The first crypto casino opened its virtual doors to a skeptical public way back in 2014. Back then, a Bitcoin was worth about $400, and the age of the Bitcoin billionaires were still to come. Indeed, plenty of water has flowed under the bridge in the intervening years, but through the highs and lows of crypto’s evolution, crypto casino gaming has steadily increased in popularity.
Over the past two years in particular, it has transformed from a small niche of the iGaming market into a trusted and popular transaction method. It is accepted at a growing number of casinos, which is explored in more depth at the Gamblica.com crypto casino comparison and review site. But what is it about crypto casinos that appeals to the iGaming public – and what are the downsides?
Pros of crypto casinos
Security and anonymity – every reputable online casino takes security seriously, but blockchain takes that to another level and is as close as you will get to hacker-proof. Also, when using a Bitcoin wallet, there is less needed in the way of personal information. Obviously, the best way to protect your personal data is not to provide it in the first place, so this is another plus from a security perspective. It also means you can remain anonymous if privacy is important to you.
Faster transactions – slow payouts can be a bugbear with conventional online casinos. When you use crypto, the deposit or withdrawal is usually instantaneous, or at the very least, it only takes a few minutes. Ethereum casinos are even faster than Bitcoin, especially with the Ethereum 2.0 merge.
Promos and bonuses – practically every online casino offers promotions and bonuses, especially for new players. However, there are some extra generous deals around for players depositing cryptocurrency. These vary between casinos, but typically include matched bonuses on deposits and free spins for new customers.
Unrestricted access – it is easy to forget that iGaming is still relatively new. Some jurisdictions have yet to develop online gambling regulations and so enforce restrictions on bank transactions with gambling providers. Cryptocurrency is a useful way to navigate these waters and transact business with offshore casino or sports betting platforms.
Cons of crypto casinos
Volatility – even those who know almost nothing about crypto will know that the price of Bitcoin and altcoins can be extremely volatile. That means that simply owning any substantial amount of crypto is something of a gamble in itself – before you start wagering it on games of chance.
No do-overs – once you’ve transferred your crypto, it is gone, there are no reversals. That’s not of itself a bad thing, but it does show that you need to take extra care and use a resource like Gamblica, mentioned earlier, to ensure you are dealing with a trusted and reputable platform.
More pros than cons
Overall, we can see that there are more pros and cons to crypto casinos. That is borne out by their growing mainstream appeal. Just be cautious in your choice of platform and be aware that the volatility inherent in crypto can add an extra dimension to your wagering.
