Pros and Cons of Using Cryptocurrency
Throughout the years, online casino players have been given huge lists of payment methods to choose from and use to fund their accounts and cash out their winnings. The payment methods on those lists range from traditional credit and debit cards to prepaid cards and eVouchers, eWallets, mobile payment solutions and as of a few years ago, cryptocurrencies.
And while the rest of the payment solutions seem pretty simple and straightforward to get started with and use, cryptocurrencies have always been considered to be more complicated. But that’s not entirely true.
The truth of the matter is, cryptocurrencies have evolved a lot and have become more accessible to players and accepted across online casinos so that any forward-thinking and modern online casino player can use them whenever they want to. On this occasion, we’ll try to guide you through the process of how to use cryptocurrencies to deposit and withdraw across online casinos. We’ll give you all the pros and cons, too, so that you can decide on your own whether to use them or stick to traditional payment solutions.
Cryptocurrency at Online Casinos
You may as well know the history of cryptocurrency, or not, but let’s sum it up in a few sentences. The first-ever cryptocurrency created was Bitcoin, launched back on January the 3rd, 2009. When it first appeared as a concept, a digital currency, Bitcoin raised a lot of brows and became quite controversial. Due to its decentralized nature, people thought of it that it is a thing invented for illegal trading on the black market, for online crimes and frauds. But years passed by and people learned that Bitcoin can actually be a quite useful and innovative solution for online money transfer.
Bitcoin led the way to many other cryptocurrencies to appear, such as Litecoin, Ethereum, Ripple, Dogecoin, Bitcoin Cash and many others. Huge tech companies started creating their own proprietary tokens, all of which are functioning on the underlying blockchain technology, with a modification here and there. The rise of the digital currencies confirmed only one thing: that cryptocurrency is the currency of the future.
What’s most controversial about cryptocurrencies is that they don’t have a physical presence; you cannot have them in your hand, your pocket or wallet. They are entirely digital, stored in an electronic wallet, eWallet. And while in the past, you could only obtain coins by mining them or having them sent by a friend, today, you can trade them, purchase them with normal, fiat currencies.
The road was long and bumpy for Bitcoin, but today, things have changed a lot, and cryptocurrencies are getting bigger and bigger acceptance by many countries and governments all across the world, regions which have seen their potential and know that digital currencies, in this modern, digital era, are the future.
Needless to say, the moment Bitcoin and the other cryptocurrencies were launched, they immediately found their place in the online gambling industry. While in the past, only a few casinos would accept cryptocurrencies, today, you’ll see that most, if not all, premier online casinos accept at least Bitcoin, if not other tokens, as well. That’s why you’ll see that our guide through the pros and cons of cryptocurrency would be more than useful for you to get a grasp of how beneficial they can be for your own online gambling journey.
Pros of Using Cryptocurrency
Would you like to use a payment method that allows for instant deposits and withdrawals, for a low or no cost, which is accepted across hundreds of casino sites you can choose from and join, and allows for untraceable transactions? Well, if you answered yes, yes, yes and yes, then you’re a player in need of cryptocurrency.
What we just described are the reasons why cryptocurrencies have found their way to online casinos and have stayed there for good. Online casino players first and foremost, love the fact that both deposits and withdrawals can be made with digital currencies, and these transactions are instant. They love the fact that these transactions also come with no cost or simply small basic transfer costs which are more than bearable, compared to fees charged by credit and debit cards or some eWallets.
Another reason why cryptocurrencies are so popular across online casinos is that transactions with them are untraceable. That is, they will never be recorded on your credit card or bank statement. Sometimes, online casino players want to keep their gambling habits private and don’t want the whole world to know that they’re, in fact, playing across online casinos. With cryptocurrencies, no one but your peers could ever know where the money goes.
On that note, digital currencies are incredibly safe and no one can access your coins unless they have the right private and public keys. Cryptocurrencies are, in fact, some of the safest to use across online casinos because, in addition to the keys, they arrive with heavy encryptions and literally no one but you can get to your coins. Add to that the fact that you have many wallet types, including hardware ones, where you can store and keep your coins if uncertain about their safety, and you’ve got yourself the perfect solution to use across online casinos.
But one of the biggest advantages cryptocurrencies arrive with is the fact that they are global, accessible by anyone, from anywhere across the globe. The main disadvantage with most payment methods across online casinos is that they cannot be used globally, but only by a certain group of players from a certain number of countries. With digital currencies, you’ll never have that issue.
Cons of Digital Currencies
Each payment solution across online casinos comes with its benefits, but also its drawbacks. Cryptocurrencies, of course, are no exception. There are three major downsides to using them across online casinos, in fact.
The first big disadvantage is that transactions with them are irreversible. Once you’ve confirmed your payment with the keys, they’re a goner. If you’ve entered one letter or number wrong, your coins have reached the wrong destination and you can never get them back.
The frequent fluctuations are another major drawback when it comes to cryptocurrencies. The value of a coin can be $100 today, and $20 tomorrow, making having track of your savings virtually impossible. The digital currency’s value is pretty much unstable compared to pretty stable ones like the euro or the US dollar. And this alone makes many online casino players disregard cryptocurrencies for online gambling purposes.
And the third disadvantage, which is a minor one because you can actually do something about it, is the fact that getting started with digital currencies would take a bit more time than with other payment methods. To get started with a digital currency, you have to do your research and find a beginner’s guide on how to obtain coins, where to store them and when is the best time to use them. If you’ve never used cryptocurrencies before, it would be rather difficult to understand how it all works, so you have to do your homework. Players who are not willing to sacrifice their time in order to learn how digital currencies work usually go with other solutions. But those that take their time and learn how great cryptocurrencies are never regret getting started with them and using them across online casinos.
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