Cryptocurrency has been making steady inroads in the traditional financial system to eke out a niche for itself. Many companies too have come out in support of cryptocurrencies and have said they would accept them as a valid currency in exchange for the products or services they provide. And now, there also are instances of cryptocurrencies being used in the gambling industry so that we have come across dedicated cryptocurrency casinos where gamblers use digital currencies to make their bids instead of traditional currency.
However, does it make sense to gamble using cryptocurrencies, or if it is something fraught with a lot of risks? Let’s find out.
Transparency
It is quite common for traditional online casinos to devise unscrupulous means that puts them at an advantage over their players. They adopt tricks that can make the players lose their money while still luring them to play more. This only increases their chance of winning while the player continues to lose money. Most gamblers are unaware they are being taken for a ride even though they keep playing hoping to win eventually. It is here that crypto casino scores over their traditional counterpart in that things are transparent, with games such as provably fair, no information is kept hidden that can negatively impact the player’s chances of winning. In short, crypto casinos create a level playing field.
Affordable
Traditional casinos are marred by a plethora of taxes and other monetary regulations that can severely impact the earnings made via them. This is on top of the higher costs that the casinos levy on transactions and deposits made, all of which make it quite a costly affair.
None of that exists with crypto casinos where transaction fees are either non-existent or if present, are extremely less. Also, since crypto casinos are outside the purview of any financial regulations, which is another reason transactions are cheaper compared to traditional casinos.
Safety and Security
Most casinos make it mandatory to share your credit and debit card details along with other personal details. This can be risky as there is always the risk of your financial and personal details getting misused in the hands of unscrupulous users. Not to mention, such casinos also require a ton of information and filling out countless forms before you get the chance to enter the actual gambling process.
This is also another area where crypto casinos score over conventional casinos as it offers a level of security and safety that is virtually non-existent with the latter. There is no need to share your card details or other personal information and there is no need to fill out extensive forms as well. All that most crypto casinos require you to do is deposit funds to a crypto address and use that amount to start gambling. Cloudbets has an average deposit time of 10 minutes and one of the fastest in the industry.
Greater variety and large payout
There may not be a large number of crypto casinos out there but wherever they are, they always seem to have a wider selection of games to offer than the traditional casinos. And the more variety of games they have, the greater their appeal. Some also have large payout as well, which can be as high as 99 percent in some cases. So, with crypto casinos, you have the dual benefit of a better variety of games as well as those that have a high payout rate. Cloudbet has a huge variety if traditional table games, slots, live dealers, blackjack, baccarat and many many more to choose from.
What’s more, casinos like Cloudbet offer betting methods in over 27 different cryptocurrencies, including staked Ethereum – meaning players are able to play with the interest they earn!
User convenience
Crypto casinos are usually accessible even in those countries where online gambling is prohibited by law. However, while it is outright illegal for users in such regions to join any online gambling casinos, that might not be the case with crypto casinos. Since cryptocurrencies make it possible to keep your identity under cover, you can join such casinos while remaining entirely anonymous. Also, with cryptocurrency being largely unregulated and unsupervised, it still isn’t illegal to join crypto casinos in many regions of the world, which might not be the case with traditional casinos.
Cryptocurrency has been making steady inroads in the traditional financial system to eke out a niche for itself. Many companies too have come out in support of cryptocurrencies and have said they would accept them as a valid currency in exchange for the products or services they provide. And now, there also are instances of cryptocurrencies being used in the gambling industry so that we have come across dedicated cryptocurrency casinos where gamblers use digital currencies to make their bids instead of traditional currency.
However, does it make sense to gamble using cryptocurrencies, or if it is something fraught with a lot of risks? Let’s find out.
Transparency
It is quite common for traditional online casinos to devise unscrupulous means that puts them at an advantage over their players. They adopt tricks that can make the players lose their money while still luring them to play more. This only increases their chance of winning while the player continues to lose money. Most gamblers are unaware they are being taken for a ride even though they keep playing hoping to win eventually. It is here that crypto casino scores over their traditional counterpart in that things are transparent, with games such as provably fair, no information is kept hidden that can negatively impact the player’s chances of winning. In short, crypto casinos create a level playing field.
Affordable
Traditional casinos are marred by a plethora of taxes and other monetary regulations that can severely impact the earnings made via them. This is on top of the higher costs that the casinos levy on transactions and deposits made, all of which make it quite a costly affair.
None of that exists with crypto casinos where transaction fees are either non-existent or if present, are extremely less. Also, since crypto casinos are outside the purview of any financial regulations, which is another reason transactions are cheaper compared to traditional casinos.
Safety and Security
Most casinos make it mandatory to share your credit and debit card details along with other personal details. This can be risky as there is always the risk of your financial and personal details getting misused in the hands of unscrupulous users. Not to mention, such casinos also require a ton of information and filling out countless forms before you get the chance to enter the actual gambling process.
This is also another area where crypto casinos score over conventional casinos as it offers a level of security and safety that is virtually non-existent with the latter. There is no need to share your card details or other personal information and there is no need to fill out extensive forms as well. All that most crypto casinos require you to do is deposit funds to a crypto address and use that amount to start gambling. Cloudbets has an average deposit time of 10 minutes and one of the fastest in the industry.
Greater variety and large payout
There may not be a large number of crypto casinos out there but wherever they are, they always seem to have a wider selection of games to offer than the traditional casinos. And the more variety of games they have, the greater their appeal. Some also have large payout as well, which can be as high as 99 percent in some cases. So, with crypto casinos, you have the dual benefit of a better variety of games as well as those that have a high payout rate. Cloudbet has a huge variety if traditional table games, slots, live dealers, blackjack, baccarat and many many more to choose from.
What’s more, casinos like Cloudbet offer betting methods in over 27 different cryptocurrencies, including staked Ethereum – meaning players are able to play with the interest they earn!
User convenience
Crypto casinos are usually accessible even in those countries where online gambling is prohibited by law. However, while it is outright illegal for users in such regions to join any online gambling casinos, that might not be the case with crypto casinos. Since cryptocurrencies make it possible to keep your identity under cover, you can join such casinos while remaining entirely anonymous. Also, with cryptocurrency being largely unregulated and unsupervised, it still isn’t illegal to join crypto casinos in many regions of the world, which might not be the case with traditional casinos.
