Pros and Cons of Using Cryptocurrencies as Online Casino Payments
Over the years, online casino players have had a variety of payment methods to choose from and use to fund their accounts and withdraw their winnings. Payment methods include traditional credit and debit cards, prepaid cards, eVouchers, e-wallets, mobile payments, and cryptocurrencies for several years. While the rest of the payment solutions seem fairly simple and straightforward to get started and use, cryptocurrencies have always been considered more complicated to understand and use, but as is usually the case with new stuff, that's not entirely true. The truth is that cryptocurrencies have grown a lot and have become more accessible to players and more widely accepted by online casinos so that any forward-thinking and modern online casino player can use them whenever they want. When Bitcoin and other cryptocurrencies were launched, they immediately found their place in the online gambling industry. While in the past only a few casinos accepted cryptocurrencies, today you will see that most, if not all, online launch casinos accept at least Bitcoin, if not other tokens.
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Advantages of using cryptocurrencies
Online casino players love the fact that both deposits and withdrawals can be made with digital currencies and the transactions are lightning-fast. They also like the fact that these transactions involve no cost or just a little basic transfer costs which are more than bearable compared to the fees charged by credit and debit cards or some e-wallets.
Another reason why cryptocurrencies are so popular in online casinos is that their transactions are untraceable. This means that they will never be recorded on your credit card or bank statement. Sometimes online casino players want to keep their gambling habits a secret and don't want the whole world to know that they are playing at online casinos. With cryptocurrencies, no one but your peers can know where the money is going.
Consequently, digital currencies are incredibly secure and no one can access your coins unless they have the appropriate private and public key. Cryptocurrencies are one of the safest currencies in online casinos because apart from your keys, they are encrypted, and literally, no one but you can get into your coins. Add to that the fact that you have many types of wallets, including hardware ones, where you can store your coins if you are unsure about their security and you have the perfect solution to use in online casinos. But one of the biggest advantages of cryptocurrencies is that they are global, accessible to anyone, anywhere in the world. The main disadvantage of most online casino payment methods is that they cannot be used globally, but only by a certain group of players from a certain number of countries. You will never have this problem with digital currencies.
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Disadvantages of Cryptocurrencies
The first major drawback is that the transactions with them are irreversible. Once you confirm your payment with your keys, they are all lost. If you enter a single letter or number with a mistake, your coins have arrived at the wrong place and you can never get them back.
Frequent fluctuations are another major disadvantage of cryptocurrencies. A coin can be worth $ 100 today and $ 20 tomorrow, making it virtually impossible to track your savings. The value of a digital currency is very volatile compared to stable currencies such as the euro and the US dollar. This alone causes many online casino players to not consider cryptocurrencies for gambling.
The third disadvantage that is less significant because you can do something about it is that it takes a little longer to get started with digital currencies than with other payment methods. To get started with digital currency, you'll need to do some research and find a beginner's guide to getting coins, where to store them, and when it's best to use them. If you've never used cryptocurrency before, you'll have a rather hard time understanding how it all works, so you'll need to do your homework. Players who are not willing to spend their time learning how digital currencies work tend to choose other solutions.