According to the types of currencies used for payments, modern online casinos can be formally divided into two categories – fiat and cryptocurrency. For the second of them the term “Bitcoin casino” is often used, although in fact Bitcoin is only one of various currencies used in such projects. The main feature of such gambling clubs is the use of crypto instead of fiat money for transactions. This defines other differences of online casinos with bets in cryptocurrency. Such differences, which are at the same time advantages, are accessibility, financial transactions and security of players’ personal data. Each of these features will be discussed in our review.
#1. Accessibility
Online cryptocurrency projects, as well as fiat ones, are accessible to players from almost anywhere on the planet where there is an Internet connection. Choosing a reliable gambling platform can sometimes be difficult, but on such platforms there are online casinos of any type that have already been analyzed by experts, for example without a deposit https://gryonline2.com/kasyno-bez-depozytu/. It is well known that the banking systems of many countries exclude official financial transactions in cryptocurrency, despite the fact that this method of settlement continues to gain popularity. The main reason for this exclusion is the anonymity of payments. The state wants to control the spending and income of its citizens, and crypto casinos do not provide such an opportunity to protect the interests of customers.
Such a discrepancy between supervisory authorities and cryptocurrency gambling resources is the reason for the inaccessibility of the latter in a number of countries. Even the presence of an international license (Curacao, Cyprus, Malta), which is mandatory for any top casino on bitcoin, does not become a reason for compromise. Therefore, in jurisdictions with an unreasonably strict system of state control, such resources are blocked. However, this approach shows the usual incompetence of such controllers. Why is this? It is elementary: unlike fiat payment systems, cryptocurrency transactions are absolutely “insensitive” to VPNs.
Fortunately, VPN services are freely available, and players can use them painlessly to enter any resource included in the list of crypto casinos. For the same reason, the organizers of cryptocurrency projects with slot machines do not have to deal with the endless creation of mirrors, which from time to time fall into the “blacklists” of regulators.
#2. Transactions
The main difference between payment transactions in casinos that accept cryptocurrency, as in the previous case, is anonymity. Neither deposits nor withdrawals on such resources require verification of the player’s identity. Confirmation of payments is carried out by the phone number to which the cryptocurrency wallet is connected. The same number is fixed in the user’s account, and only here it is theoretically possible to leak personal data, if the number is officially registered. However, top crypto casinos with crypto withdrawal guarantee the safety of such information.
The second important point is the speed of payouts. The best casinos pay out winnings almost instantly (“almost” usually means within 60 seconds). This factor smooths out the comparative instability of rates on crypto exchanges. Quick withdrawal allows players to avoid unpleasant situations with loss of money at a sharp drop in the rate. It is enough to choose the right moment, and the payout can increase the overall financial status of the player in the fiat analog.
#3. Privacy Policy
BTC and other cryptocurrencies use more secure encryption codes and technologies than fiat. This is especially true of the blockchain, which completely protects information from any kind of leakage, including control by banking structures. The transfer of data to third parties is impossible, unless the player wants to voluntarily part with his money!
Another important point is the impossibility of blocking the account for dishonest actions of users. Why is this? It’s simple — all transactions in the cryptocurrency system are carried out with the complete exclusion of the influence of the human factor. In other words, if a player wanted to commit any kind of fraud, he would simply not succeed. For such scammers crypto casinos are not interesting. Here — the direct way to fiat resources, where you can easily “play” until the ban.
Pros and Cons of Crypto Casino
Based on all the above and with a few additions, let’s summarize the results. So, the main advantages of casinos without fiat investment are as follows:
- “Fail-safe” availability regardless of the user’s geolocation.
- Fast payment transactions in both directions.
- High payment limits or even their complete absence.
- Complete security of personal data and money in players’ accounts.
- Impossibility to block an account for financial fraud;
- Relatively high stakes allowed in crypto games.
- Absolute anonymity, expressed in the absence of verification.
As for the disadvantages, they are also present. However, these disadvantages are of a particular nature. The first of them is the instability of cryptocurrency rates. Here the conditionality is expressed in the fact that with a competent approach from this feature can be capitalized. For example, if a sharp fall is predicted, you can make a deposit to compensate for the upcoming losses at the expense of profits.
The second disadvantage is the smaller number of available games compared to fiat casinos. However, recently more and more providers are adapting their software to crypto. Therefore, this problem will soon be completely solved.
How to Choose the Best Crypto Casino
Despite the rapidly growing popularity of cryptocurrency, many players are in no hurry to switch from fiat “classics” to the new format. When choosing, it is recommended to pay attention to the following features:
- Availability of a license.
- Available cryptocurrencies.
- Choice of games.
- Bonus program.
Additionally, it is recommended to study with the reviews of other players in blogs and forums on gambling topics.
