The emergence of online casinos brought about more advantages to the gambler, like freedom of mobility, lots of gaming options, and different modes of payment. One of these payment methods is the use of cryptocurrency (bitcoin); a digital currency in which transactions and records are maintained by a system using cryptography.
Another is fiat money, which is a government currency issued by the government which is not backed by a physical good. While crypto casino only allows the use of bitcoin and other cryptocurrencies, some casinos allow the use of multiple payment methods. Casinos that offer multiple methods includes:
- Jackpot city
- Play amo
- Slots empire
- Casino days
The Gambling Laws
Some countries around the globe have laws against gambling which makes it hard for fiat currency since it is controlled by the government. However, crypto-transactions are not bound by these laws and thus the player can easily participate using crypto-transactions.
Speed of Transactions
Fiat money has policies regarding withdrawals and deposits which take a lot of time and in turn, the player opts for bitcoin since it allows cash out the winnings within hours since it is not time-bound and thus chosen as an alternative.
Cryptocurrency is decentralized, which makes it hard for anyone else to interfere with the player’s funds including the government. Whereas with fiat the player might find it inconvenient after encountering problems like frozen accounts and credit card malfunctions.
With everyone moving to the online net world, including casinos, not all of them trust digital currency. This may be a disadvantage at some point especially if the player only has cryptocurrencies since there is no way of circulating money as compared to fiat money which is always accepted everywhere.
When it comes to bank transactions, most online casinos prefer detailed information from the player which is not preferred by many people. Contrary to the help of blockchain technology which is the mother to cryptocurrency, anonymity can be maintained by the player.
Based on the above points there are many ways players can enjoy both fiat and crypto money. However, regardless of the mode of payment, the main aim of every player is to ensure their financial information is safe, deposits and withdrawals are simple, and it’s still fun to bet. Will there be a time when most casinos might fully move to blockchain-based technology? While the shift seems to have begun, this is a question that can only be answered by time itself. So, let’s wait for this to become our reality and use various possibilities provided by blockchain right now.