The evolution of cryptocurrency is changing how we do things, including how we gamble online. More and more bettors are switching from classic to crypto gambling due to the many benefits the latter offers. However, some gamblers are still stuck with the traditional ways of gambling, thereby missing all the advantages of crypto gambling, perhaps because they don’t know how it works or what they stand to gain.
Are you considering playing at crypto casinos but want more information about it before you jump on the bandwagon? We have you covered. This article will explain the differences between crypto gambling and classic gambling. You will also learn about the advantages and disadvantages of crypto gambling. Let’s start by showing you the differences between these two gambling methods.
Differences between crypto gambling and classic gambling
The two main differences between gambling with cryptocurrency and gambling with fiat money are:
Currency
The most glaring difference between crypto and classic gambling is the currency. While traditional gambling sites like online casinos and sportsbooks accept only fiat money such as dollars, pounds, euros and Yen, you can play at crypto casinos with cryptocurrencies such as Bitcoin, Ethereum, Tether, Litecoin, and more.
Transaction processing time
Depending on your payment method, depositing cash and withdrawing your winnings from classic casinos can take a few hours to a couple of days. This delay is because the transaction has to go through a financial institution.
On the flip side, you can get your winnings instantly in your wallet when you withdraw at crypto casinos. In addition, as you may already know, cryptocurrency is decentralized, so you won’t have to wait for a financial institution to approve your transaction before you get your winnings.
Advantages of crypto gambling over classic gambling
Aside from the acceptance of cryptocurrency and fast transaction processing time, the other perks you will enjoy when gambling with cryptos include:
Privacy
Crypto gambling sites, such as crypto casinos and sportsbooks, offer their customers a high level of privacy. Unlike most classic gambling sites that require you to provide personal and banking information during registration, you can start betting on crypto sites without submitting your name, phone number or credit card information. All you need to gamble with cryptocurrency is a valid email address and crypto wallet to withdraw your winnings. So if privacy is important to you as a bettor, crypto gambling is the way to go.
Security and safety
Crypto gambling is arguably safer and more secure than traditional gambling as you only link your crypto wallet, which is more difficult to hack, with the bookmaker. On the other hand, leaving your banking details, such as your credit card information, on classic gambling sites can be risky. If this confidential information gets into the wrong hands, you can lose all the money you have worked hard to earn over the months.
More Games
Even though the number of gambling sites supporting cryptocurrencies is still very low, the varieties of games available at the few crypto gambling sites are impressive compared to classic gambling sites. For instance, while most online casinos have about 1,000+ games in their library, crypto casinos feature 3,000 to 5000 games in their lobby.
In addition, the games on crypto casinos are fairer as they come with a lower house edge. In simpler words, you are more likely to win some cash when you play at crypto casinos than at classic online casinos.
No geographical restrictions
If you love to gamble but live in a location where gambling is restricted, crypto gambling may be the way to go. Unlike traditional gambling sites that restrict punters from select countries, most reputable crypto gambling sites don’t have geographical restrictions. In other words, you can enjoy your favorite casino games and even win some bucks by playing with cryptos, regardless of your location.
Bigger Bonuses
If you think bonuses on classic gambling sites are big, then you haven’t seen the bonuses available at crypto casinos and sportsbooks. With crypto gambling, you can enjoy several free plays and claim bonuses up to 1 BTC on some sites.
Disadvantages of crypto gambling
Cryptos are highly volatile
The prices of cryptocurrencies are highly unpredictable. So your coins may lose value while you are gambling with them.
Limited crypto gambling sites
The number of gambling sites accepting cryptocurrencies is still very small compared to traditional online casinos. So your options are limited when gambling with cryptos.
Unlicensed crypto gambling sites
Like there are unlicensed traditional gambling sites, the crypto gambling market also has illegal operators looking to scam you off your hard-earned money. So before you choose any site, whether classic or crypto gambling casino, you should confirm that they have the required license to operate.
Conclusion
Crypto gambling is here to stay, and we expect it to become more popular in the near future. However, like anything else, it has its upside and downside. We have explained everything you need to know about crypto gambling, including how it differs from classic gambling. So if you read this article up to this point, you have enough information to decide whether crypto gambling is right for you.