The online casino industry has undergone significant changes over the years, with one of the most notable shifts in recent years being the way payments are handled on these platforms. In the past, players could choose between credit and debit cards, as well as direct bank transfers. Additionally, e-wallets and prepaid cards were introduced. Most recently, online casino banking has been updated to include cryptocurrencies.
Do you know what makes this transformation so interesting? Well, it’s the fact that while being the newest payment option on the market, crypto is quickly becoming the king of online casino transactions. It’s not only a popular option but also a practical, secure, and in many ways superior choice.
If you’ve never used cryptocurrencies before, it’s understandable that you might not know what makes these coins so appealing compared to traditional fiat payment methods. Today, we will tell you exactly what the pros and cons are when it comes to using them at online casinos, along with how you can find the best crypto casinos on the market. Let’s get started, shall we?!
The Pros of Using Crypto in Online Casinos
There are many reasons why online casinos offer cryptocurrencies to players, but one of them is the need to provide a fast, secure, and hassle-free way to transact money to and from the casino account. Currently, most online casinos you’ll find reviewed at Casino Crest offer at least some crypto coins, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dogecoin, Ripple, Tron, and others. Some of the reasons why you should consider using any of these are:
- Speed of Transactions: Traditional bank transfers can take between 5 and 7 banking days to complete. In contrast, e-wallets and card providers can complete the same transfers in up to three days. However, cryptocurrencies can complete them in minutes. This means that whether you’re making a deposit or withdrawing your funds, you’ll get instant access to the money.
- Lower Fees: We’ve often come across banks and payment processors that include fees for international transactions, currency conversions, or even standard withdrawals. These mean that you will receive an amount smaller than the one you’re expecting. If you focus on cryptocurrencies, you’ll have to deal with minimal to no transaction fees, meaning you can keep more of what you win.
- Privacy and Anonymity: All payment options except prepaid cards require you to share personal information, as well as details about your bank account. If you value privacy, you may not be comfortable doing this. Cryptocurrencies emerge as a superior option in this case, as they require only minimal information to get started.
- Global Access: When using bank transfers, it is essential to check whether the specific bank allows international transactions or transactions related to gambling. The same applies to e-wallets, which can be banned in certain countries. But with crypto, there are no borders, so you can use your coins to play real money casino games in South Africa, Asia, Europe, or anywhere else, even if you’re not physically located on the continent.
- Security: The security features that cryptocurrencies offer are something you won’t easily find with other payment options, even if they have advanced security protocols. With cryptocurrency, we’re talking about transactions that are encrypted, decentralised, and extremely difficult to alter. This means a lower risk of fraud, chargebacks, or other forms of manipulation.
- Possible Value Growth: Fiat currencies maintain a constant value over time, but cryptocurrencies can experience growth over time. While this also means that their value can drop and cause you to lose some money, cryptocurrencies are more of a potential investment than just gaming funds.
The Cons of Using Crypto in Online Casinos
As many pros as there are to using cryptocurrencies over other payment options, there are a few downsides that you should consider. Here’s more:
- Volatility: We’ve already mentioned this briefly, but we want to emphasise that the value of cryptocurrencies is not stable and can fluctuate significantly due to market changes. These fluctuations can be a problem for some players, so you need to be prepared when you manage your balance.
- Learning Curve: The first time you try to set up a crypto wallet and buy some coins, you might need help navigating the privacy keys and exchange processes. The learning curve can feel intimidating at first, but it will become easier with practice.
- Irreversible Transactions: If you request a transaction with cryptocurrencies, you cannot reverse it. This is one of the most significant shortcomings, as it’s impossible to get your coins back if you end up sending them to the wrong address.
- Regulatory Uncertainty: At Casino Crest, we always recommend using licensed online casinos to ensure your safety and security. However, some licenses still don’t support the integration of cryptocurrencies into online casinos, which might make it a bit challenging to find suitable platforms where you can use these coins.
How to Choose a Crypto Casino
Now that you know a bit about the benefits and drawbacks of using cryptocurrencies to make online casino transactions, you might have a better idea of whether this is something you’re willing to try. If you’re considering making the switch to crypto casinos, here are some of the features that can help you differentiate the good from the best casinos:
- Look for casinos that have a valid gambling license from a trusted regulatory agency. Some options to consider include the UK Gambling Commission or the Malta Gaming Authority. With these licensing bodies backing up the work of casinos, you know you have someone to rely on in case of an issue.
- Check the payment options available in the cashier to ensure you can use your preferred cryptocurrency. Then, also check the transaction limits, processing times, and fees to know what you are getting into, even before you request your first transaction.
- We recommend looking for casinos that offer a balance of quality and quantity of games in their lobby. Having at least 1,000 games that you can test in demo mode and for real money wagers is essential. Still, we also recommend checking the availability of slots, tables, live dealer games, and instant win games from trusted providers that are certified for fair gameplay.
- Bonuses are also an essential part of online casinos, so you should look for offers that you can trigger with a crypto deposit. Sometimes, casinos set separate bonuses for crypto users, so you should check for such welcome bonuses, cashbacks, reloads, and other offers that fit your gaming style.
- While the license we mentioned above is the strongest security feature an online casino can have, we also recommend checking if the casino uses SSL encryption, two-factor authentication, and strong wallet integration. Security is non-negotiable when it comes to handling crypto.
Final Thoughts
Cryptocurrency is no longer something that’s considered a doubtful investment – it’s already a mainstream payment method that’s quickly becoming the king of online casino transactions. It offers faster withdrawals, stronger privacy, lower fees, and cutting-edge security, so it’s no wonder so many players worldwide are actively using it. While it may have some challenges, including the learning curve we mentioned above, we assure you that the benefits far outweigh the drawbacks. So, don’t be afraid to make the chance to crypto – you won’t regret it!
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