After you play and choose to withdraw, be sure to double-check the address you’re withdrawing to as well — it would be a tragedy if you withdraw your winnings to someone else’s address after all.