Punters from all over the world have developed a keen interest in newly developed cryptocurrency gambling. This offers several real-life applications and the gambling industry can benefit a great deal from crypto integration.
Many casinos offer this payment method in order to expand their customer base by allowing digital coins on classic games. Investing in cryptocurrencies is popular among gambling enthusiasts due to the risk involved in order to gain big. The online gambling market has transformed into a more user-friendly and respectable platform.
Pros Of Cryptocurrency Gambling
As every activity has its own advantages and disadvantages, gambling is the same thing. But more interesting is what is hidden behind gambling activities with cryptocurrencies. Let’s sort out the advantages.
The prime advantage of cryptocurrency gambling is the fact that it is highly anonymous and allows self-excluded GamStop players to enter non GamStop casino operators accepting UK users and international customers. Bitcoin transactions are not completely untraceable but coins like Monero are discrete in nature.
GamStop users using this payment method can be assured that no third party will have access to their personal information or data, gains or losses whatsoever.
Maintains Transparency By Default
Crypto gambling guarantees that the game is fair and the results were determined only by RNG or Random Number Generators. To verify the nets, players can enter their ID number for the bet and some personal details on the site to check its authenticity.
Fairplay is maintained and crypto casinos have no control over the outcome of bets in any form. It benefits the houses too because it helps in building up a reputation and increasing the player base.
Better Odds Are Offered To The Players
The main goal of the gambling industry is to earn profits with transparency. The casinos have a fixed built-in profit on every bet a punter makes which is known as the Casino Advantage or House Edge. This helps the gambling business to maintain profit margins as the House wins in the long run.
The ratio of the house edge varies from game to game and is usually from 1% to 15% on regular online casinos. Casinos offering cryptocurrency methods offer lower levels of house edge between 0.5-3%. Certain casinos also offer 0% house edge and have their own cryptocurrency like Zerocoin.
Certain countries have not yet legalized online gambling and the bank might refuse to process transactions regarding the same. In such cases, casinos offering cryptocurrency payments are the best option. This payment method cannot be prevented from making payments or processing deposits in digital currencies.
There are no legal consequences and GamStop limits regarding the same and the transactions are not processed by a third party like credit or debit cards and one’s personal information remains discrete. The fees involved for such payments are minimal compared to what banks usually charge and crypto payments are not yet recognized by all countries as real money and thus taxation is also not involved.
Cons Of Cryptocurrency Gambling
Playing at an online casino offering cryptocurrency payments involves certain disadvantages too:
Lack Of Security
Since there is a lack of government intervention, a punter’s privacy can be protected, transactions are conducted quickly. However, one loses the benefits of regulation such as solutions regarding system crashes or money lost to bugs.
Currency Conversion Loss
For Bitcoin, currency conversion fees can be hefty. Since digital currencies cannot be used everywhere, one has to convert them to traditional currencies which involves paying a fee. Finding a good rate and low fees is time-consuming.
Digital currencies are volatile in nature at present and thus, this payment method lacks stability. The values keep on fluctuating which can be a major disadvantage for the punters.
Though there are large numbers of digital currencies available like Dogecoin, Bitcoin, Dash, Monero, Ethereum, Litecoin, the values need to move in favour of the euro or dollar.
Slow Transaction Speed
Another problem with these casinos is that the payment processing speed is low. A punter has to wait for a while at times in order to be able to use his funds.
Cryptocurrency casinos and gaming ICOs are picking up pace in order to make it available for more punters. Blockchain technology is helping to remove the cons in order to provide a delightful experience among gamblers. These casinos have several positive factors over regular casinos.
Due to anonymity, punters are drawn towards these casinos. Further revolutionary innovations would develop this payment method as a regular one soon.
The article does not contain investment recommendations, or recommendations to use the service described in this article. All the opinions expressed express exclusively the personal opinions of the author and the respondents. Any activity related to investing and trading in the markets carries risks. Make your own decisions responsibly and independently. Neironix is not responsible for the safety of your investment and does not make any recommendations