The global gambling market might rise in 2021 as compared to 2020 despite the Covid-19 restrictions. Online casinos contribute to the majority of the gambling market. Choosing the right payment option is essential for online gambling. From the procedures to advantages and disadvantages, every mode of payment has it all. However, you can choose whatever suits your conditions.
Cryptocurrency is gaining much popularity these days. Most casinos accept payment as fiat currency and cryptocurrency. Here is more about the advantages and disadvantages of using cryptocurrency at online casinos.
What Are the Advantages of Cryptocurrency in Online Casinos?
Cryptocurrency transactions are anonymous to a large extent. You do not have to provide too much personal information, although some casinos need a little information for Know Your Client to be met. However, the decentralisation of cryptocurrency makes it challenging to track transactions.
The blockchain technology of cryptocurrency makes transactions extra secure apart from the SSL encryption technologies used by online casinos to ensure players’ financial information.
As there are no third parties involved in cryptocurrency transactions, it completes instantaneously. While other payment options take hours or days to complete a transaction, cryptocurrency transactions compete in minutes, only extra time taken being casinos approving the request.
No Location Restrictions
Some payment options restrict paying to casinos in specific countries. At times, paying in a particular currency can be unaccepted by casinos, or paying can be restricted when done from a country where gambling is illegal. Payment through cryptocurrency does not have any of these restrictions and can be done from any location.
While other payment options charge processing fees even at lower rates, cryptocurrency payment is cheap unless the casino imposes a cost.
Bonuses and Promotions
Most online casinos offer bonuses to those who deposit cryptocurrency. The bonus size differs in every site, and at times bonuses can be several thousand dollars. However, it is crucial to go through the terms and conditions before proceeding, and you might have to NDB codes to avail of the offers.
What Are the Disadvantages of Cryptocurrency in Online Casinos?
Limited Government Oversight
Cryptocurrency casinos are licensed, but there can be unlicensed cryptocurrency casinos. Unfortunately, if you dealt with an unlicensed casino and got into trouble, the regulatory bodies can not do much about it.
As the value of cryptocurrency keeps fluctuating, your winning can be wiped off if your crypto value goes down, or it can happen in a positive way vice versa.
It is possible to stop card and bank transactions if sent to the wrong address or the wrong amount. But, unfortunately, it is impossible to take back cryptocurrency after a transaction.
Although cryptocurrency is gaining popularity now and the market has grown to more than 2 trillion dollars, many people are unaware of its details. Therefore, it is necessary to learn more about the advantages and disadvantages before choosing this and go through the procedures and limitations to avoid any mistakes.