Cryptocurrencies are confusing the world at the moment. The financial innovation that many central bankers and economists said would never take off just won’t seem to die. Quite the opposite, with innovation occurring at lightning pace around the world, the industry seems to be flourishing.
The online casino industry has been particularly receptive of cryptocurrencies in recent years. However, given the extensive fiat currency offerings serving the market today, it might not be immediately clear to players why a cryptocurrency might make a good deposit method.
Many people piled into cryptocurrencies and are now sitting with them waiting for an expected explosion. With the recent increase many have already doubled their money. This provides the opportunity to try a crypto casino and get a feel for the process involved in depositing, playing and withdrawing with cryptos.
In this article, we’ll outline some of the advantages and disadvantages of cryptocurrency use at iGaming venues. Let’s start with the cons:
Most cryptocurrencies are not instant in their finality. This can mean that deposits take a little longer than they would do when using a Visa or MasterCard.
Technically, deposits are much faster with a cryptocurrency. When you deposit at an online casino with your bank card, you’re basically telling the casino that you have instructed your bank to send the money. The actual process can take days but since the casino trusts the bank, they agree to loan you the funds until the money materialises and finality is achieved.
Waiting for your deposit to confirm at a cryptocurrency casino is certainly one of the more annoying aspects of using digital assets to play online casino games, but it might be worth it for how improved the withdrawal process is. More on that later though.
There is no denying that cryptocurrency is volatile. This is another major disadvantage of using digital assets to deposit at an online casino. If you buy $100 of Bitcoin on Friday with the intention of having a blackjack session on Saturday, you might wake up to find $80 or $120 worth of Bitcoin. Such 20 percent or more swings are common for Bitcoin. In smaller market capitalisation altcoins, it’s much worse.
That said, volatility is likely to decrease if adoption continues at its current pace. The market capitalisation will stabilise when it is many times greater than what it is now, simply because it will take a lot more capital to move the price of digital assets. Of course, this is in the future and there is no telling if such adoption will indeed occur.
One of the best things about the cryptocurrency casino experience is cashing out. Obviously, it’s always great to make a withdrawal after a big win but waiting three to five days for the funds to hit your bank is really annoying.
With fiat currency deposit methods, the same trust between the casino and the bank is required. However, this time, it’s reversed. Banks will typically force you to wait until the actual money is cleared into your account, rather than trust that the casino is good for it.
At a cryptocurrency casino, once your payment has been processed, it’s transmitted to the digital asset’s network. Depending on the choice of cryptocurrency it will arrive will you with complete finality within the space of a few minutes to an hour.
Such a speedy withdrawal process has great implications for players. Not only do they receive their winnings quicker but it also means that players no longer feel impelled to keep large bankrolls on casino sites. If they can just withdraw their funds after each session, there really is no need to trust the casino’s security. It might after all, become the target of hackers as so many exchange platforms have previously.
Being able to withdraw after each session affords players a lot of freedom. They can change between the casinos that they play at from day to day, rather than having to deposit additional money or transfer their entire bankroll to a new venue.
Like the assets they support, cryptocurrency casinos are not too concerned with where their users come from. Many operators tout their services as welcoming players from any country – even those where it’s illegal to gamble online. For people wanting to gamble but living under harsh legislative regimes, cryptocurrency might be their only option.
The idea of borderless gambling doesn’t just benefit those wanting to subvert local laws though. By not being restricted by your national borders in your choice of casino, you are able to access a lot more choice. You can play at venues hosted from any nation, perhaps offering a better deal than those that serve your traditional national online gambling market with.
All online casinos want new players. One of the best ways to get them is by offering a particularly juicy welcome bonus. Cryptocurrency casinos, being as new as they are, often feature incredibly lucrative welcome bonuses for new players. They are keen to establish trust in the new sector of the industry and a respectable operator will want you to enjoy a massive welcome bonus so that you can tell all your friends about the great time you had gambling at the venue. This way, the venue establishes trust and can think about competing with some of the industry’s bigger names.