Crypto casinos are generating a lot of buzz in the online community of professional gamblers and cryptocurrency enthusiasts. In 2020, when the COVID-19 pandemic shut down thousands of physical casinos worldwide, the popularity of online casinos increased. Simultaneously, people were intrigued to see the prices of Bitcoin and other major cryptocurrencies growing at an astronomical rate. Both these factors gave rise to the interests of people towards cryptocurrency casinos.
Crypto casinos are online gambling platforms allowing players to gamble and get paid in cryptocurrencies. Since their launch, Best Bitcoin Casinos have become widely popular over the internet. Bitcoin is among the most preferred cryptocurrency in these casinos. However, due to cryptocurrencies’ volatile nature, people are still second-guessing wagering their money in crypto casinos.
Here’s a look at the key advantages and disadvantages of crypto casinos that would help determine whether or not to place bets with cryptocurrency.
Advantages of Crypto Casinos
There are several advantages of crypto casinos that keep them ahead compared to traditional casinos and other formats of online casinos. However, here are the pros of gambling in crypto casinos.
- Gaming Variations: Higher user engagement is a key factor driving the success of any online platform. Crypto casinos achieve this by offering a wide variety of casino games. From simple dice games to card games such as blackjack and poker, all key varieties of games are available at crypto casinos. In addition to these, players get access to different variants of these games. Most crypto casinos also launch new games to add to the excitement of players. Gaming providers of crypto casinos also customize the games’ standard rules to increase the chances of winnings for the players.
- Anonymity: The entire process of gambling in a crypto casino is completely anonymous. It ensures that the player information stays confidential and does not provide an unfair advantage to others. The websites also protect the email addresses and phone numbers used by players for account registration. Several crypto casinos have crypto wallets integrated into their platforms. These wallets allow players to transfer money to the account anonymously.
- Fast & 24×7 Availability: The deposit and withdrawal process in crypto casinos is fast. Players can instantly add funds or check out their winnings from their gambling accounts. These processes are protected with blockchain technologies to ensure a hassle-free movement of the transactional data. As the casinos are not linked directly with the banks, there are no delays caused due to the downtime of banking servers. The casinos are in full operations 24 hours on all seven days of the week. There are zero lagging issues faced by the players. The entire experience is quite smooth, easy, and fast for the players.
- Security of Funds: There are numerous attempts made by hackers to steal Bitcoin and other cryptocurrency assets from crypto casinos. However, to date, the casinos have not faced any major theft across the globe. All instances of minor thefts were recovered and fixed permanently. Compared to regular online casinos, crypto casinos are more as they work cryptographically, like the cryptocurrencies. Players can securely store their crypto funds in the crypto wallets and access them anytime.
- Ease of Use: Crypto casinos run perfectly on desktop and mobile devices. They are compatible with different operating systems. Players do not have to install any software or add any hardware device to play in crypto casinos. Most players find crypto casinos working well on their browsers, where their resolution can be changed as per preference.
- Bonuses: Crypto casinos offer several rewards to the players. From sign-up bonuses to promotional rewards, crypto casinos do not hesitate to add Bitcoins or other cryptocurrencies to the players’ accounts.
Disadvantages of Crypto Casinos
Despite the advantages, some factors make crypto casinos a concern for online gambling. Here are the cons of playing in crypto casinos.
- Instability: As the prices of cryptocurrencies fluctuate continuously, it is hard to determine a reliable digital asset for depositing funds into crypto casinos. Despite winning a big prize or a jackpot, players can feel underpaid if their preferred cryptocurrency experiences a fall in value at the time. Some players may win more crypto coins but would amount to less value. Crypto casinos also work in tandem with decentralized cryptocurrency exchanges, which can offer different exchange rates based on the market conditions.
- Conversion Fees: The fees for converting fiat currencies to cryptocurrencies vary from casino to casino. Some casinos charge hefty conversion fees for Bitcoin transactions. These casinos justify these fees by not charging any additional fees throughout the gambling experience.
- Complexity: Understanding cryptocurrency becomes overwhelming for new players. One can face technical issues in understanding how crypto wallets work. Holding and storing crypto funds requires an in-depth knowledge of blockchain, cryptography, and data networking. Players inexperienced in these areas may find crypto casinos more complicated than regular online casinos.
However, there are multiple ways in which the disadvantages of crypto casinos can be mitigated. Comparatively, crypto casinos have more advantages than disadvantages. These digital casinos are designed to benefit the players then provide funds for the casino or the gaming providers. Crypto gambling is not always riddled with security concerns. Provably Fair algorithms ensure that all players get a fair chance of winning their stakes. Over time, playing at crypto casinos becomes more rewarding than challenging.