Meta Title: Pros & Cons of Using Cryptocurrencies at Online Casinos
Meta Description: Crypto casinos come with a lot of benefits that you won’t find at traditional online casinos. In this article, we will list all the pros and cons of using crypto to gamble.
Gambling With Cryptocurrencies at Online Casinos: Pros & Cons of Bitcoin Casino Sites
Crypto gambling has skyrocketed in the last 10 years, and it’s all thanks to the numerous benefits that crypto gambling offers.
From faster payouts to anonymity and bigger bonuses – we will list all the benefits you can get if you choose to gamble at crypto casinos.
We will also list the few drawbacks you need to know about before getting started.
Let’s dive in.
Pros of Using Cryptocurrencies to Gamble
- Faster Payouts
- Anonymity / No KYC
- Bigger Bonuses
- Provably Fair Technology
- More Games to Choose From
- Bigger Deposit and Withdrawal Limits
Obviously, the pros of using crypto to gamble far outweigh the cons. Below, we will take a deeper look into all the benefits you get when you use crypto at online casino sites.
The biggest advantage of using Bitcoin casinos is that withdrawals are much faster compared to traditional online casinos.
Since all transactions are done on the blockchain, you can generally expect most payouts to be carried out within minutes when you play at licensed Bitcoin casinos.
In some cases, it can take up to 24 hours – but that’s only because the crypto casino itself will need more time to verify and accept your payout.
Another thing that can influence the speed of your transactions is the crypto you are using. For example, Bitcoin’s block time of 10 minutes is much slower than Ethereum’s block time of 14 seconds.
Anonymity / No KYC
When you play at crypto casinos, all of your personal and banking information will remain private.
To sign up and get started at Bitcoin casinos, you’ll typically need to enter a valid email address and nothing else. To combat money laundering because of the ease of getting started, most online crypto casinos will require that you roll your deposit over at least 3 times.
This means that you can’t just deposit money and then withdraw it without wagering it at least 3 times.
All that said, there might be certain cases in which you will have to upload ID documents before you’re allowed to withdraw – but that typically happens to jackpot winners or high-rollers.
Bonuses are always bigger at Bitcoin casinos, period.
Most of the biggest Bitcoin casinos offer bonuses worth up to 5 BTC, which is well over $170,000 – a sum that can’t be matched by traditional online casinos.
On top of this, when you’re playing at popular and legit Bitcoin casinos, the bonuses will be non-sticky – meaning they will only apply to the bonus and not the deposit itself. This is amazing.
Provably Fair Technology
You’ll always come across a category labelled “Provably Fair Games” when you play at Bitcoin casinos.
These are standard casino games like blackjack, slots, or something else – but the difference is that their RNG (Random Number Generator) runs on the blockchain. This allows you to publicly check the randomness of the game, its outcome, and your very own impact on the game.
Some online casinos that accept crypto even go as far as challenging users to find an error in their Provably Fair technology in order to receive a big cash reward.
So, if you’ve ever been afraid that some online casinos might not be playing by the rules – Provably Fair games are just the thing you want to look into.
You’ll find that most crypto casinos have partnerships with dozens of big-name software providers, sometimes even over 50 of them. Some of the big names to look forward to are Betsoft, BGaming, Belatra, and Platipus.
Therefore, you can expect to find thousands of online slots and table games at crypto casinos, ensuring you never run out of options to play.
Bigger Deposit and Withdrawal Limits
Last but not least are deposit and withdrawal limits, which are almost always bigger at Bitcoin casinos.
The most popular crypto-gambling sites typically have deposit and withdrawal limits of up to 10 BTC per transaction, while most traditional online casinos will limit you from $10,000 to $50,000 per month.
This makes BTC online casinos especially attractive among high-rollers who want to go big or go home.
Just because cryptocurrencies are based on the blockchain which isn’t regulated by any government – it doesn’t mean that crypto casinos aren’t licensed.
Indeed, all the most popular crypto casinos are licensed by gambling commissions such as Curacao eGaming.
This governing body ensures that crypto casinos play by all the rules that traditional casinos should follow, so you can always be sure that your cryptocurrencies are in safe hands when you’re using licensed casinos.
Cons of Using Cryptocurrencies to Gamble
- Less Regulated
- Subject to Error
As good as crypto casinos are – there are a few drawbacks you need to consider before getting started. Let’s take a look at them.
As we’ve mentioned before, cryptocurrencies are not regulated by any government or another authority. This means that players from some countries, where gambling is illegal, can still potentially play at Bitcoin casinos.
When compared to traditional currencies like EUR or USD, cryptocurrencies are highly volatile, and they can lose up to 10% of their value – or even more – overnight.
When you deposit crypto at online casinos, it means that you won’t be able to react fast to sudden changes in the market. Therefore, the value of your crypto can significantly drop by the time you make a withdrawal from the online casino.
Of course, this plays both ways – and there’s always the possibility that the value will increase.
Subject to Error
If you make a mistake when transferring FIAT currencies from one bank to another, the transaction will bounce back if you get some numbers wrong, and your money will remain safe.
When sending cryptocurrencies to another address, and you miss one digit or number – your crypto is likely gone forever. This is because once you send the transaction, it becomes fully encrypted and through description finds its way to its designated destination.
If it can’t find it, it won’t come back. That’s why it’s super-important that you carefully copy-paste and double-check the address you’re sending crypto to.
So, Should You Play at Crypto Casinos?
If you can handle the risk of the cryptocurrencies themselves, then the benefits of using them to gamble online are far greater than the drawbacks.
The biggest issue among gamblers with traditional online casinos is slow payouts – and that’s eliminated when you gamble at crypto casinos.
All that said, make sure that you find popular and legitimate crypto casinos to use, as there’s no shortage of under-the-table providers looking to make a quick buck off your back.
Thanks for reading!