Future and Potential Drawbacks of Crypto-CasinosOn 06/19/2020 by Thelma
Cryptocurrencies are the hottest new trend today. As a result of the real boom in digital currencies such as Bitcoin, Ethereum, Dogecoin, and Litecoin, many online casinos that accept digital currencies as payment have emerged. And this is not the limit, we guess. More gambling houses of this type are going to be opened soon. These so-called crypto casinos are of interest not only to those who invest in cryptocurrencies but also to the mass audience. Why? They give extra opportunities to all. so you can benefit at maximum, of course, if you are aware of potential risks and drawbacks associated with crypto-gambling.
Specs of Crypto-Gambling
Cryptocurrency casinos have both advantages and disadvantages. Let’s start with the cons. So the biggest drawback of such gambling establishments is associated with currency volatility. As a rule, digital currency is unstable; its rate is constantly changing. In view of this, it is not always profitable to keep your winnings in a crypt. You never know if you win or lose. The same trend will be in place in the future. The cryptocurrency market is a rather new and unstable mow. Experienced users recommend transferring part of digital assets into US dollars and store money on electronic wallets as a reserve. Thus, you will decrease the risk of losing all your capital in one go.
The second major disadvantage is that “digital” wallets are easy to hack. And finally, the third thing to be aware of is that access to your savings in the digital coins can be lost if the player suddenly loses or forgets the wallet address. All these issues will hardly be resolved shortly. That’s why we strongly recommend that you keep them in mind in case you decide to gamble in a crypto-casino.
We should also mention that cryptocurrency casinos have much more advantages:
- Complete anonymity – Most cryptocurrency portals do not require identity verification at all. You can withdraw even large amounts (from 1 bitcoin) instantly.
- Fast payouts – Since all transactions between players take place without the participation of third parties, deposits and winnings are credited instantly.
- Minimum fees – When using bank cards, users are often forced to pay additional commissions of 5-10%, which is not profitable. If the player switches to cryptocurrency, this problem will be automatically resolved. Moreover, many casinos even encourage customers who conduct all financial transactions in the crypto coins.
- A great assortment of games – Due to the growing popularity of digital currencies, providers release a lot of high-quality applications where bets are accepted in any monetary unit (with no exceptions).
- The ability to play at the lowest stakes – Most online casinos accept bets of 1-2 cents.
- No deposit required – Some crypto-casinos have welcome bonuses that help users earn their first bank without any initial investment.
In many aspects, cryptocurrency casinos are not much different from other types of online gambling halls. The main difference and advantage is the use of Bitcoin and other cryptocurrencies as payment.