Advantages and disadvantages of gambling with cryptocurrencies
Despite all the constraints imposed by the pandemic, the global gambling market is expected to exceed $500 billion in 2021, a significant increase compared to 2020. Much of this growth will come from online gambling sites. While some remain sceptical about online casinos, they are a great alternative to traditional casinos.
An important consideration when choosing an online casino is the payment options. One method that is becoming increasingly popular is cryptocurrency. Many popular sites are hybrid casinos, which accept both regular currency and cryptocurrency as a means of payment. Internet gambling with cryptocurrency has some significant advantages. Let’s talk about some of them:
The use of cryptocurrency in gambling provides players with greater anonymity. Because cryptocurrency is decentralised, transactions are harder to trace. You also won’t have to give as much personal and financial information to the casino site. The degree of anonymity will partly depend on the specific casino you are playing at. Casinos often have to obtain a certain amount of information to meet licensing requirements. Online sites that are cryptocurrency-only generally require less information.
2. Increased security
Online casinos take security seriously and use SSL encryption technologies to protect customers’ financial data. However, the blockchain technology used by cryptocurrencies provides an even higher level of security.
3. No location restrictions
Some payment methods are not available at online casinos in certain countries. In other cases, casinos may not accept payment methods or currencies used in certain countries. There are also countries where online gambling is illegal. The use of cryptocurrencies eliminates all these problems and allows users to play regardless of their location.
While there are many advantages to gambling with cryptocurrencies, there are also some disadvantages to consider. Some of the disadvantages associated with the use of cryptocurrency for gambling are the following:
1. Less government oversight
Without a licence and a regulatory body, players have very little recourse when they encounter problems with the casino they are playing at. This does not mean that cryptocurrency casinos are not licensed. Many of them are licensed and regulated. However, unlicensed cryptocurrency casinos also operate. If they are not licensed, it does not mean that they are dishonest, but if they are, you are not safe from fraud.
The value of cryptocurrencies is always fluctuating and they have some significant positive and negative price fluctuations. You can win a significant amount of money in a casino and then find that the value of the cryptocurrency has fallen, wiping out your winnings. Of course, it could also be the other way around.
3. Non-refundable funds
Once you have sent funds from your cryptocurrency wallet, they are non-refundable. If you happen to send too much or send funds to the wrong recipient, unlike credit cards and other methods that allow you to stop payment, cryptocurrencies do not.
Cryptocurrency has come a long way since Bitcoin first appeared in 2009. The fact that online casinos are increasingly accepting cryptocurrencies only speaks in favour of digital currencies. We recommend that you take a look at online casinos that accept cryptocurrencies. While there are advantages and disadvantages to gambling with cryptocurrencies, it ultimately depends on the individual and what works best for them.