The list of cryptocurrency casinos keeps getting longer, allowing players to deposit using Bitcoin and other altcoins. However, online casinos also support fiat payment options that you can use to transact in traditional currencies.
Both crypto and traditional options have their benefits, but one performs better than its counterpart. This article compares both currencies to learn which is better for online casino gaming.
Comparing Bitcoin and Traditional Currencies
In the following sections, we’ll compare crypto and fiat in three main areas:
Anonymity and Privacy
● Bitcoin
One of the perks of using Bitcoin is anonymity. When you deposit crypto at an online casino, you usually don’t enter any payment information. Most gaming sites will provide a wallet address that you simply copy to complete the transaction. For withdrawals, you only need to submit your crypto wallet address.
Your wallet address is only a string of alphanumeric characters. It doesn’t translate to your name, email, phone number, or other details. As a result, you can enjoy your gaming sessions without fear of jeopardizing your financial details.
Some arguments against Bitcoin center on the fact that crypto transactions are traceable. After all, the blockchain is transparent. However, when you trace crypto transactions, you only get details about the payment, not the user. These details could include the amount sent, time, date, and wallets involved.
● Traditional Currencies
Payments using traditional currencies at online casinos usually involve a lot of information. Let’s consider making payments with a debit or credit card. In that case, you’ll fill out the card details, like the holder’s name and CVC number, to complete the transaction. The payment operator will request your PIN to approve the transaction.
Payment providers indeed send you a One-Time pin that you use to complete transactions. However, the details you’ve revealed on the site are sensitive. The operator can use these details to access your funds if it’s a malicious casino.
The same applies to making withdrawals. For instance, you must provide your bank details, routing number, and SWIFT code to withdraw via bank transfer. Without these details, the payment won’t be successful.
Your details won’t be at risk if the casino uses secure payment channels on a safe and licensed platform. However, the bottom line is that there’s no anonymity or privacy as you reveal your name and other details.
● Winner: Bitcoin
Bitcoin doesn’t require personal details for deposits or withdrawals at online casinos. That describes anonymity and privacy. Meanwhile, traditional currencies cannot process transactions without your information. Hence, Bitcoin takes the lead in this category.
Speed and Convenience
● Bitcoin
Try making a Bitcoin deposit at an online casino. You’ll notice that the funds almost instantly reflect on your account. This is because Bitcoin transactions are relatively fast.
Crypto transactions are quick because they require no go-between for approval or verification. Instead, the coins use nodes, which are simply peer-to-peer networks. Each payment is verified within seconds on the blockchain.
However, note that some crypto transactions may take a long time to process. This usually applies to huge transactions, as the nodes will have more blocks to process. Nevertheless, casino websites usually have maximum payment limits to avoid such delays.
In terms of convenience, crypto also offers an advantage. As stated before, you only need to enter your wallet address or copy that of the casino to make a payment. The process is, therefore, stress-free, and you can complete a Bitcoin transaction at an online casino in seconds.
● Traditional Currencies
With traditional currencies, you experience speedy or slow transactions, depending on the service you’re using. For instance, a deposit via debit or credit card transaction is typically fast. As long as you enter the correct information, you should get instant approval if the operator is online.
However, should the payment fail and you get a debit, it could take days to sort it out. Plus, the payment provider could take days to process your withdrawals. The same applies to e-wallet payments.
In terms of convenience, you must enter many details to make fiat payments, which can be tiring. How about with eWallets? The casino site will typically redirect you to the provider’s platform to log in and authorize the payment. That, too, can take time.
● Winner: Bitcoin
The winner is, again, Bitcoin, as crypto transactions are fast and convenient. Some payments with traditional currencies are also quick, but they fall short in terms of convenience.
Security and Transparency
● Bitcoin
Bitcoin is a cryptocurrency created with cryptography, which makes it secure. Since the advent of cryptocurrencies, there’s never been a case of a blockchain hack. As a matter of fact, the consensus is that the blockchain is unhackable.
Hence, opting for Bitcoin at an online casino means you get 100% safety. All payments, including deposits and withdrawals, are processed on the blockchain. So you can easily trace your payments if the need arises.
● Traditional Currencies
Fiat transactions at online casinos rely heavily on trust. You must trust the payment processor to protect your information and secure your funds. In other words, your security isn’t in your hands.
Most top card providers and eWallets are highly secure. However, they’re not hack-proof like the blockchain. So, when you use traditional currencies, you get less security compared to Bitcoin.
Furthermore, traditional payment operators work with the government. This means you can be subject to certain regulations, sanctions, and restrictions. All these can affect your gaming experience. For example, you could encounter problems using traditional currencies in regions with laws that don’t favor casinos.
● Winner: Bitcoin
Bitcoin is more secure than traditional currencies, thanks to blockchain technology. It’s also more transparent and universal.
Conclusion
As the article explains, crypto is more beneficial to casino players than traditional currencies. The two main reasons are safety and speed. With Bitcoin, you can make transactions without exposing your wallet details. Also, most transactions are instantly approved.
Meanwhile, traditional currencies usually involve entering comprehensive payment information. Your options are limited to your region, and delays could take days to resolve. Regardless, the payment method you choose depends on which you prefer.
