So I've been reading up about cryptocurrency and its gaining popularity of being used in online casinos since it has various pros such as better quality games and that online casinos that do offer/accept cryptocurrency tend to have more bonuses. That being said what's the downside of using cryptocurrency that you know and can share?
For me, the biggest downside of using cryptocurrency at online casinos is getting the crypto in the first place. In most cases, you will need to go to a crypto exchange like Coinbase and exchange fiat money for the crypto that you want to use (Bitcoin, Ethereum, Litecoin etc).
Cryptocurrencies are volatile which means that their value changes regularly. There are some cryptocurrencies pegged to the US dollar such as USDT which are more stable. Of course, values can go up as well as down. It can be frustrating trying to calculate the value of crypto when you are playing. The last time I used it I found myself doing this which was not a good idea.
One of the major advantages of using crypto is that often the casino will allow this without the need for any verification. Crypto transactions are anonymous and they don't leave a trace as fiat currency does. So, not too many downsides but as with anything there are a few.
For me personally, I am not really a fan of cryptocurrency ever since it was released because it seems complex. Utilizing cryptocurrencies necessitates a certain level of technical proficiency and comprehension of wallets, blockchain, and transaction procedures. The procedure can be scary and perplexing for anyone who are not knowledgeable with cryptocurrency, which could result in errors or lost money.
Cryptocurrency has its advantages and disadvantages. Its main advantage is that it provides enhanced privacy, unlike traditional online casinos that asks for your payment information. So, if you would like to keep your gambling private, you can do so with cryptocurrency.
Traditional online casinos take days to process winnings through bank transfers, but with cryptocurrency players can access their winnings within minutes. Another advantage is reduced transaction fees since crypto bypasses the hefty costs associated with traditional banking. Casino and the player end up saving.
Another advantage of crypto is that it offers global accessibility that traditional currencies cannot. There is no need for currency conversion, and players can play at no extra costs. Also, players who face geo-restrictions of certain payment platforms can access their winnings through crypto.
With that said, the biggest downside of cryptocurrency is volatility. Let's say you have won a large sum, and the value of the cryptocurrency coin you're using plummets; you'll lose the actual value of your winnings, and what you'll draw in fiat currency will significantly be reduced.
The other downside is that the regulations around cryptocurrency gambling are murky. Incase of anything, players may have little to no recourse.
In conclusion, make sure you weigh the risks and possible rewards of using cryptocurrency and above all, secure your cryptocurrency wallet if you choose to play using cryptocurrency.
With many advantages, there are unfortunately also disadvantages. Also, what's too good to be true usually isn't. I think you can lose a lot with cryptocurrency, and its value changes a lot, even in a day.
@evcj_ To be honest it is not that difficult to use cryptocurrencies for making deposits and withdrawals at casinos. You will need a crypto wallet which you can get online for free. I have been using Metamask for Ethereum based transactions and this has been very reliable. The Coinbase wallet is good for multiple cryptocurrencies.
If you go with an online crypto wallet there is always a slight chance that this could get hacked and you have all of your crypto stolen. Metamask and Coinbase have several security measures to prevent this but it will never be completely hack proof.
Offline crypto wallets are available and offer the best security. The are in the form of flash drives and you don't need to use them all the time which cuts down the risk of theft.
To minimize the volatility problem you can go for stable coins such as USDC or Tether which are accepted at many casinos and sportsbooks.
@graham That's nice to know! I might follow this advice once I get into crypto. It makes me want to try crypto because you mentioned that both Metamask and Coinbase have several security measures which somehow reassures me and you also mentioned 'offline crypto wallets' that offers the best security. I will look into these even further so that I will understand it better. Thank you for the advice!
As earlier mentioned, crypto volatility is one of its undoing. If dealing with crypto you better opt for more stable units
In conclusion, make sure you weigh the risks and possible rewards of using cryptocurrency and above all, secure your cryptocurrency wallet if you choose to play using cryptocurrency.
Hahahahah since we're in an online casinos forum, does someone want to bet that this is AI generated? 😂
And jokes aside, in my very personal opinion the only downside I could actually think of a casino using crypto as a payment/withdraw method would be that the most skeptical users might have reservations because they consider it shady a priori, due to all the stigma that cryptocurrencies have.
Unfortunately people who don't want or need to use them automatically establish an association of "cryptos = scam", when that is not the case at all.
A disadvantage of crypto is their fickleness. You can expect $100 worth payment but it may fluctuate to $70 or $120 for example depending on your favor
In crypto the real problem is volatility, one minute your winnings are lit, the next they crash harder than your ex’s😆 rebound.
@Graham Bowall As you said The volatility and the process of breaking into crypto market can seem like full of challenges . I am curious if you think that the benefits such as privacy ,seemless and fast transactions outweighs the downsides or not?
@Stormy w Actually thats a very good point. Yes, privacy and fast transactions are for sure very appealing in nature but volatility can be a real bitch , especially if involved in gambling spaces.
@Abel Yes Stigma around crpytocurrencies are very real and also not a talk of past. I mean its actually very unfortunate and dissapointing that there is still so much skepticism about these things. DO you think this perception is going to change anytime soon or not??
