Nobody can deny that the online casino industry is booming. People are signing up for online casinos at an increasing frequency. For a good reason, gambling websites offer many of the same advantages as land-based ones, with a few unique benefits.
One of the pros of using online casinos is that they’ve fully embraced the crypto craze. What we mean to say is plenty of online casinos now accept crypto as a valid deposit method. For some people, cryptocurrency is the best way to make deposits at online casinos.
But is that the case? In this article, we will explore the pros and cons of crypto-based deposits and discuss whether or not they are truly the best option. Without further ado, let us get into the meat and potatoes.
Table of Contents
The Pros of Crypto Wagering
There are certainly a ton of advantages to using cryptocurrency for making deposits. After all, there is a good reason why the method is so popular. In this section, we will look at the major advantages and provide a point-by-point list of why people might enjoy using cryptocurrency to gamble.
To many gamblers, anonymity is a top priority. When taking a look at all online casino payment methods, cryptocurrency is the one that offers the most anonymity. Why is that? Well, the word “cryptocurrency” comes from these digital coins being encrypted and decentralized. Meaning they are tough to trace, as are transactions made using crypto. Not only that, but they function on a Peer-to-Peer system, meaning there is no middleman to look at.
When making deposits using cryptocurrency, you can be damn sure that the deposit will be secure. Why? Because cryptocurrencies make use of blockchains. Though blockchains became popular in the mainstream because of crypto, they have been used for years and continue to be used today to bolster online security and safety. Any crypto-based deposit will be entirely safe and protected.
- Low Fees
Finally, we get to the aspect of crypto that will most appeal to gamblers – lower fees. Withdrawal fees are something all gamblers have to worry about. However, these fees are the lowest of any other method regarding crypto-based deposits and withdrawals. For that reason, the future of crypto, at least in gambling, seems bright.
The Cons of Using Cryptocurrency
Of course, crypto has its own problems and disadvantages. We reviewed a few pros, and now it is time to discuss some cons. At the end of the day, it will be up to you to decide whether crypto-gambling is the best choice for you.
The main problem with crypto gambling is the same one that plagues the crypto industry: the high volatility rate. While it is true that many misunderstand crypto’s volatility, it is undeniable that high volatility levels plague crypto. While it rarely happens, crypto has dropped so fast that a crypto gambler comes out short even after a win.
Crypto is wildly unregulated, under-regulated, or overregulated. In some countries, it is outright banned; in others, you are prohibited from using crypto to make purchases or deposits. Regulatory issues like these lead to several problems with crypto depositing that many might think aren’t worth the hassle.
While most online casinos have embraced the crypto market, many are still skeptical about the whole thing. You must find a licensed, regulated, and reputable casino that accepts cryptocurrencies. Not all do so.
Is Crypto the Best?
We’ve presented some pros and cons of cryptocurrencies. These are far from all of the benefits that come with crypto. However, they are a good starting place for you to decide whether crypto casinos are the right choice for you
It is difficult to say that one form of depositing is objective “the best.” They all have pros and cons, making them popular among a certain demographic. If you are a cryptocurrency enthusiast, trader, or investor, crypto gambling is probably the best option.
Alternatives to Crypto?
But what are the alternatives to crypto-based gambling? There are quite a few, and as we don’t have the time to discuss them, we will simply give you a list of most of the options for depositing that casinos offer. Let us take a look:
- Credit cards
- Debit cards
- Direct wire transfers
Are crypto casinos popular online?
Absolutely. Crypto casinos and crypto gambling have gotten quite a bit of traction online.
Is crypto gambling safe?
For the most part, yes. It depends on the website you’ve selected. You should have no trouble if it is a licensed, reputable, and respectable website.
Is crypto the best option for gambling online?
We can’t make a definitive statement like that. However, we can say that crypto comes with some definitive advantages over its competition.
Are there any cons to crypto gambling?
Yes, cryptocurrency volatility is a massive problem when gambling with crypto.
What are some good alternatives to crypto?
e-Wallets are incredibly popular among the new generation of gamblers. Credit cards still remain the number one way to place deposits.