One of the recent additions to the online gambling world is the crypto casinos. You can gamble at these casinos using different kinds of cryptos. Like many other things, crypto casinos too have their own advantages and few downsides.
Let’s know all about them in our article below!
- Starting with the Benefits of the Crypto Casinos
There are several benefits associated with the crypto casinos which players can take advantage of by using them. These include:
Privacy: Many of these casinos do not ask for your personal information or general banking information. This is because cryptocurrencies are not legal currencies recognised by any nation. So, the casinos do not really regulate any such data when you are gambling on their platform.
This way, your privacy remains intact while you can gamble without having to worry about your personal or financial info being compromised.
Lesser to No Fees: If you are processing crypto transactions at the casinos on your own, there are absolutely no transaction fees involved. Also, if you are using any third-party digital wallets, there is only a minimum fess used to process the transaction.
Quick Transactions: Crypto transactions are known to happen instantly. Punters are usually not required to wait a few days or hours to receive their withdrawals. The casinos do not make any background checks as in the case of credit/debit cards or bank transfers or any other FIAT currency transaction options.
No Tax: Since digital currencies are not recognised by any financial institution or any nation across the world yet, it cannot be taxed.
- Few Downsides to the Crypto Gambling
While there are several advantages to using the crypto casinos, there sure are some downsides too. These include:
No License: The casinos which are entirely dedicated to cryptocurrencies are usually not licensed. This is again because of the nature of digital currencies which are not recognised by any Governments across the globe.
This might leave certain players unsure of using these casinos for their gambling endeavors. However, some of the crypto casinos make a point of validating their platforms from third-party testing agencies.
These agencies check these websites to see if the games are valid and if the casino is fair. Accordingly, they certify the casinos. You can check the authenticity certificate at the bottom of the online casino website.
Volatile Nature of the Digital Currency: We all know that digital currencies can be exchanged for FIAT currencies. Similar to the fluctuations in the exchange rate of the FIAT currencies, digital currencies also see ups and downs.
So, any digital currency that you bought today at a higher price may lose certain of its value tomorrow. However, it can increase too. The nature of risk here is similar to the FIAT currencies. However, it is way too high compared to FIAT.
We say everything has its benefits and downsides. That doesn’t mean we shy away from using them. Instead, we suggest you weigh in the pros and cons and see what suits you best to work with.