The pros and cons of using cryptocurrency in online casinos

The online casino industry has experienced considerable success over the past decade, with analysts forecasting an outrageous global 2028 market size of almost $120m. One of the most important factors behind this unprecedented growth is the continued innovation by operators and software developers. Online crypto casinos are some of the most successful new inventions, providing millions of gamblers with a brand-new payment method that offers various benefits.

Using cryptocurrency to make deposits and withdrawals is a fantastic way to make practical use of these forward-thinking digital currencies. Players enjoy faster transactions, unprecedented user privacy, more exciting game varieties, and even exclusive bonuses and promotions. As with anything, there are a few downsides. These include more volatile gameplay and less regulation overall, so be careful. Read on for a detailed exploration of all the pros and cons of using cryptocurrency in online casinos.

Pros

There are several important positives to crypto gambling. Some of the most important factors influencing players to use coins such as Bitcoin and Ethereum at online casino platforms include:

Privacy

Crypto gamblers enjoy full anonymity when depositing and withdrawing cash, which is undeniably one of the main benefits. Privacy is a significant consideration in the online gambling industry, especially if it’s your personal banking information on the line. Cryptocurrency casinos don’t require any personal data to take deposits or make payments, so you can rest easy in the knowledge that your privacy is 100% protected.

Game Variety

Players at cryptocurrency casinos are often on the receiving end of a more plentiful and interesting game variety. These platforms have become renowned for offering unique iGaming options such as Plinko or the gripping new “crash” games hitting the market. This Kineko Casino review is a perfect example of what we mean. You can enjoy countless game categories and an integrated sportsbook, proof of crypto casino websites’ fantastic game variety.

Speed

Another very attractive positive to gambling at cryptocurrency casinos is the unrivaled speedy transactions. Making deposits and withdrawals with coins, such as Bitcoin or Litecoin, is one of the fastest payment methods out there, so it’s no surprise more, and more players are turning to crypto sites for their gambling fix. Withdrawals can be particularly easy, as all you need to do is find your Bitcoin wallet address to receive payment.

Exclusive bonuses and promotions

The number of crypto-exclusive bonuses and promotions on the market is another fundamental reason why these platforms are quickly growing in size. The niche is still relatively new, which means cryptocurrency casinos are rushing to create the best offers and attract new players. These exclusive bonuses are often much larger than conventional casino offers, so it’s worth checking them out.

Provably fair games

All online casino games regulated by authorities such as the Malta Gaming Authority and UK Gambling Commission are provably fair games using third-party tested random number generators, but crypto games can go one step further. Consider Spribe’s Aviator as an example, a so-called “crash” game that uses blockchain principles to offer all players the same rolling game; it’s even fairer than the average online slot or table game, as everyone is playing at once.

Blockchain security

Blockchain technology offers the decentralized financial architecture that makes cryptocurrency casinos possible. It vastly improves the security of everything from payments to casino playing history, with a virtually tamper-proof system for payments and other digital services. Crypto players benefit from this, significantly reducing the risk of online banking fraud.

Cons

While there are arguably more positives regarding cryptocurrency gambling, you must also be aware of the main cons. Check them out below and take these into consideration before making your final decision:

Volatility

Crypto casinos often have a higher volatility than conventional sites due to the high variance games in their catalogs. While this can result in larger prizes, they will come less frequently and can require higher bets to unlock. As a result, high-volatility casinos can be dangerous if you don’t have the necessary bankroll to sustain your gameplay.

Unregulated

Gamblers worrying about licensing and regulation from respected bodies such as the UK Gambling Commission should remember that crypto casinos cannot gain this kind of licensing at the moment. Nevertheless, they are regulated by the Curacao eGaming Authority, so there’s still an overseer in the industry, albeit not the strongest.

Transactions are final

Crypto transactions are a lot more final than other types of financial transactions. For example, you cannot contact your bank if you believe you’ve been scammed. As a result, some players prefer using conventional fiat payment methods.