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Playing casino games online has transformed the casino industry into something that was becoming archaic, to one of the best performing industries in the world where almost every household has participated in some form of online gambling at some point or other. From ease of access, to the sheer variety of games and the pace at which they operate, there are many more benefits to playing online than in a brick and mortar casino.
However, for some time, as the internet has become more sophisticated and so too have cyber-attacks. There is great concern over safe and convenient payment options that do not hinder online poker UK players playing online in the UK and further afield. While debit card offered a safe and reliable option, there needed to be more out of the box solutions to improve the online casino gaming experience.
Then, along came crypto casinos. A crypto casino is an online casino that only accepts crypto currency as a form of payment. Instead of paying with the likes of a debit card or PayPal, players must convert standard currency into cryptocurrency and store it in an e-wallet where it can be used as online currency.
These forms of casino are highly popular, however there are mixed reviews on the crypto casino experience. Below, we’ll take a closer look at the pros and cons of using a crypto casino.
Player safety
As the internet becomes more sophisticated, unfortunately, so too does cyber crime. It is estimated that this year, there will be over 33 billion account breaches, and a cyber hack every 39 seconds around the world.
This means that if an online casino player’s account becomes compromised, a range of personal information could be exposed and even stolen, from addresses, to name and date of birth, and of course, bank details.
However, crypto currencies operate on Blockchain technology, making the payments much safer. So, what is Blockchain exactly? Blockchain technology is a decentralised, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.
As a result, it is much harder to track payments and interfere with them. It also means that there is no physical trace of banking details that could expose the individuals sensitive banking information and lead to a breach.
Market volatility
(Bitcoin and US Dollar bills)
While cryptocurrency seems great on the surface, it is also one of the most volatile markets out there. Cryptocurrency value is influenced by supply and demand, investor and user sentiments, government regulations, and of course, media hypes. As such, the value of cryptocurrency can go up or down significantly in a short space of time.
This could mean that you convert some hard earned money into cryptocurrency, to then only be left with half the amount you initially invested. As such, this means that your money may not stretch as far in a crypto casino and you might not be able to play so many games or bet so high.
Convenience
There’s nothing more irritating than settling in on the sofa with your laptop, to then find out that a site needs your card details and your wallet is upstairs. With crypto currency, there is no need to keep entering in card details as everything happens from your e-wallet. Of course, there is the chance of your e-wallet being compromised or you forgetting the password and getting locked out, but it is still much more convenient aht other methods of online payment.
Instant transactions
Ever been trying to play at an online casino and your payment hasn’t cleared with the bank so you have to wait for them to approve it. This can significantly interrupt online game flow and overall experience, leading to a negative gaming session.
Unlike traditional payments, crypto payments do not go through a central authority and therefore do not need to be signed off by the bank. One thing to note here is that it’s important to stay on top of your spending activity and your playing safety as no one is going to alert you if you overspend, until it is too late.
Overall, crypto currencies have some major benefits and cons that can greatly impact online casino play. While there are some negatives, it is also safe to say that the pros vastly outweigh any minor setbacks the industry experiences. So what are you waiting for, it’s time to try out an online crypto casino.
