If you’ve not opened an account at a crypto casino, then you don’t know what advantages the best crypto gambling sites have that you’re missing out on. Just when we thought things couldn’t get any better, the discovery of digital coins revolutionised many concepts in online gambling. Cryptocurrency sites have brought a lot of changes to the online scene.
Some of these concepts include game variety, security, withdrawal speed, deposit speed, anonymity, and more. Learn how the security, anonymity, and convenience of crypto websites have revolutionised online gambling.
Drawbacks of Gambling at Traditional Online Casinos
Before going into the revolutionary solutions that Bitcoin casinos have brought to online gambling, let’s consider the drawbacks of conventional sites. These drawbacks are the reason Bitcoin staking websites are a welcome development for most bettors.
If you’re a regular at conventional online casinos, then you’ll probably be familiar with the drawbacks that you’ll see below.
Slow Withdrawal Speed
Did you know that the withdrawal time at some online casinos can take up to three business days? This is the reality, and while it may sound absurd, it is typically the case when making bank transactions.
Two factors contribute to this slow withdrawal speed: the casino’s processing time and the payment method’s processing time. Some platforms are quite slow when it comes to processing withdrawal requests, so players have to wait for a few days. After this comes the waiting period for the bettor’s chosen payment method to receive the withdrawn funds.
Although e-wallets make it possible to receive your winnings within 24 hours, financial institutions and credit or debit cards will take more time. This is due to the verifications that need to take place before your funds can be processed.
High Transaction Fees
It’s customary for online bettors to pay a small commission when they transfer funds through their payment methods. Well, these transaction fees aren’t so small anymore.
These days, players have to forfeit a good percentage of their funds when they want to play casino games. This can greatly reduce the punter’s funds or even ruin their online gambling experience.
Transaction fees are also required when you want to convert your local currency to a globally accepted one like USD, Euros, etc. Since most online staking sites only accept these global currencies, bettors have no choice but to pay these exorbitant fees. After which, they’ll have to wait a while for the transaction to go through before they can start playing their casino games.
Although online gambling has made placing wagers more convenient for everyone, it still suffers from geographical restrictions. Geographic restrictions are penalties the government or other similar authorities impose on a gambling site. This limits the types of players that can play games at that casino.
You’ve probably encountered such restrictions when you try to access an online casino and are told it’s not available for your location. It’s also possible to place bets at the casino, but the withdrawal of any profits may be prohibited due to legal barriers. While it is not recommended, some bettors use Virtual Private Networks (VPNs) to get around these kinds of prohibitions.
Advantages of Bitcoin Staking Websites
Do you know how well security, anonymity, and convenience have affected online gambling? Many traditional online bettors are unaware as well, and that’s why they still believe in the superiority of traditional online casinos.
The following highlights the importance of these qualities in crypto casinos:
Online gambling offers the convenience of playing your favourite casino games from anywhere, but we shouldn’t overlook the risks. That’s because it’s very easy to get hacked or get your account details stolen online these days.
However, things are different now that Bitcoin sites are in the picture. Bitcoin gambling sites assure the safety of their players through many methods. The most prevalent is the blockchain technology on which they are built.
Blockchain technology also makes it difficult for anyone to reverse a transaction on the network. While this makes it impossible to reverse wrong transactions, it also serves to protect player interests. That’s because irreversible transactions make it difficult for even casino owners to tamper with a game’s results.
Apart from the advantages that the blockchain accords to Bitcoin casinos, they also offer traditional security features. This includes Secure Socket Layer (SSL) encryption, payment gateways, firewalls, and 2-factor verification.
Traditional platforms cannot shield their players completely from the detection of financial institutions and the government. As such, players always run the danger of getting caught by their financial institution or the law when they visit an online casino.
Bitcoin platforms, on the other hand, offer better anonymity than traditional gambling sites. That’s because these Bitcoin-staking sites use the blockchain for deposits and withdrawals. Since neither credit cards, debit cards, nor bank transfers are used, the player’s bank will be unaware of their activities.
Know Your Customer (KYC) protocols are becoming more prevalent, which puts the anonymity of traditional online casinos in jeopardy. Fortunately, Bitcoin staking websites can still keep your identity anonymous when you use the platform. That’s because when you register on crypto-staking websites, the only information you’ll provide is your email and password.
When traditional online gambling was introduced, convenience was one of its biggest advantages. Punters didn’t have to leave their homes or dress up to play their favourite games. However, geographic restrictions have constrained the convenience that traditional online offers.
Well, with crypto websites, you don’t have to worry about the location of your online casino. Most Bitcoin casinos do not have geographical restrictions, so you can play from any country worldwide.
Unlike traditional casinos, which face restrictions due to government policies and incompatible payment gateways, the blockchain is available worldwide. So, bettors from any country can deposit funds and withdraw their winnings from most Bitcoin casinos.
The advantages of playing on a crypto betting platform trump those of a conventional online casino in many ways. Your security is more assured, your anonymity is perfect (depending on the crypto casino), and the convenience is unequalled. So, you can never lose out when you switch to crypto betting.