In view of the government and international regulations around online betting, numerous casinos presently offer digital currency as a mode of payment or deposit. Some casinos similar to Verde Casino might try and give you free bonuses if you play and deposit using cryptocurrency.
Today, we will show you if you should or should not play at a crypto casino. In the end, you should be able to decide if this is the right choice for you.
Not All Digital Currencies Are for Gambling
There are in excess of 12,000 digital forms of money available for use today. Out of these, Bitcoin and Ethereum are the two most generally used and accepted as legitimate crypto money in the betting business. There are other choices, but these two are the most common.
Here are some more cryptos you can use to bet:
Albeit a few casinos accept some other digital coins, you truly have no assurance that your online gambling hub would take them. Your best option is to change or swap your altcoins to the mainstream types of cryptocurrencies. For example, you can swap them with bitcoin or Ethereum.
Why is this important? You should swap your current coins because crypto casinos, by default, accept both BTC and ETH. With BTC and ETH, you have more casino options where you can play.
The Expenses Are Affordable
Conventional payment systems are costly. The transaction has to go through confirmation checks from private parties. These confirmation checks drive the cost of the fees.
Casinos charge you withdrawal fees. Some even charge deposit fees. Even if they do, the casinos do not get this money. The companies that get these fees are the banks and financial networks.
On the other hand, the expense is negligible in digital currency exchanges. Generally speaking, the charge is just 1% or 2%. In this way, for each $100 worth of digital money you transact, you just pay $1 or $2 in fees. This amount is altogether lesser than the regular 5% they charge you for bank transfers or card charges.
Less Paperwork and Bureaucracy
All casinos need to check or verify your identity. You cannot escape this. They do this because it is the law. In many countries, they implement anti-money laundering laws. Some call it KYC or “know your client.”
The problem with this process is that you must add a financial account, like a bank account or credit card. Then, the system has to prove that it is you who owns it.
It is tedious. The address on your credit card billing statement must match what is on your casino account. With cryptocurrency, you do not need to do these things.
In the event that you make a deposit using a digital currency, you enjoy anonymity. All it takes is to send the crypto to the casino, and they will make that appear in your casino account.
You Enjoy Fast Payouts
Assuming you withdraw money from a casino, it is likely that you will have to wait for a week. The online casino has to validate the transaction. From here, they will transfer the money. It all takes time. Sometimes, they may even ask you for more documents.
The extra verification procedure is mandatory because the casinos have to comply with regulations. They want to make sure that it is the owner or the winner making the transaction.
If you use cryptocurrency, you will get your payout instantly. In most casinos, the longest you have to wait is 20 minutes. If this happens, it is not the casino’s fault but the cryptocurrency system being overloaded with transactions.
Digital Money Is Safe and Secure
Cryptographic money is an exceptionally safe thing. It uses SSL and several layers of encryption. Since it is decentralized, nobody has sole control over it. Even if people attempt to hack it, it can take them thousands of years to do it.
What’s more, the actual transaction record involves encryption for each exchange. It is the reason the coin is called crypto. The actual objective of cryptographic money is to make the transaction details jumbled up. Only secure servers can decrypt these data.
Casinos that use cryptocurrencies are safe. Eventually, all casinos will start accepting cryptocurrencies. As such, you need to start buying units of crypto coins now.
While some people say it is a fad, digital currency isn’t disappearing, especially established ones like BTC and ETH. You should buy more of them when the price is low. If you do, and the price goes up, you just made gains from your capital.