It’s no secret that the adoption of cryptocurrency has changed virtually every aspect of modern finance. Some industries have been affected more than others, with online casinos using blockchain technology to their advantage. Cryptocurrency can act as another payment method for casino players, making deposits easier than ever.
Benefits Of Using Cryptocurrency At Online Casinos
When you visit most online casinos, the advantages of using cryptocurrency to fund your account become apparent immediately. For example, a variety of online blackjack and slot providers will offer juicy bonuses for any deposit made with Bitcoin or Ethereum. However, there are some other benefits to consider, some of which include:
Security
As long as you’ve set up your wallet correctly, cold storage devices such as paper wallets and ledgers can be one of the most secure places to keep your funds. These wallets are not connected to the internet, making them incredibly tough to crack.
In addition to this, transactions have to be manually confirmed before they are finalised. Confirmation will often require a unique passphrase or even a code sent to the mobile phone of the asset owner. Without this information, the transaction cannot be published, and no funds will be moved.
Fast
On average, transactions on the Ethereum blockchain take between 15 seconds and 5 minutes to finalise. After sufficient confirmations are processed, the funds will arrive at your casino of choice. The available play balance in your casino account should then update immediately, reflecting the deposit and any bonus funds.
Fees
It’s important to know that there are still fees associated with depositing to an online casino with cryptocurrency. The size of this fee will depend on the blockchain and currency you select. For example, the average cost per transaction with Bitcoin sits at about $0.30, while the same transaction on the Ethereum blockchain will set you back roughly $0.56.
These fees tend to be much lower than what you’d expect with traditional deposit methods, such as PayPal or credit/debit cards. The amount you pay for each transaction is also clearly visible before you commit to sending any crypto. With other methods, costs such as currency conversion fees can be a little harder to determine.
Drawbacks Of Crypto Being Used At Online Casinos
For anyone that uses cryptocurrency on a regular basis, you will likely be familiar with the potential drawbacks. However, the two main downsides that affect casino users are:
Price Fluctuations
Before purchasing crypto, people are informed by most exchanges that they are prone to volatility. If you keep your funds within your casino balance for a long time, you can potentially lose value. However, this isn’t strictly a negative, as the price movement can also work in your favour.
Non-Reversible
Once you’ve confirmed a crypto transaction, there is no way for it to be reversed. This means that if you accidentally send funds to an incorrect address, they cannot be recovered. To combat this, double-check the wallet address before sending any funds. You could also send your cryptocurrency in smaller increments unless you are depositing for a specific casino bonus.
Conclusion
With more and more casinos offering cryptocurrency as a deposit method, it’s important that punters know a bit about blockchain technology. Of course, it’s also essential for anyone invested in crypto to understand how their currency affects other industries, including online casinos.
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