Gambling with Cryptocurrencies: Pros & Cons You Should Know About

These days, more and more online casinos are starting to accept cryptocurrencies as one of possible payment methods. While some operators are turning exclusively crypto, most of them are combining traditional payment methods with new ones, allowing players to deposit with popular coins such as Ethereum, Bitcoin, Dogecoin, etc.

The number of players accepting the idea of cryptocurrency is also growing. Back in the day, bitcoin was regarded as something sinister and mysterious, partially due to its connection to the infamous Silk Road deep web site. Nowadays, though, the situation is much different.

Cryptocurrencies have become a part of the mainstream culture. The number of altcoins that came into existence in the recent years is quite big so it’s sometimes hard to keep up. The online gambling industry has always been the one to adopt new technologies and ideas early so it is no surprise that online casinos are on the forefront of the cryptocurrency industry.

But what does this mean for players? There are still many out there who aren’t sure just how safe they are when using cryptocurrency. In this article, we bring you some useful things to know about gambling with cryptos and try to answer some of the most common questions players have about it.

Pros of Using Cryptos to Gamble Online

There are quite a few upsides to using bitcoins or similar alternatives to play online. You might not be aware of these advantages but the fact of the matter is that using cryptocurrencies for gambling can make your life easier in many regards.

Fast withdrawals

One of the biggest advantages of using cryptos with online casinos is the average speed of withdrawals. Usually, this will be the fastest way to get your winnings off of a site. This is especially true for larger casinos that try to pay fast as it is but have to sometimes deal with the red tape surrounding money transfers. Most of this red tape doesn’t exist with cryptocurrency wallets.

Higher level of anonymity

While cryptos aren’t completely anonymous (despite of what sites try to suggest), the fact of the matter is these types of transactions offer a much higher degree of anonymity than any traditional banking method (including e-wallets). If you like to maintain your privacy and keep your gambling transactions separate from your main accounts, cryptocurrencies are the way to go.

Lower transaction fees

Because of the reasons mentioned above (as well as some other), cryptocurrency transactions are much cheaper. You won’t have to pay high transaction and conversion fees, which means you’ll get to save money or have more money to use for your play. While this may not seem as a huge deal (as transaction fees aren’t that big individually), these fees tend to add up quite significantly for players who often make large deposits and withdrawals.

Cryptocurrency Downsides

This article wouldn’t be complete without mentioning certain cons of using cryptocurrencies as well. When making a decision, you need to understand both sides of the story and it’s simply the fact there are still some problems with cryptos that may turn you away from the idea.

Volatility

The number one problem with almost all cryptocoins is that they’re highly volatile. You could have $1,000 worth of a particular crypto today only to wake up tomorrow to find out that it’s now worth $700 or $1,600. If you’re a risk-averse person, this may not be for you as even keeping some money in your wallet is a gamble in itself.

When your money is gone – it’s gone

If you happen to make an accidental payment with your credit card or e-wallet, you can usually stop the payment and get your money refunded. The process can sometimes be complicated but with enough patience, you’ll get there.

There is no such an option with cryptos. Due to the way the network works, once you send the money, it will be gone. There is no way for you to retrieve it so if you happen to make a mistake and send it to the wrong address, you’ll be out of luck. This can be avoided quite easily if you’re careful enough but the fact alone that you can’t correct your mistake is quite harsh.

Not as convenient

When you want to deposit from your credit card, you simply pull it out of your wallet, type in a few numbers, and you’re good to go. With cryptos, you do have to take a few extra steps as you first need to buy the currency to fund your wallet. It’s not a huge effort, of course, but it’s still not as convenient as using more traditional methods.

Summary

Now you should have a pretty good idea of advantages of disadvantages of gambling with cryptocurrencies. Whether you want to give them a try or not is entirely up to you. If you don’t mind the cons, some of the pros that come with using them are definitely well worth it and could improve your online gambling experience.