More and more online casinos embrace the use of cryptocurrencies on their platforms. As they present various benefits, they also have their share of drawbacks. Focus on the use of cryptocurrencies in online gambling.
Online casinos embrace cryptocurrencies
From year to year, online casinos innovate to offer gamblers a better gambling experience, including safer and more efficient payment methods. Today, it is the turn of cryptocurrencies to enter the world of online casinos. Although only a few platforms use accept them yet, it is most likely that it will become a common use in the near future.
Advantages of cryptocurrencies in online gambling
Speed of transactions
How fast can I transfer my cryptocurrencies? The main advantage of using cryptocurrencies for online gambling is their speed of transaction. Compared to other payment methods – may they be traditional such as credit cards or bank transfer, or innovative such as electronic wallet or prepaid cards -, cryptocurrencies offer an unequalled speed of transaction.
A profitable volatility
Is the risk bigger? As most fields consider cryptocurrencies as too volatile, it does not seem to be a problem in the world of online casinos. Indeed, gamblers already know they take a risk while gambling, and the added risk of using a cryptocurrency represent just as much a potential loss as a potential profit.
A better payment security
Is it secured? When using cryptocurrencies on online casino platforms, each transaction is coded uniquely and requires a password. This means that nothing could allow to track your cryptocurrency account, offering this way an optimal security.
Currencies also have their share of drawbacks
A STILL REDUCED CHOICE
Do casinos near me accept cryptocurrencies? As we said, the number of online casinos accepting cryptocurrencies is still reduced. For instance, casino establishments and sports betting are not yet open to this use and gamblers will have to wait a couple more years for the practice to become more widespread.
The dark side of volatility
So, what is the risk of using cryptocurrencies? As we mentioned earlier, the fluctuation of cryptocurrencies represent as much a potential loss as a potential profit. It can as well raise your win as increase your loss. When using cryptocurrencies on online casinos, always remember that the risk taken is exponentially extended.
Do I qualify for the same bonuses ? Although most online casino platform offer numerous bonuses and discounts, these options are still rare in the field of cryptocurrencies. Still, as their use is still growing, it is likely that there will be more and more in the near future.