Cryptocurrencies, especially Bitcoin, have been around for more than a decade. Trading with digital assets was made public for the first time in 2009. Today, the coins offer a real alternative to real money – not only in the area of gambling.
For several reasons, cryptocurrencies are gaining more and more importance in the gaming industry. To circumvent these is not quite easy due to the fact that more and more classic means of payment are disappearing from the market. Bitcoin, Ethereum and Co. seem to be the ideal solution right now, because this casinos offer both a high level of security and unlimited payment options.
The big test is about various aspects of casinos and in particular the question of whether registering with these providers can actually be worthwhile. Our experts can already answer this with a clear yes.
Why cryptocurrencies in particular?
When Bitcoin was introduced in 2009, most people probably thought it was a speculative asset. No one would have believed back then that a digital coin could develop into a valuable means of payment. Those who stocked up on BTC in the early days should no longer have any money worries today.
At its peak, Bitcoin was worth around 50,000 euros, and even though it went up and down a bit after that, there are some experts who believe it could be worth ten times as much. The strong price fluctuations are known to be part of digital currencies, also called cryptos. Nevertheless, coins seem to be gaining ground against real-money currencies – especially because they are independent of the official financial market.
This fact led many to decide to turn their backs on gambling providers altogether. Today, more and more entrepreneurs are therefore turning to digital assets, which are separate from the financial market. After all, there is no lack of choice here, and the security of transactions is also guaranteed with Bitcoin, Ethereum, Bitcoin Cash, and countless other coins.
Advantages and disadvantages of crypto payments in online casinos
As appealing as the new options sound, players have to consider important aspects when making their decision. First of all, it may be said that the advantages of casinos clearly outweigh the disadvantages. Digital currencies of all kinds offer players flexibility and can be acquired effortlessly today via established wallets or exchanges. You don’t have to be an expert in the field to master your first steps in a pure casino. Here are some other factors that speak for – but also against – these providers.
As already explained, Coins were decentralized currencies that distance themselves from the official financial market. In addition, a purchase is already possible from a few euros. There are no upper limits for players when purchasing cryptos.
The following aspects speak for crypto payments in the online casino:
- High security standards thanks to decentralized processing
- Mostly unlimited deposits and withdrawals possible
- Anonymity is guaranteed
- Transactions are carried out in real time
- Fees are relatively low
- Many wallets offer insurance (cold wallet)
Are there any disadvantages?
Many traditional payment providers now allow online casino customers to make transactions completely free of fees. However, this does not apply to Bitcoin & alternative digital currencies. Exchange fees, the amount of which can vary depending on the casino, must therefore always be factored in. In addition, the following disadvantages should be taken into account:
- Exchange fees must be factored in
- Exchange rate fluctuations sometimes influence the amount of winnings
- Rarely welcome bonuses available
- Selection of casinos very manageable
- Not all known coins are offered
Knowing a little about the prices of the coins certainly can’t hurt. Those who buy cheaply sometimes benefit from a significant increase in value in the long run – even if bitcoin may be one of the absolute exceptions here in terms of scale.
Many people might dislike the fact that casinos rarely provide a welcome bonus. However, one should generally not only stiffen on starting credits, but rather take a look at alternative promotions. Especially when it comes to VIP programs, most of the providers reviewed by our experts are very well positioned. Cashbacks and other campaigns usually round out the offer.
What currency is used to play online?
Not all cryptocasinos display the balance in BTC, ETH or other digital currencies. In fact, there are some where a conversion is done after the deposit. Others provide customers with both values, the BTC and the Euro value. This makes it a bit easier to keep track.
With providers like Bitstarz, for example, users can decide for themselves whether they want their BTC deposit to be converted into euros. Other casinos also offers two options. In some cases, a special Bitcoin games section has even been created, in which no other currencies are allowed.
Our conclusion on crypto payments in online casinos
We can only make assumptions about the further development of cryptocurrencies in the gaming industry. However, the coming years should be interesting for all those who are looking into this possibility. Especially now that Germany is adapting laws and issuing licenses, a completely new alternative to the previously common means of payment is emerging.
In terms of security, digital currencies are in no way inferior to the euro. Wallets like Bitpanda, Binance and Coinbase also operate at a high level. With good reason, they are becoming more and more important worldwide, and it can be assumed that this will continue for a long time.