Issues to be aware of when using crypto casinos
Of course, it’s not a perfect system when using cryptocurrencies as a way of betting. There are a couple of downsides too, and we’re going to cover them here so that you’re aware of all potential issues.
Volatility
It doesn’t matter what currency you are using, there are always fluctuations in value. However, when it comes to crypto, these are often larger, and more intense, which is largely because they are new and decentralized. As such, they have far greater fluctuations than fiat currencies do.
With this in mind, if you’re planning on using a crypto currency casino, you need to consider what effect these potential fluctuations can have on your overall balance. In some cases, the fluctuation is minimal, but other times it can have a massive impact on your crypto portfolio.
Bear in mind that when you deposit crypto into a casino, even if you win, the value of your crypto may have dropped so much in the interim that you end up with less value than before. Of course, if you’re on a crypto casino, you are prepared to lose money, but be aware that this can happen in two different ways. On the flip side, you can also see impressive gains too, and this is part of the fun of using crypto to gamble as it is so unpredictable.
Complexity
Playing with cryptocurrencies online is pretty easy for the most part. However, it may seem unduly complicated, especially if you’ve not used crypto before. There is a learning curve when you begin playing with crypto, and it can take some time to get used to. You will need to know your crypto wallet’s address, learn how to make deposits and withdrawals as well as making new wallets when needed.
As we have outlined here though, it’s not that complicated once you know the steps. You can check our crypto casino guide or even find guidance on many of the crypto casinos themselves on how to make a deposit or withdrawal with crypto. You can even find out how to buy crypto from many of these casinos, which helps to make the process even quicker and easier.
Differences between crypto and fiat casinos
If you’re still confused about where to play, there are some major differences between crypto and fiat casinos that you should know about. Understanding how these casino types differ can impact which one you choose.
For instance, crypto casinos tend to offer massive bonuses. As they don’t have to contend with transaction fees, it’s easy for crypto sites to have bigger bonuses for players. In contrast, fiat casinos will always have to pay additional overheads. which means the bonuses are often smaller.
Crypto casinos can also offer players much faster payouts with little to no processing time. Of course, it’s still worth noting that, when it comes to withdrawals, all cryptos have different numbers of confirmations required on the blockchain, which can slow down the process. Regardless, you’re likely to get your payout within the hour. As crypto is a decentralized currency, there are not so many checks required for the payout. Because of this, payouts can be done in less than an hour. When it comes to fiat casinos though, this is absolutely not possible Typically, fiat payouts take days to process as the bank has to check whether the request is legitimate or not. Using crypto also means that you will be able to avoid additional transaction fees as well as mitigating any currency conversion fees.
Finally, the other biggest difference is the privacy levels. Crypto casinos do not require you to provide your personal details when signing up. In fact, you can simply use your crypto wallet ID to do so. This means you won’t have provided any personal details to the casino at all. Your payments are also untraceable. Fiat casinos require you to provide all your sensitive information including your banking details. This means any transactions are completely recorded. The only time this may be to your advantage is if you’re at a fraudulent crypto casino. If they run off with your money, there’s nothing that can be done as it can’t be tracked, unlike a fiat casino.
Popular coins at crypto casinos
While Bitcoin is still one of the most popular cryptocurrencies out there, the best crypto casinos will offer a range of different options. Most crypto casinos will offer more than one altcoin for you to use. It’s always worth checking to see if your chosen casino offers the crypto you want to use.
Bitcoin, Ethereum and Tether are some of the most popular cryptos, but many crypto casinos will also give you access to other popular tokens such as:
- Monero
- Dogecoin
- Litecoin
- Ripple
- Solana
- USDT
Some crypto casinos will also have their own tokens, which you can earn and use on the site. And others still will give you the option to request that other cryptos are added to their platform.
Are licensed crypto casinos legal?
For most of the world, this is still somewhat of a grey area. While there are bans in the US for instance, about gambling at online casinos, there are very few laws stating that players are banned if they have access to a casino, such as a crypto site. Importantly, due to the nature of cryptocurrency, it’s very hard to track any players to see if they are playing at a crypto casino simply because the whole point is to deposit anonymously.
Around the world, it’s generally not considered illegal, though some countries such as the UK have restricted cryptocurrencies and will not licence a crypto casino. Most countries don’t have laws at all when it comes to crypto casinos. Essentially, if you do decide to join a crypto casino, the likelihood is you’re not going to be in trouble. But, make sure you check out the gambling laws where you are to make sure.
How safe are crypto casinos?
As we’ve mentioned, crypto casinos like BC.Game operate with cryptos made on the blockchain and using un-hackable public ledgers to record transactions. As such, whenever you make a transaction, anyone can see what happened and confirm it occurred. This means that crypto casinos will never have issues about incomplete or missing payments. And, when you request to withdraw, the same is also true as you can watch the funds leave the crypto casino and make their way to you.
Of course, you should never simply take this at face value, and always ensure the crypto casino you’re playing at has other security protocols in place. These can include 2-factor authentication, as well as firewalls.
Crypto casinos also need to take additional steps to ensure money can’t be stolen from them. In these instances, casinos often have their funds in cold storage wallets, which are offline. This means that they can’t be hacked. Big reputable crypto casinos will also have insurance policies in place just in case of hacking.
Just like fiat casinos, crypto casinos offer a high level of security. They’re on par with each other and simply need to have policies in place to prevent hacking, fraud and theft.
Tips for choosing the best crypto casino
Finally, now that you know all about crypto casinos, you’re going to want to play at one. But how to choose which is the best for you? Well, we’ve listed some of the key areas you should be looking at in order to help you make up your mind. You can also look at our top list of crypto casinos as well.
- Game library: this should be large, diverse and offer games from multiple categories and game providers. You should even look to see if there’s a sportsbook for added fun.
- Range of cryptos: most crypto casinos will have at least eight cryptos on offer, but having a range of altcoins is even better, so check that your preferred currency is available.
- Speedy withdrawals: as crypto transactions are known for their speed, you should always check that this is the case. Top crypto sites will process transactions in under five minutes and this should be outlined transparently on the casino.
- Bonuses: these are a great way to get a boost when playing. Check the size of the bonus, but also the terms and conditions making sure that these are fair and transparent.
- Transaction limits: these should be reasonable and not leave you stuck with high minimum deposit requirements or low maximum withdrawal limits. Limits should not be restrictive and cater to all budgets, right up to high rollers.