Anyone wishing to take part in internet gambling these days will find both a lot of casino sites to play at and a lot of ways of carrying out financial transactions. There are more payment methods on offer now than ever before.
That is a very good thing because sending and receiving money online can always feel like it has an element of risk. Being certain that the chosen method is truly secure takes a lot of worry out of online casino gambling.
Alongside traditional card payments, people playing at online casinos can now use e-wallets like PayPal and cryptocurrencies for transactions. In this article, we’ll look at those two choices to see which might be preferable.
PayPal is an e-wallet for making financial transactions online. It was the first of them to launch.
- Available around the world
- Has cutting edge data encryption
- Very fast transaction times
- There are fees to pay
- Card details are still needed.
Looking at the pros first, PayPal is a system for making online payments that is available in most parts of the world. Furthermore, it is a method that pretty much all of the top online casinos offer for transactions.
That is a very important point because well-established casinos tend to be licensed and more trustworthy in terms of actual gaming. PayPal also employs state-of-the-art data encryption tech to ensure that the financial and personal data of its users is as close to completely secure as possible.
Another reason why it is a fine choice for casino fans is that the processing of transactions via PayPal is really fast. That means money will be deposited into a casino account within minutes and any winnings will also be received in just days.
There are some downsides to the platform too, though. For one thing, all transactions carried out using PayPal involve paying a fee. That means a percentage of any winnings will be subtracted from your account.
Arguably another downside is that a bank or credit card will be necessary to use PayPal. While a lot of online casino fans will not mind that, having to provide card details does increase the risk of them being hacked and stolen to some degree.
This is the new kid on the block for online financial transactions.
- Decentralization reduces the risk of cyber-crime
- No fees
- Greater Privacy
- Not available at many casino sites
- Highly volatile market
- Lack of regulation
The plus points about using crypto coins such as Bitcoin for depositing and receiving money at online casinos include the decentralization of crypto. Crypto networks are not controlled or monitored by any central body or authority, and that makes it virtually impossible for cyber criminals to target them through things like DNS attacks.
Carrying out crypto transactions also means avoiding the fees that come with e-wallets like PayPal. Given that fees rise based on the amount of money involved that can be a big argument in their favour.
Because crypto does not require either a credit card or bank card, those details do not have to be submitted online either, which obviously reduces security risks. There are negatives, too, though.
Perhaps the single biggest one is that a lot of casino sites do not provide the option of crypto payments. That will seriously reduce the number of sites someone can play at.
The decentralization of crypto also means that it is completely unregulated. That can become a concern if there is a problem with a transaction because there is no regulator to turn to for help.
Finally, the highly volatile nature of the cryptocurrency markets means that coins rise and fall in value very quickly. While that could potentially increase the value of any money won at an online casino, it could also do the opposite and make any winnings essentially worthless by the time they are received.
Which is Better?
Clearly, both PayPal and crypto have arguments in their favour and against them. So which is the best one to use at online casinos?
When looked at in comparison to each other, crypto and PayPal appear to have roughly equal strengths and weaknesses. The problems with using crypto are more serious, though.
PayPal is a widely accepted payment method within the digital casino world, whereas using crypto will restrict players to specialist cryptocurrency casinos. They do not have the trustworthy reputations of longstanding casino sites and the total lack of crypto regulation should further add to the concerns of users.
Ultimately PayPal is the better choice for transacting money when playing at an online casino. It is an efficient, highly secure service that almost all of the best casino sites offer.