With the huge rise of the popularity of cryptocurrency, online casinos started using this blockchain technology by offering their services to people that want to gamble with digital money. As we all know, the gambling industry is one of the biggest fans of new and innovative technologies and likes to make unique changes to the way people gamble just to keep them engaged and offer more options.
Many online casinos are now adopting cutting-edge developments from VR technology, to live gambling, and it is no surprise that cryptocurrencies are welcomed by most gambling companies.
However, this got us wondering, what are the benefits that come from using cryptocurrencies in the online gambling space and whether or not it is better than the traditional way of using FIAT that we are using for hundreds of years. Let’s find out.
Is it Better to Gamble With Dollars or Bitcoins?
In order to find out which is a better option for you, we have to highlight all the advantages and disadvantages that come with the new way of gambling. After all, if you are inspired to make a change over the traditional gambling that you are used to, there must be some kind of benefit for you to transition to using bitcoin in online casinos.
Let’s find out the benefits that come with using bitcoin in online gambling.
Crypto Benefits are More Lucrative
Online casinos that allow gambling with bitcoin and have adopted this blockchain and crypto technology usually offer more attractive bonuses than online casinos that are limited to FIAT transactions. One of the reasons why the crypto bonuses are better is because of the new and still not fully regulated finance world of cryptocurrencies.
As of now, all casinos must pay taxes on FIAT transactions, even on money that they hand out as bonuses. However, offering bonuses in crypto casinos might find some holes in the system in a way that they are not obligated to pay taxes.
So, for you as a player, choosing a casino that offers gambling with bitcoin instead of dollars, might be a better option if you want to get more attractive rewards, like the Bovada bitcoin bonus.
One of the biggest problems that the world is facing right now is the problem with customer privacy and data leaks that is constantly happening even in big organizations. Almost all casinos that offer FIAT gambling require you to sign up by filling out a bunch of personal information including address, phone, financial information, and more. Although most casinos are safe, there is still a risk of your financial information falling into the wrong hands.
On the other hand, casinos that offer crypto gambling don’t require a lot of personal information. You can register with your digital wallet, and start gambling without worrying about losing your data. On top of that, all the transactions are recorded on the blockchain without your real name or any kind of information, making the process anonymous.
Faster Deposit and Withdrawals
Fiat gambling online casinos usually take 1-5 days to process withdrawals, and sometimes even longer depending on how much money you are taking away from the system. On top of that, they have huge fees that can eat out your winnings.
Gambling with bitcoin will allow you to minimize your fees and enable faster transactions that usually are confirmed within 10 minutes.
Due to the minimized cost of running a crypto casino, most companies that offer such gambling can afford to give back more to their customers in a form of higher payouts. This means that gambling with bitcoin over dollars might result in higher winnings and bigger profits.
Nowadays, online casinos that allow you to gamble with fiat money are not available in every part of the world. Due to the processing of transactions, and financial limitations, such casinos cannot be accessed by everyone.
Can you imagine filling up a form to sign up for your favorite casino and noticing that your country isn’t included in the list? – It is a true nightmare.
However, with cryptocurrencies like bitcoin all of these struggles are gone. Since bitcoin operates on a decentralized network, it is accessible to everyone and no country can ban it.
Unfortunately, the online casino industry is full of scams and data breaches that might result in losing all your money. However, casinos that use the latest blockchain technology can safely protect their customer’s data, and the only way you can lose your money is if you hand out your wallet password to someone.
This means that your financial information is always safe when gambling in a crypto casino.
Inflation and Price Drops
Most people would argue that gambling with bitcoin over the dollar currency is better just because bitcoin isn’t subject to inflation. That may be true, but cryptocurrencies are still fluctuating a lot, which means that even if inflation doesn’t eat up your profits, you may experience a price drop losing all of your potential gains.
This is a rather negative side to crypto gambling, but on the other hand, you can also make money if the price increases. So, if you believe in this technology and its impact, you shouldn’t worry about the price of the cryptocurrency you are using.