There’s an ongoing revolution in the gambling industry right now, and it’s all about the advent of Bitcoin gambling sites. A few years ago, nobody imagined an online casino where you transact with digital currencies, but here we are.
Since every online gambling site offers some form of digital currency integration, things can quickly get confusing. ‘Online casinos,’ ‘Bitcoin casinos;’ the line can get pretty blurry, but where exactly do you draw it?
This article will help you identify the best position to draw the line by explaining the unique differences between Bitcoin casinos and traditional gambling sites. You’ll learn the pros and cons of choosing either and the similarities between the two kinds of gambling sites.
It’s not out of line to explain some similarities between Bitcoin and traditional gambling sites when comparing them. Contrary to what you may think, traditional gambling sites are more similar to Bitcoin-based ones than you think; enough that people came up with something called: “hybrid casinos.”
Hybrid casinos refer to online casinos that accept fiat currency and cryptocurrency simultaneously. That tag won’t seem difficult to come by once you realize both fiat and cryptocurrency gambling sites feature similar gaming libraries. Casino game developers don’t see a difference between the two, so they simply build the same games for them.
Also, you should expect a similar registration and onboarding process on bot Bitcoin and traditional gambling sites. The user experience is usually the same across the board, except when it’s time to pay or receive money.
The preceding section explained so much that you probably don’t think there’s a difference between Bitcoin casinos and regular gambling sites anymore. While the similarities are numerous, there are enough differences to make this article worthwhile.
Here are the common differences between crypto gambling sites and traditional fiat-based online gambling sites.
The most significant difference between a crypto gambling site and your traditional online casino is the primary currency they use. While the former uses Bitcoin (or some other cryptocurrency), the latter settles for fiat currency, which may be beneficial or limiting, depending on how you choose to look at it.
Cryptocurrencies allow for faster and more sizeable transactions for low fees, but they’re risky and volatile. For instance, if you send your Bitcoin to a different crypto wallet than the site provided, the transaction will fail, and failed crypto transactions are irreversible.
On the other hand, trying to pay in fiat using channels like bank transfer and card payment can be slow, especially when patronizing an international bookmaker. To be fair, it’s not as bad as it was, but the near-instant transfer speed of Bitcoin transactions is something everyone deserves.
While this point looks related to the preceding one, it’s not; payment flexibility is a different topic. The argument is simple: you’re more likely to get flexible and favorable payment terms from a crypto casino than a regular one, and the reasons aren’t as obscure as you may think.
Your traditional online casino uses a payment processor like Stripe, which, in turn, charges you for deposits. These payment gateways obey government legislation regarding online transactions, which explains why they control how much and how often you can deposit and where you can make a deposit.
Those rules mostly don’t apply to Bitcoin casinos, as they don’t use payment processors; you pay directly to their wallets. So, crypto gambling sites seem to allow higher deposits, quicker withdrawals, and non-geo-restricted access. That certainly carries some risk, but what’s riskier than gambling itself?
Another big difference between Bitcoin casinos and regular gambling sites is privacy. You can go ahead, use anonymous gambling sites, and play with a pseudonym, but as long as you’re paying with your debit or credit card, the site knows who you are.
On the other hand, there’s no way to determine your identity on a Bitcoin gambling site. Crypto transactions are typically anonymous, and without an official payment method, you can only reveal as much as you want them to know.
You can get on an offshore gambling platform, register a burner account, deposit with crypto, and play anonymously with no way for anyone else to link it back to you; fiat offers no such opportunity.
Decreased privacy isn’t the only issue with payment processors; there’s also the cost problem. The processors charge a flat rate for every deposit you make, a percentage that quickly adds up if you bet often. Your online casino typically charges you the fee for your deposits plus the tax, if applicable.
If online casinos could bypass payment processors, they’ll solve the cost problem, leading to low fees for everyone. Casino managers also benefit from this, as it reduces the cost of business, spelling better profits for everyone.
This question comes up pretty often as Bitcoin gambling sites get more popular, and there’s no better time to provide an answer. With the similarities and differences you’ve seen earlier, you should know what works best for you, but there’s still room for some closing remarks.
Bitcoin sites are not remarkably better than their fiat-based counterparts; if anything, they’re different. With Bitcoin, you get a novel payment method that’s incredibly private and secure while staying impervious to government geographical restrictions. On the other hand, fiat offers you an easy and popular payment system that gives room for error, preventing potential scams.
If your goal is to stay anonymous or bet on offshore online casinos, the former works well for that, but the latter is better for the tech rookie who doesn’t know what Bitcoin means. However, one thing is indisputable: crypto gambling is the future.
gambling with cryptocurrencies may sound like something from a 2050 sci-fi movie, but it’s much simpler than that. You can compare the crypto gambling experience with wagering with something other than your local currency, minus the problems of an international payment provider. If you’re considering trying Bitcoin gambling for the first time, here’s an excellent guide.