We’ve come to the point where, regardless of which online casino you choose to use – it’ll incentivize you to use cryptocurrencies.
But is this a smart move? Indeed it is.
Gambling with cryptocurrencies is rising by 5-10% each year, and there are multiple reasons for this. In this guide, we will discuss all the things driving the popularity of crypto gambling.
Let’s get started.
Advantages of Using Crypto at Online Casinos
In this section, we will discuss the advantages you get when using crypto to play casino games. Of course, we will also discuss all the drawbacks – so make sure to stick around.
Faster Payouts
The biggest one of all is that most players tend to play at crypto casinos because they offer instant withdrawals.
How is this possible?
Well, transactions on the blockchain are processed within 10 minutes for Bitcoin and much faster if you use another crypto coin.
To stay on top of the market and remain competitive, most Bitcoin casinos will process your payout instantly, after which you can receive your winnings in your digital wallet within just a few minutes.
Bigger Bonuses
For reasons we’re yet to uncover, crypto bonuses are always bigger than the ones you can get when you use credit cards or e-wallets to deposit.
For a simple comparison, crypto casinos sometimes offer bonuses worth up to 5 BTC in total, while the maximum for FIAT currencies is typically $10,000.
For high rollers, this makes a massive difference.
Fewer Fees
Other than the network fee you need to pay to send crypto from one wallet to another, you won’t have to cover any additional costs when you deposit at crypto casinos.
This allows you to make the most of your money, whereas credit card fees can sometimes go as high as 10%, which will cut into your gambling budget by quite a bit.
Provably Fair Technology
Like it or not, there’s always talk among gamblers that the games’ RNGs are too much in favor of the house and are not actually as fair as online casinos present them to be.
To put an end to this discussion, crypto casinos have come up with a provably fair algorithm that is publicly available for everyone to see.
Each game outcome when you play provably fair games is completely random, and you can open the code itself to check your impact on the outcome and how it was created.
Great Design & Functionality
Since all Bitcoin casinos are rather new, they take advantage of newer web-optimization technologies and better graphics. Even if the casino is graphic-heavy, it will usually instantly open, and it won’t cause any delays regardless of the device you’re using to play.
Furthermore, you can play games on your mobile without even downloading an app when using crypto gambling sites – they are all optimized for instant play via your mobile browser.
Disadvantages of Using Crypto to Gamble
We wouldn’t be completely honest if we didn’t mention some downsides of using crypto to gamble – and there are a few.
It’s Volatile
The prices of cryptocurrencies can drastically change overnight – sometimes even within a few minutes. Crypto-savvy players are well aware of this, but if you’ve never had crypto before, it’s worth studying all the blockchain shenanigans a bit.
In simple terms, your money can lose a good chunk of value while you have your crypto deposited at an online casino.
Not Regulated
In many countries across the world, cryptocurrencies are not regulated by law, which might make gambling with them illegal. This is why it’s important to check your local laws before using Bitcoin casinos.
As a rule of thumb, if you can legally purchase crypto from the country you’re residing in, then you can generally be safe when using it to gamble online.
Licensed Offshore
All crypto casinos have an offshore license from jurisdictions such as Curacao. This doesn’t mean they are not safe; it just means that they are still unable to apply for in-country licenses in countries worldwide.
For example, if you’re living in the UK and want to use a crypto casino, you will need to use one licensed in Curacao, as the UK Gambling Commission still doesn’t issue licenses to online casinos that accept crypto.
Cryptocurrencies Accepted at Online Casinos
While some online casinos accept hundreds of cryptocurrencies and even NFTs, we will only list the most popular ones that you can expect to find at each and every crypto casino.
- Bitcoin (BTC): Still the most popular crypto to gamble, Bitcoin is accepted by all crypto casinos, with most bonuses being displayed in BTC. The price is fairly stable as of late, but the transactions are a bit slower when using Bitcoin.
- Ethereum (ETH): Coming in a close second, Ethereum is actually better to use for gambling online because deposits and payouts are processed much faster. The downside is that the gas fees can sometimes be high, and the minimum deposit is usually higher for ETH.
- Solana (SOL): The king of speed, Solana runs on the fastest and most efficient blockchain, allowing you to process a transaction in seconds rather than minutes. The downside is that not all crypto casinos accept it.
- Tether (USDT): Arguably the best crypto to gamble, Tether’s price is tied to the US Dollar, which allows it to remain completely stable. Plus, transactions are extremely fast. The downside is that the fees are a bit high for USDT ERC20, so it’s best to use USDT TRC20 when depositing if the casino accepts it.
So, Is the Popularity of Crypto Gambling Truly Justified?
All things considered, it’s not a surprise that gambling with cryptocurrencies is becoming increasingly popular among players.
Payouts are much faster, the bonuses are bigger, the transaction fees are smaller – and you get to use advanced platforms with sharp graphics and quick loading speeds. Of course, if you’re not familiar with cryptocurrencies at all, you might find that they aren’t for you.
Before using them, always read crypto guides that will introduce you to the ins and outs of digital assets.
Thanks for reading!
