For many years, cryptocurrency was considered a niche interest that most likely would never grow to mean anything to the majority of the population. But compared to when Bitcoin was first created in 2009, cryptocurrencies are now on everyone’s lips. In fact, an NBC News poll found that one in five American adults have either invested in, traded or used cryptocurrency.
Due to this popularity, more industries are starting to accept payments in crypto – and the iGaming industry was quick to see the currencies’ potential. Crypto casinos quickly became the hottest trend, and today, there are more of them online than you can count. Are you either new to online gambling or used to regular casinos – and are you still considering whether you should give crypto gambling a shot? Then this article is for you. Below, we’ll take you through the pros and cons of crypto casinos so that you can decide whether they’re for you.
Pro: Quick, Easy and Safe Transactions
Seasoned gamblers know that transactions can take forever to go through. With crypto, though, things are way simpler and quicker. When you win a game at a crypto casino, your winnings reach your wallet almost immediately after you withdraw. The best crypto casinos will store your money securely in a cold storage wallet, while others update an internal ledger. If you want to dive deeper into how this works, find out more at safecryptocasinos.com. They go through the different storage systems you’ll come across at crypto casinos, their pros and cons and what your safest option is.
Con: Regulations and Licenses Can Mislead
Whether it’s crypto or other aspects of the fast-evolving metaverse, it’s important to keep in mind that we’re still in their early days – which means lawmakers aren’t even close to keeping up when it comes to regulations. This leaves it up to cybersecurity companies, activists and the users themselves to keep them educated on the risks of the modern digital space. While crypto casinos can obtain licenses, they’re way too easy to get, making them worth little for players – so when it comes to security, crypto casinos are still very much the Wild West.
Pro: Stay Anonymous While Gaming
Of course, it’s worrying that crypto casinos have to meet so few demands – but on the bright side, so do you. When you gamble with cryptocurrencies, you often only have to register with an email address, allowing you to gamble anonymously, if you so wish. Furthermore, crypto transactions happen independently of the banking system. This means that your gambling transactions won’t show up on your bank statements and e.g. ruin your chances of getting a loan or a mortgage.
Con: Harder to Get Your Account Back
While anonymity has many advantages, it also comes with its risks. For instance, only registering at a crypto casino with an email address obviously means that it’s the only thing tying you to the account – so, if you get locked out of both your casino and email account, regaining access could be very difficult. When your identity isn’t tied to the casino account, it’s hard to confirm that you’re the rightful owner. So if you decide to run the risk, make sure to take extra measures to keep your email secure.
Pro: Micro Gambling is Possible
To end things on a positive note, crypto gambling could be a great alternative for people looking to make smaller bets. Say, for instance, that you’re just dipping your toes into casino games. In this case, you’d want to be able to try your hand at a few different games without risking big losses to see what you like. And at crypto casinos, you can do just that: Unlike regular casinos, they allow micro gambling – meaning that you can bet less than 1 cent. So, if you already have some crypto and want to try gambling, why not give it a shot?
