Making Informed Choices: Crypto Casinos vs Fiat-based Casinos

October 25, 2022 World Blockchain

Cryptocurrency is still a relatively new form of alternative payment method. Bitcoin, launched in 2009, was the first crypto coin to hit the market, and it wasn’t until 2011 that the next currency, Litecoin, appeared.

New currencies were minted over the next few years, and the number of coins on the market steadily grew. However, from 2016 and beyond, the industry saw incredible growth, values skyrocketed, and thousands of new coins were released. Experts now estimate that there are anywhere between 10,000 and 20,000 different coins.

Crypto Potential: Why and When
In the early days, online casinos were one of the first industries to identify the potential of crypto and incorporate it into their everyday business practices. Today, crypto sees widespread integration on various online casinos and gambling platforms, with many innovative crypto-focused casino brands emerging in recent years.

Let’s take a closer look at the benefits of gambling at crypto-based casinos compared to traditional fiat-based casinos and how you can participate to enjoy the games and experiences at these brands as a cryptocurrency user.

Transaction Speed
The online gaming industry has always been the first to market novelty while providing customers with secure, fast, action-packed entertainment, easy deposit, and secure withdrawals. The introduction of cryptocurrencies has meant that this process can be transmitted much faster than traditional banking methods.

Both players and operators alike have long struggled with the slow, cumbersome processes involved with making transactions via traditional payment and not to mention the costs incurred in secondary e-wallet methods.

Debit cards, credit cards, and bank transfers can all involve long wait times for the money to appear in your cashier account, particularly when different currencies or geographic locations are involved. Moreover, traditional payment methods can also incur transaction fees or FX fees, deducted from your account and playing balance, which can often discourage players altogether.

However, by using cryptocurrencies, players will be able to deposit cash and withdraw winnings instantly due to the way crypto wallets and exchanges work and with the complete transparency of the transactions being available with none of the wait times seen when using fiat currency.

Furthermore, as crypto is decentralized and does not have an overseeing body, transactions do not come with additional fees. Theoretically, you can gamble from anywhere in the world regardless of regional restrictions, and there is no need to navigate tricky exchanges between different foreign currencies.

Improved Security
Players must disclose sensitive personal and financial information to deposit and withdraw cash at online casinos through traditional payment methods. This poses serious risks to users of these platforms, with their information vulnerable to scammers and hackers who can access it through data breaches. If cybercriminals acquire customer data, it can lead to severe financial implications.

On the other hand, opting to use a crypto casino comes with a range of safety and security benefits. Currencies are stored on the blockchain, which is far less vulnerable to infiltration by scammers or criminals.

Additionally, crypto offers anonymous transactions. When using fiat currencies, your identity is linked with your account and payment methods. However, with crypto, there is no need to divulge personal information, with transactions recorded on the blockchain instead.

Blockchain technology also offers greater transparency advantages. It is decentralized, and transactions are publicly accessible, significantly reducing the risk of fraud.

Unique Games and Offers
While improved convenience and security are often thought of as the primary benefits of crypto casinos, they can also provide players with a range of unique games, offers, and promotions.

Many crypto casinos often offer significantly better promotions, rewards, and loyalty programs, as their running costs for payments in and out of the platform are also more economical than fiat casinos.

Deposit match offers are commonly seen, with players awarded the equivalent amount in crypto when they make a deposit. You can always check out the Ask Gamblers review section to see how the crypto casinos differ from traditional fiat-based brands and determine the offers you would prefer to try from the reviews players are giving.

Typically, crypto casinos also come with a far more extensive and varied catalogue of games. Some have games they’ve developed themselves too. All the regular choices, such as blackjack, roulette, and poker, will be available. Still, crypto casinos offer players much more immersive game experiences, with the option to receive payouts in cash or crypto.

Conclusion
While the online gambling industry has seen extraordinary growth in recent times, the emergence of crypto casinos has given rise to an all-new type of gambling. With significant benefits over traditional fiat casinos, including improved speed and convenience, better security, and unique games and promotions, crypto casinos are becoming increasingly popular.

As the players increasingly realize what the crypto casinos can offer, the casinos seem to be simultaneously adopting cryptocurrencies as additional payment methods or even primary ones.