There is currently a rift in the online gambling industry, with cryptocurrencies on the one hand and traditional payment methods on the other. Sites have chosen to accept one or the other, and even those who have embraced both have clearly sided.
The question is, which of these options are best for players? Are you better off with cryptocurrencies or fiat currencies, and if it’s one or the other, what makes it the right option for you?
Advantages of crypto gambling wallets
Cryptocurrency wallets are designed to store digital currencies such as Litecoin, Ethereum, Bitcoin, Dogecoin, and countless other cryptocurrencies. They accept these currencies directly or they accept payments through exchanges, allowing them to embrace hundreds of different cryptocurrencies.
Some of the benefits of using this are:
Many online Bitcoin casinos ask for the most basic payment details. Since you don’t have to deal with payment methods with strict Know Your Customer rules, often all you need to do is add a phone number or email address and you’re good to go.
You may eventually be asked to submit verification documents, but such requests are much rarer at Bitcoin casinos and you have time to join, deposit, play and even withdraw before the request comes in.
One of the problems with cryptocurrencies is that they are incredibly volatile. While they are certainly more volatile than most fiat currencies, they are not as bad as they used to be.
In addition, many currencies, including Bitcoin, have gradually risen in recent years. Even if you factor in an occasional dip, long-term gains are still stable.
Experts predict Bitcoins could be worth more than $100,000 in the near future and others predict 7 figures. That’s an amazing amount of money for something that was available for a few grand a few years ago!
You can deposit with dozens of different traditional payment methods, but those options are not comparable to cryptocurrencies. There are thousands of currencies, and even if you stick with the most popular and stable altcoins, the number still runs into the hundreds.
An excuse to invest
The people who have made the most money with cryptocurrencies are the ones who have gone all in. By that, we don’t just mean that they have invested a lot of money, but that they have spent time getting to know the currency, using it regularly, and generally keeping abreast of the latest Bitcoin news.
They know when to buy, when to sell; when to hold for the long term and when to prepare for a short term move. If you start using the coin regularly, you will find yourself drawn into this world, after which you will become a smarter investor.
Being able to use cryptocurrencies to participate in a popular pastime is also a good excuse to invest.
Advantages of traditional payment wallets
A traditional payment wallet is one that accepts payments to an online casino through methods such as Visa, Mastercard, PayPal, and of course, many gamblers favor Neteller and Skrill. Payments are accepted in fiat currencies (EUR, US, GBP, etc.) and there are a wide range of financing options. The advantages of these wallets include:
Cryptocurrencies are very safe. However, there is no denying that Bitcoin hacks are more common than bank hacks. Besides, if a purse takes your money, there’s not much you can do.
The lack of centralization is one of the advantages, but in this case also one of the disadvantages. In the unlikely event that a bank does the same, you’ll get a government guarantee and eventually get your money back.
If you are new to Bitcoins, they can seem a little daunting, especially when your only exposure is news articles about volatility and exchange hacks. In that case, it might be easier to stick with what you know, including PayPal, credit cards, debit cards, and other e-wallets.
While cryptocurrencies are incredibly fast and easy once you get started, you need to take a few steps to get started. These include setting up an account with an exchange, adding a payment method and then buying some coins. You should also download a cryptocurrency wallet and keep it safe.
Of course, you could argue that you have to jump through even more hoops when you open a bank account or credit card. There are even more steps, it will take more time and your credit score will take a hit. However, we assume that every adult who signs up at an online casino already has at least one bank account and card in their wallet, which negates these problems.
What is better?
Now that we’ve looked at the pros and cons of each method, one question arises: which one is best?
The truth is, there is no “better” option. It all comes down to preference. The best is the one you prefer, and that preference will be based on everything from availability to location and technical know-how.
If you’ve been stuck with traditional wallets for years, we recommend venturing into cryptocurrencies just to see if they work for you. If not, nothing is lost and nothing gained, and you can go back to what you’re comfortable with!