Crypto is used more and more every day for shopping and getting paid online, and betting is another activity that can be handled this way. But are crypto or fiat currency casinos better? Here are some of the differences (and one important similarity) between the two.
We are in the very earliest days of metaverse casinos, so it has yet to be seen whether this is a minor pro or a huge advantage for cryptocurrency casinos, but metaverse casinos are set to focus largely on cryptocurrency (both directly and through crypto-purchased NFTs). Metaverses, shared online 3D worlds, already exist and there are even some online casinos within them. Should the metaverse achieve its hyped up potential then this development could end up revolutionizing the internet (including betting at online casinos). If this sounds appealing then this is another tick in the crypto column.
No Deposit Promos Available at Both
It’s also worth noting that there are some substantial overlaps between crypto casinos and betting sites that prefer fiat currencies. One of the most important similarities is the popularity of promotions, including welcome bonuses, no deposit deals, cashback, and so forth. Ironically, this can create something of a problem for a player browsing the market for the best deals, as there are simply so many bonuses that comparing them (having compiled a list) can be the work of many an hour. An easier means of doing this is by checking out up-to-date list of the best bonuses offered as the best international no deposit casinos.
This saves a bundle of time and makes it nice and straightforward (after all, casino gaming should be about having fun, not doing research). These no deposit promos provide the best chance of enjoying a golden start at a new site, allowing you to try and win real cash with no risk of loss. And if you decide a casino isn’t for you, then you haven’t lost anything at all.
Faster, Safer, and No Fee Withdrawals with Crypto
Fans of cryptocurrency benefit from several inherent advantages of the system, and this applies to transfers to and from online casinos as well. The blockchain technology used in crypto affords both a very high degree of anonymity and security, which is especially reassuring to those who feel wary of sharing banking or other personal details online. Another big perk is that processing times are very, very fast.
Depositing to a crypto casino should be instant, and withdrawals can occur just as quickly. Those using fiat currencies and other forms of online banking (credit and debit cards, and even e-wallets) may find themselves waiting longer for withdrawals. And if you try a bank wire transfer it could take literally weeks. On a related note, withdrawals using cryptocurrency should come with no fee whatsoever, whereas other banking methods may incur costs associated with processing fees.
Crypto is more Volatile
One of the best-known differences between crypto and fiat currency is that the former is more volatile. Not that fiat currency is flat and consistent. As Britons will know, the pound fell significantly after the EU referendum result in 2016, before recovering gradually. However, barring economic calamities it is undoubtedly the case that Bitcoin and other forms of cryptocurrency are far bouncier. This is a double-edged sword, as it can turn a theoretical loss into an actual profit once crypto funds are translated into fiat currency, or it can turn a black result red if the price has changed to your disadvantage.
Much of the risk is, however, blunted by the fact that people are very well aware that cryptocurrency often declines in value before recovering rapidly. Players are under no compulsion to withdraw funds and if you prefer to leave money in a crypto casino until the price is more to your liking there’s nothing to stop you from doing this. It is something that you should keep an eye on, however, to a much greater extent than if you play using fiat currency.
Fiat Casinos are much more Numerous
While many items on this list are neutral or pros for the crypto side, it is not entirely one-sided. An important area where fiat casinos score more highly is in number and accessibility. Purely crypto-supporting casinos are relatively few in number, whereas casinos that are either fiat only or support crypto and fiat currency are far more numerous.
This means a broader range of sites to join, and welcome bonuses to take advantage of (if you’re the sort of player who likes to cast a wide net registering at casinos for the maximum bonus benefit).
In addition, many of the leading sites in some countries, such as the United Kingdom, do not directly support cryptocurrency. If you’re wedded to Bitcoin, Litecoin, Dogecoin, or other forms of crypto then this will necessarily entail reducing very significantly the number of sites at which you can sign up.
In most areas, crypto casinos do seem to have the edge over fiat currency casinos. They’re certainly a viable option if you prefer using crypto for your financial dealings.