In 2009, an anonymous computer scientist working under the moniker “Satoshi Nakamoto” unveiled the first digital, decentralized currency. Using encryption tech in tandem with blockchains, they created Bitcoin.
Nowadays, there are very few people who are unfamiliar with the concept. Crypto trading has grown significantly in popularity, and many businesses have begun embracing Bitcoin as a viable transaction option.
Notably, online casinos accept most of the top-tier cryptocurrencies today. You will find these as viable deposit/withdrawal methods from Bitcoin to Ethereum, Litecoin, Ripple, and Dogecoin, and you will find these as viable deposit/withdrawal methods at most gambling websites. In this article, we would like to review the crypto-based payment systems at online casinos.
Online Casinos and Cryptocurrency
The iGaming industry has developed incredibly fast. It began with video poker websites in the late 20th century and proliferated. In the early 2000s, game developers came out with slot machines, blackjack games, and roulette. Today, gamblers can play slots, and various other games, to their hearts’ content.
In the 2010s, Bitcoin and other cryptocurrencies first began gaining traction. And it took only a short time for online casinos to embrace the new phenomenon. Today, most prominent online casinos accept various deposit methods, including cryptocurrency. The most popular cryptos at online casinos tend to be the following:
- Bitcoin (of course)
- Ripple
- Ethereum
- Litecoin
- Dogecoin
There are specific pros and cons of Bitcoin deposits and withdrawals. Let’s examine why some might want to use crypto to gamble while others prefer to stick to FIAT currency.
Pros of Crypto-based Deposits
Gambling online has never been easier. Online casinos now offer a dozen different transaction methods and detailed tutorials on making a deposit. Crypto is a modern method. Let’s review the advantages of crypto-based transactions and discuss why you might want to look into the practice.
1. Anonymity
The most apparent reason for cryptocurrency gambling’s popularity is its anonymity. Most gamblers would prefer to stay anonymous. It is one of the significant benefits of playing online. So, a method that offers 100% anonymous transactions will be viral.
2. Fast Transactions
Another thing gamblers want is fast transactions. While the need for processing is understandable, waiting a day or two for your money is still tedious. Crypto-based transactions require no intermediary. Therefore, there is no processing time. It is one of the benefits of operating on a Peer-to-Peer system and the most significant advantage of gambling using cryptocurrency.
3. No Transaction Fees
For similar reasons, crypto gamblers don’t need to worry about transaction fees. There is no intermediary to handle the transaction, so there is no need for a casino to take a fee. Even if some website demands a fee, it will usually be much lower than other deposit options.
4. No Restrictions
Due to the different laws regarding online gambling, many websites are region-restricted. In other words, gamblers can’t bet/wager unless located in a specific country. The benefit of cryptocurrency is that it is a decentralized currency. Meaning it is not beholden to any central authority. In other words, you can gamble at any online casino using Bitcoin.
Disadvantages of Crypto-based Gambling
Of course, it isn’t just positive when it comes to crypto-based gambling. There are some problems that any gambler or crypto trader should consider when it comes to the market. So, let us go over the main cons of gambling with cryptocurrency.
1. Volatility
Everyone with some experience knows that the crypto market is incredibly volatile. Bitcoin alone has gone through incredible highs and lows. Sometimes, the market is so volatile that an asset can rise and fall on the same day. Some crypto gamblers have reported winning the payout and coming short simply because their crypto tanked.
2. Legal issues
Another problem with crypto gambling is that law on cryptocurrency varies from country to country. Certain nations have illegalized cryptocurrency. And while people can still tap into the market using virtual private networks, or other tools, they could get in quite a bit of trouble if caught.
Of course, other countries have decided to legalize crypto outright. For example, in 2021, El Salvador became the first and only country to make Bitcoin into legal tender. However, it is worth noting that most countries have no laws regarding crypto one way or the other. So, legally speaking, you should be safe unless your country explicitly forbids cryptocurrency.
Final Thoughts
There is no doubt that cryptocurrency has become a staple of mainstream popular culture. More and more people are becoming interested in the market. In terms of investment markets, crypto is one of the fastest-growing and most significant markets today.
That’s quite an accomplishment, especially when considering how young it is. So, it isn’t a surprise that gamblers have hopped on the bandwagon.
We hope this article can help you understand the pros and cons of crypto gambling.
