Crypto bros will tell you with a straight face that bitcoin fixes everything. While blockchain technology and decentralisation do have the potential to positively impact different industries, is it really suitable for casino games? Strap in as we pull back the curtain and explore whether or not crypto is right for online gambling!
Players Benefit From Faster Transactions
When you cash out from an online casino using cryptocurrencies, your winnings will arrive in under 10 minutes. This is an epic improvement compared to traditional online casinos, which can keep you waiting for up to seven days! If you can’t stand waiting for your winnings, then consider placing your next bet with crypto.
Cryptocurrencies Enhance Privacy
A big benefit cryptocurrencies offer when playing casino games is anonymity. A lot of crypto casinos don’t require you to share any personal information, and you can forget about proving your source of funds and uploading your ID.
This is in stark contrast to traditional online casinos, which have to follow strict regulations, and it’s getting to the point where they want to do a full background check on you so that you can play a few lousy hands of blackjack.
Provably Fair Increases Transparency
Provably fair is a cryptographic system used in online casinos to enhance security and transparency. It enables you to verify the fairness of a game’s outcome, ensuring that neither the casino nor the player can cheat. The system uses algorithms and open-source code, allowing you to independently confirm that the game’s results are random and not manipulated. Probably fair mechanisms protect against fraud and establish a level playing field, fostering a more secure and trustworthy environment for both you and the casino.
There Are Regulatory Concerns
The unregulated nature of crypto casinos has raised significant concerns among authorities, primarily related to money laundering and safety issues for players. Cryptocurrencies provide a degree of anonymity, making them attractive for illicit activities. Money laundering can be easier to conceal in the decentralised world of crypto casinos, as traditional banking regulations and oversight often do not apply. This opacity poses a challenge for authorities attempting to monitor and prevent financial crimes.
The lack of regulation in the crypto casino space can also compromise player safety. You may encounter unfair practices, lack of accountability, and scams on unregulated platforms. In regulated environments, player funds and personal information are safeguarded, and game fairness is ensured via gaming authorities who closely monitor sites.
Cryptocurrency Volatility Is an Issue
While bitcoin may have potential as an asset, it’s currently not very suitable as a currency due to its volatility. You could win a big multiplier on your favourite slot and think you’re cashing out $1,000 worth of bitcoin, but before you know it, the market has dropped 30% in a day, and you’re left with $700.
Also, if you’re a true believer in bitcoin, then due to its deflationary qualities, you should expect its price to rise over time. If that is the case, it doesn’t make sense to spend bitcoin, instead, you should be hoarding as much as you can and spending fiat, which you expect to continue to drop in value. If you do decide to play casino games with bitcoin and other similar cryptocurrencies, you need to realise that you’re taking on additional risk. You’re not only betting that you will beat the casino but also that the crypto price will remain the same or increase.
Most people who tout the wonders of bitcoin actually just want the US dollar on the blockchain so they can have full control over their money and effortlessly spend their cash worldwide. This is where tether (USDT) saves the day. Tether is a cryptocurrency that is pegged to the US dollar, which means 1 tether always equals 1 USD. Now, tether is slightly mysterious – no one exactly knows how they manage to maintain the peg, and a few times, they have briefly lost it. However, currently, it’s the best digital equivalent of the USD and is ideal for online gambling.
It’s easy to see why millions of players are using cryptocurrencies to play casino games. Crypto games are probably fair, and crypto casinos don’t require KYC and payout quickly! However, cryptocurrencies’ volatility does cause some issues, and players need to be careful of rogue operators due to the unregulated nature of the industry.
