Crypto Casinos For Playing Cards: Pros and Cons
Crypto casinos are becoming increasingly popular due to their fast, low-cost deposits and withdrawals, private and anonymous betting, and broad selection of games. Popular games like poker and blackjack are available, providing players with global access, competitive gameplay, and exciting bonuses. However, using cryptocurrency can be volatile, with fluctuating values, and managing deposits and withdrawals may involve a few additional steps compared to traditional payment methods.
Crypto Casinos
Cryptocurrency is a disruptive technology and it has certainly had an impact on the financial and iGaming industries. Online casinos have adopted cryptocurrency payment methods to benefit themselves and offer benefits to their players. Such is the popularity of this digital payment method, that there are now thousands of different coins with new cryptocurrency releases hitting the market every month, according to crypto author Alan Draper.
Some of these new releases are designed specifically for playing at online casinos, but the most commonly accepted cryptos are:
- Bitcoin
- Ethereum
- Litecoin
- Dogecoin
- Tether
Pros
Crypto casinos offer several benefits to players, compared to fiat and traditional payment methods.
Fast Deposits and Withdrawals
Depositing and withdrawing money using credit cards or bank transfers can take several days. Although the exact time it takes can depend on the casino’s own policies, cryptocurrency is built on blockchain and can be used in conjunction with smart contracts. Smart contracts enable automatic payments and, when combined with cryptocurrency’s rapid transaction times, this means that deposits and, crucially, withdrawals, can be completed in a matter of minutes. Some crypto casinos even offer instant withdrawals which enable players to access their money straight away.
Secure and Anonymous Gaming
Cryptocurrency uses blockchain technology. Blockchain uses advanced cryptographic techniques to secure records, ensuring that cryptocurrency payments are highly secure. Furthermore, crypto casinos do not require the submission of bank account or credit card details, which means that even if a casino is hacked, players will not have their details stolen. The most a player stands to lose is the cryptocurrency balance they hold in the casino at any time.
Provably Fair Games
Blockchain records are immutable. They can’t be amended, deleted, or changed in any way. Games that are run and recorded on blockchain can be viewed by and third party with access to the records. This enables casinos to show records of games and to prove results. For players, this means they can ensure that casinos operate fairly so it builds trust between casino and player.
Global Access and a Diverse Player Pool
Crypto casinos attract players from around the world, creating a diverse, competitive environment. Whether you’re looking for a poker table or a high-stakes blackjack game, there’s a global player base available, offering games at all skill levels.
Bonuses Enhance Player Pots
There are estimated to be around 5,000 online casinos. With so much competition in the market, casinos use bonuses and other offers to lure players in and keep them at the tables. Bonuses can range from free games to deposit match bonuses, all of which offer players a means of enjoying free play or enhancing their betting pot.
Access for the Unbanked
1.7 billion adults are currently considered unbanked. This means they do not have access to traditional banking facilities. As well as being a modern form of investment, cryptocurrency can offer financial facilities to the unbanked. As well as providing daily banking features, crypto can be used to access online casinos and other online websites and services that are otherwise inaccessible to many people.
Cons
For all its benefits, crypto gaming also has some drawbacks that prevent some people from playing, not least its perceived complexity.
Lack Of Availability
Poker and blackjack are commonly found at online casinos and are two of the most popular games. Despite having its roots in trick-taking card games that date back to the 16th Century, and currently played by some 25 million people worldwide, with about 3 million playing at least once a week, the game of bridge is not available at online casinos. It’s a partnership game, there are issues with security, and robots have been slow to develop – but many believe the real reason there’s no bridge at casinos is that it’s perceived as a hard game to learn and play.
Crypto Volatility
Cryptocurrency is a notoriously volatile market and it isn’t uncommon for currencies like Bitcoin to see 10% swings in a day. A player’s $100 winnings may only be worth $90 by the end of the day. However, this can be overcome by using a stablecoin like Tether. Stablecoins are tied to the value of traditional currencies, which means they are not subject to this same volatility. And most crypto casinos accept the likes of USDT.
Greater Complexity
The use of exchanges, wallets, and wallet addresses can add extra steps to deposits and withdrawals, especially as it is still virtually impossible to pay utilities and monthly bills using cryptocurrency. Players generally need to convert their cryptocurrency back to fiat before they can spend it. However, modern wallets and exchanges are more sophisticated than ever before and they can do a lot of the work for users.
Final Word
Crypto casinos are transforming online gaming with fast transactions, anonymity, and a wide selection of popular games like poker and blackjack. While there are some challenges, such as crypto volatility and additional setup steps, the unique benefits of crypto casinos make them an attractive option for players worldwide.