Pros and Cons of Online Gambling Using Cryptocurrency

by Staff & Contributors on January 4, 2023

in Gaming

Online casinos are rather popular at the moment. They are open all over the world, allowing people to gamble without leaving their houses. Plus, online casinos offer a large variety of gaming and payment options for extra fun and convenience. The latter also includes gambling with cryptocurrency. As a result, more and more casinos are introducing such an option to their clients. Some casinos even encourage crypto use, offering their clients special discounts and promotions for connecting the digital wallet instead of paying with real-life money. Yet, such a payment option is still rather new and comes with certain resistance from gamblers. Why is it so? Let’s see the biggest pros and cons of online gambling using cryptocurrency.

Pros: Privacy

Cryptocurrency offers complete privacy to everyone involved in the transactions. Tracking who sends the money, why, from where, or to whom is virtually impossible. There is no data storage to keep such information. That’s one of the reasons cryptocurrency is often used in online payments. It’s incredibly convenient in casinos since clients can withhold their identity and remain anonymous while gambling.

Pros: Security

Most people feel uncertain about gambling online due to the need to share banking information. However, there are hundreds and thousands of casinos online. Finding a trustworthy one takes time and effort. Meanwhile, you can try several sites by using only digital money. Hence, you don’t risk exposing your bank details to strangers or frauds.

Plus, even if you trust the casino, how much do you trust its security team? Breaches in security are pretty frequent on sites like these. Such cyber crimes are very profitable since criminals can collect personal/credit card data from thousands of people at once before they even notice the breach.

Using digital money will prevent such a situation altogether. It is the most secure way to transfer-receive money online without exposing your bank details.

Pros: Convenience

As long as you already know a thing or two about crypto money, suing them in casino payment is the easiest thing in the world. You only connect your wallet to the profile and withdraw/deposit money directly to the casino wallet. Such operations require no third parties, no extra payment fees, security checks, etc. So, whenever you score a victory in games like white orchid slots or else, the withdrawal will take up to a few minutes.

In addition, people from all over the world can use crypto to gamble at any casino they choose. They don’t need bank accounts that support the casino’s payment systems. As long as they accept crypto, these clients can gamble all they want. Global payments have never been so easy.

Pros: Investments

Before everything else, cryptocurrency is an investment. Often, it is a very reliable and promising investment, too. So, having more of it won’t hurt, will it? Gambling with digital money means you can earn more currency online. It’s quite a fun, easy way to gain some extra digital money to store for later. Though, being in a crypto market is, in a way, gambling in its own way. The value of digital money always changes, making predictions extremely hard. So, having a certain currency can make or break it at some point in the future.

Cons: Digital wallets

To gamble with digital money, you need to have a digital wallet. So, that’s where most issues arise. First, not many people understand how cryptocurrency works in the first place. Plus, there is a large variety of it online. Yet, to gamble with crypto, one needs to choose a wallet to connect it to the profile. So how to choose one?

Some wallets can hold only certain currencies. So you either need several wallets or find platforms that can store different coins at once. In addition, one needs to learn at least some information on cryptocurrency before starting a wallet. Hence, you must research, analyze, compare, and find the best tools before registering in the casino.

Cons: Crypto trends

One needs to keep a finger on the pulse of the cryptocurrency market to gamble with digital money. So, if you choose to store some money in such an investment, you also need to read about the market frequently. It is preferable to read about crypto trends every day, to be precise. Though it is rather a minor inconvenience for some people, that is a big issue.

Bottom line

There are clear cons and pros to gambling with cryptocurrency. Clear advantages of digital money gambling come to those who already have cryptocurrency. These people already know how to use or where to store it, and are educated enough to work with it.

On the other hand, people with no or little knowledge of the crypto market face higher disadvantages of such a gambling option. They have to learn and do preparation work before gambling with crypto.

However, it seems that we are moving toward crypto everything anyway. Perhaps, in a decade or so, all people will have to have digital money for one reason or another. So, learning now means moving with time. Plus, having a crypto wallet with some digital money can become quite an investment with time.



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