There is a divide in the online gambling industry right now, with cryptocurrencies on one side and traditional payment methods on the other. Sites have chosen to accept one or the other, and even the ones that have embraced both have clearly picked sides.
The question is, which of these options are best for players? Are you better off with cryptocurrencies or fiat currencies, and if one or the other, what makes it the right option for you?
Pros of Crypto Gambling Wallets
Cryptocurrency wallets are designed to store digital currencies like Litecoin, Ethereum, Bitcoin, Dogecoin, and countless other cryptocurrencies. They either accept these currencies directly or they accept payments made through exchanges, allowing them to embrace hundreds of different cryptocurrencies.
Some of the benefits of using these include:
Many online Bitcoin casinos ask for the most basic payment details. As you’re not dealing with payment methods that have strict Know Your Customer regulations, you’re often required to just add a phone number or email, and you’re ready to go.
You may be asked to submit verification documents eventually, but such requests are much rarer with Bitcoin casinos and you’ll have time to join, deposit, play, and even withdraw before the request arrives.
One of the issues levelled at cryptocurrencies is that they are incredibly volatile. However, while they are certainly more volatile than most fiat currencies, they are not as bad as they used to be.
What’s more, many currencies, including Bitcoin, have been on a gradual increase over the last few years. Even when you consider the occasional dip, the profits are still stable over the long-term.
Experts are predicting that Bitcoins could be worth more than $100,000 in the near future and others are predicting 7-figures. That’s an astonishing amount of money for something that was available for a few grand just a couple of years ago!
Lots of Options
You can deposit with dozens of different traditional payment methods, but those options can’t compare to cryptocurrencies. There are thousands of currencies out there, and even when you stick with the most popular and stable altcoins, the number is still in the hundreds.
An Excuse to Invest
The people who have made the most money from cryptocurrencies are the ones who have gone all-in. By that, we don’t just mean that they have invested lots of money, but that they have spent time getting to know the currency, using it regularly, and generally staying up to date with 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’ll find yourself drawn into this world, at which point you will become a savvier investor.
Being able to use cryptocurrencies to partake in a popular pastime is also a great excuse to invest.
Pros of Traditional Payment Wallets
A traditional payment wallet is one that accepts payments made to an online casino through methods like Visa, Mastercard, PayPal, and off course, many gamblers favorite Neteller and Skrill. The payments are accepted in fiat currencies (EUR, USA, GBP, etc.,) and there are a multitude of funding options. The benefits of these wallets include:
Cryptocurrencies are very secure. However, there’s no denying that Bitcoin hacks are more common than bank hacks. What’s more, if an exchange runs away with your money, there’s not much you can do.
The lack of centralization is one of the benefits, but in this case, it’s also one of the downsides. In the unlikely event that a bank does the same, you’ll be backed by a government guarantee and will get your money back eventually.
If you’re new to Bitcoins, they can seem a little daunting, especially when your only exposure is news articles talking 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 going, you will need to take a few steps to begin with. These include setting up an account with an exchange, adding a payment method, and then purchasing some coins. You will also need to 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 a credit card. In fact, there are even more steps, it takes more time, and your credit score will take a hit. However, we’re assuming that every adult who signs up to an online casino already has at least one bank account and card in their wallet, thus negating these issues.
Which Is Better?
Now that we’ve looked at the pros and cons of each method, that begs one question: Which is best?
The truth is, there is no “better” option. It all comes down to preference. The best one is the one that you prefer, and that preference will be based on everything from availability to location and technical know-how.
If you’ve been stuck using traditional wallets for years, we recommend venturing into cryptocurrencies, just to see if they work for you. If not, it’s nothing lost and nothing gained, and you can go back to what you’re comfortable with!