Earlier people used to visit their local clubs, bars, land-casinos to gamble. However, with the technological improvements, things have got more convenient, and gambling made its way to the internet world. It is restricted or outlawed in several countries. Nevertheless, it is legal in some Canadian provinces, in certain EU countries and others. Microgaming was the first company to develop and fully-functional gambling software which was then secured by CryptoLogic’s software. It was then feasible to safely transact which helped in the formation of online casinos in 1994.
Over these years, many laws and legislation were passed to control online gambling and betting organizations, yet it has only expanded. Today, bets worth around 100 billion dollars are placed every year. During these years, there has been several changes and development in the way how people gamble online. Earlier people used checks, bank transfer to play. Then, there were credit and debit cards, but even those took some time to process. To quicken the transaction and ultimately ease the players, there are multiple fast and secure ways to transact now. Two of such payment methods are PayPal and Cryptocurrencies. Today, we are going to talk about PayPal Gambling and Crypto Gambling and see how they differ from each other. So, let’s start rolling!
PayPal Gambling or Online Gambling with PayPal
Among all the digitized payment methods and e-wallets like Neteller, Skrill, PayPal is the most popular and successful. With more than 25 million users from more than 190 countries and 25 accepted currencies, it has got a global stature for sure. PayPal is a fast, user-friendly and secure way to make payments.
For this reason, it is also recognised as a trusted payment method for most secure online casinos in Canada. Generally, it is free to transact a good sum of money via this e-Wallet; however, it charges a nominal fee for a certain type of banking operations depending on the type of transaction, your location, time and deal. Since it doesn’t disclose the buyer’s financial details to the seller, everyone finds it extremely secure. It is worthy-mentioning that PayPal has a strict set of rules and regulations for the casinos to meet for offering this payment method. It is difficult for the platforms to meet those criteria, but PayPal casinos that have successfully met them to provide you with this mode of transaction is exceptionally reliable and secure.
Crypto Gambling or Online Gambling with Cryptocurrencies
One thing is fixed about the online betting industry – it’s incredibly dynamic and innovation-oriented. Among many of the pioneering changes, what impacted it most is the introduction of Blockchain technology and Cryptocurrency in online gaming. It took the entire gambling world by storm and has revolutionized it. While the online casinos were notoriously flourishing, cryptocurrencies were also showing tremendous growth in their global popularity. They made a perfect match. Cryptocurrency is a decentralized digital currency that is impossible to counterfeit. Most of the cryptocurrencies use Blockchain technology which is a public ledger enforced by a distinct association of computers.
Moreover, it doesn’t fall under the regulation of any government authority or bank. The first and most popular Cryptocurrency was developed in 2009 by one or a group of software developer named Satoshi Nakamoto (pseudonym). Bitcoin or BTC is also regarded as ‘digital gold’. It is fast, secure and trustworthy. Presently, there are several more crypto-assets like Ethereum, Litecoin, DOGE, etc. that made their way into the industry. With every year, more and more online betting houses are accepting these digital currencies besides the existing online gambling transaction methods.
It’s Time to Compare
We hear that both the methods are incredibly reliable, fast, safe and so much. If both are so good, how can one choose between both of them? Hence, we have decided to compare both of them for you:
- It is faster than most of the online banking methods.
- It is user-friendly and comes with little or no fee.
- It practices strict security measures making it impossible for anyone to steal your sensitive data.
- Deposits are made in a few minutes only. However, it may take a little time to process your withdrawal requests depending on your location and amount.
- It facilitates currency exchange apart from transacting money. It converts all the foreign currency in your currency at the present exchange rate.
- There is a mobile app, which makes it even handier for users to transact from anywhere without any security concerns.
- It ensures Provably-Fair gaming, unlike the casinos with traditional banking methods.
- As compared to the other methods, it works almost instantly. It is also referred to as one of the fastest ways to withdraw your wins.
- All the transactions are completed upon the users’ confirmation making it fully secure.
- During the transactions, one doesn’t have to provide any personal details making it anonymous.
- Due to its strict criteria, not all online casinos can provide this mode of payment.
- One needs to register with PayPal with a small amount – this is to avoid any fraudulent activities.
- While transacting money, there may be a fee charged, but the amount is pretty negligible.
- Not all countries allow PayPal gambling with exceptions like Spain, UK, Italy, Sweden, Denmark, Ireland, etc.
- For being highly volatile, there can be price fluctuations. Its price value may increase or decrease anytime.
- Not all casinos facilitate crypto-gambling making it difficult for the interested players to locate a good platform.
It’s Time to Wrap It Up
No matter, how fast and autonomous it is, gambling with PayPal is more user-friendly than Crypto-assets. Moreover, not everyone is comfortable using this digital whereas PayPal has been in the financial field for almost 18 years and has a vast customer base. Saying that we feel it’s a wrap.