Everyone is familiar with how conventional casinos operate; however, over the last few years, the cryptocurrency scene has enabled players to gamble by using various forms of digital currencies.
Firstly, before we start thinking of how we can use cryptocurrency in the casino, it is important to understand exactly what cryptocurrency is. Crypto is a type of digital currency that is stored in decentralized places, i.e. not in banks, and it is not maintained by an authority. The currency is kept in electronic wallets, such as MetaMask. Crypto’s popularity is primarily due to the inability to track transactions made with it. The only thing that keeps track of cryptocurrency is the use of blockchain technology, a kind of decentralized, shared database ledger stored in computer networks.
In this article, we will analyze the advantages and disadvantages of gambling with cryptocurrency and try to sum up whether it is worth the bet or not.
Advantages of Gambling With Crypto
It is faster. Utilizing cryptocurrencies such as Bitcoin means faster transaction times, no matter how big or small the withdrawal or deposit is. Usually, it only takes a few minutes to go through. Furthermore, there is no universal law that bans the use of crypto, inferring that crypto-based casinos can be played in any country in the world. This is because all of your personal information is encrypted and ultimately untraceable.
It is more secure. Using crypto-based casinos provides more security in some ways. Players’ information is safeguarded. This means that you only have to fill out the information once and make a deposit via a valid address.
Bear in mind that you can’t reverse crypto transactions, so make sure each digit or letter in your wallet’s address is correct. There is no going back if you send the payment to the wrong address!
Disadvantages of Gambling With Crypto
On the other hand, the disadvantages of gambling with crypto outweigh the advantages in a number of areas.
No guarantee with disputes. The very nature of decentralized cryptocurrency means that there is no governmental authority over crypto disputes. Although it is rare to find unregulated crypto casinos, this doesn’t mean that there aren’t any out there. Most of these unregulated casinos don’t have a license either, and sometimes it is difficult to tell which ones are legitimate. This does make gambling with crypto less safe and secure.
Because of this gray area around crypto casinos, the traditional, regulated casinos are far more popular, despite the increase in popularity of venues that deal in cryptocurrency. Operators like Buzz Bingo offer a safe and user-friendly bingo experience as they’re licensed and regulated in Great Britain by the Gambling Commission, so you know it’s legitimate. Traditional casinos like this will always offer a safer platform to play on, even though there may seem to be benefits to using crypto-based casinos.
Furthermore, the volatility of cryptocurrencies means that there are large fluctuations in value. This means you need to be constantly checking the price of the cryptocurrency you are playing with, which can be tiresome when you want to spend time enjoying the game. This volatility can affect the value of winning jackpots, as the cryptocurrency you are playing with is at the mercy of rapidly moving exchange rates driven by market speculation, so playing with a centralized currency is a more stable and predictable option.
Although there are both positives and negatives when gambling with crypto, ultimately it comes down to player preferences and the amount of risk that you are prepared to take with your Bitcoin, Ethereum, or Tether fund. If you do play with cryptocurrency, try to make sure that you are playing at a legitimate venue (digital or otherwise) and remember that crypto is volatile and its value can change massively overnight.