There is currently a divide in the online gambling industry, with cryptocurrencies on one side and traditional payment methods on the other. Sites have chosen to accept one or the other, and even those who have adopted both have clearly chosen sides.
The question is, which of these options is best for gamers? Are you better with cryptocurrencies or fiat currencies, and if one or the other, what makes it the right option for you?
Benefits of Crypto Gaming Wallets
Cryptocurrency wallets are designed to store digital currencies such as Litecoin, Ethereum, Bitcoin, Dogecoin, and countless other cryptocurrencies. Either they accept these currencies directly or they accept payments made through exchanges, which allows them to embrace hundreds of different cryptocurrencies.
Some of the benefits of using these include:
Many online Bitcoin casinos ask for the most basic payment details. Since you’re not dealing with payment methods that have strict know-your-customer regulations, you often just need to add a phone number or email address, and you’re good to go.
You may eventually be asked to submit verification documents, but such requests are much rarer with Bitcoin casinos and you will have time to register, deposit, play and even withdraw before the request does not arrive.
One of the issues with cryptocurrencies is that they are incredibly volatile. However, while they are certainly more volatile than most fiat currencies, they are not as bad as they used to be.
Additionally, many currencies, including Bitcoin, have risen steadily over the past few years. Even considering the occasional drop, profits are still stable in the long run.
Experts predict that Bitcoins could be worth over $100,000 in the near future and others predict 7 figures. That’s an amazing amount of money for something that was available for a few thousand dollars just a few years ago!
Lots of options
You can deposit with dozens of different traditional payment methods, but these options cannot be compared to cryptocurrencies. There are thousands of currencies out there, and even when you stick to the most popular and stable altcoins, the number is still in the hundreds.
An excuse to invest
The people who have made the most money from cryptocurrencies are the ones who have gone all-in. By that, we don’t just mean they’ve invested a lot of money, but they’ve spent time getting to know the currency, using it regularly, and generally keeping up to date with the latest bitcoin news. .
They know when to buy, when to sell; when to hold out long-term and when to prepare for a short-term move. If you start using the coin regularly, you will find yourself drawn into this world, in which case you will become a more savvy investor.
Being able to use cryptocurrencies to partake in a popular hobby is also a great excuse to invest.
Advantages of traditional payment wallets
A traditional payment wallet is a wallet that accepts payments made at an online casino through methods such as Visa, Mastercard, PayPal and, of course, many players’ favorite Neteller and Skrill. Payments are accepted in fiat currencies (EUR, USA, GBP, etc.) and there are a host of funding options. The benefits of these wallets include:
Cryptocurrencies are very secure. However, there is no denying that Bitcoin hacks are more common than banking hacks. Also, if an exchange runs away with your money, there’s not much you can do.
The lack of centralization is one of the advantages, but in this case it is also one of the disadvantages. In the unlikely event that a bank does the same, you will be backed by a government guarantee and eventually get your money back.
If you’re new to bitcoins, they can seem a little daunting, especially when your only exposure is news articles talking about volatility and exchange hacks. In that case, it might be easier to stick with what you know, including PayPal, credit cards, debit cards, and other e-wallets.
Although cryptocurrencies are incredibly quick and easy once you get there, you’ll need to start with a few steps. These include creating an account with an exchange, adding a payment method, and then buying coins. You will also need to download a cryptocurrency wallet and keep it safe.
Of course, you could say there are even more hurdles to jump through when opening a bank account or a credit card. In fact, there are even more steps, it takes longer, and your credit score will take a hit. However, we assume that every adult who signs up for an online casino already has at least one bank account and one card in their wallet, negating these issues.
What is better?
Now that we’ve looked at the pros and cons of each method, it begs the question: which is better?
The truth is that there is no “best” option. It all comes down to preference. The best is the one you prefer, and that preference will be based on everything from availability to location and technical know-how.
If you’ve been using traditional wallets for years, we recommend venturing into cryptocurrencies, just to see if they work for you. Otherwise, it’s nothing lost and nothing gained, and you can come back to whatever works best for you!