Traditional casinos refer to online gambling websites where you can bet using regular money like the United States dollar (USD) and euro (EUR). You will need payment methods like credit cards, debit cards, bank transfers, and electronic wallets to make deposits and withdrawals. On the other hand, crypto casinos offer the same services but virtual currencies are the main method of payment.
Despite the difference only being the supported payment methods, your experiences can be widely different between the two. Here’s how they’re different and which one might be the better choice if you want to play online casino games:
Accessibility of the casino service
Casinos that accept fiat money have limited reach. They have to work with international and local payment providers to make their services available to you. This can be a hassle for an online casino because they can only maintain a limited number of partnerships. Therefore, they cannot reach out to more regions than their resources can allow.
Crypto is always internationally available. There’s no central authority to limit their circulation so a casino doesn’t need permission to accept them. There is also no need to worry about partnerships because these are decentralised payment methods. Therefore, they can offer their crypto casino games to every country where gambling is allowed.
Cost-effectiveness of deposits and withdrawals
Payment in USD and EUR can have hefty transaction fees depending on the payment provider you are using. It can be even more expensive if you have to convert your local currency to the casino service because you’re playing on an offshore gambling platform. There's a fee for remittance, conversion, and additional charges on cross-border payments.
Crypto is always peer-to-peer (P2P) even across borders. The only fees you have to pay are the standard gas fees to pay the validators of the network. You also have to pay fees when you convert the crypto into another currency at exchanges but this is not a requirement for every time you play at a casino. Only do it when you’re diversifying your investments or selling crypto.
Transparency of payment processes
Traditional cash payments are notorious for keeping users blind to the process. You never know if your funds are going through arbitrary steps that can cause a delay or charge more fees from you. This can be frustrating for a user of services who has no choice but to trust the providers.
But with blockchain technology, you can always track your deposits and withdrawals every step of the way. This means no uncertainty about delays or unexpected fees. Transparency is also important for making sure that your funds are going to the correct recipient and not an unknown account.
Privacy for account holders and payment methods
All payment providers for cash users require your personal information to make an account. They also need you to verify it with a valid identification like a government ID. Many gamblers feel uncomfortable with such security requirements but it’s necessary if you need their platform.
In contrast, online crypto casino sites don’t need your personal information because of how crypto wallets work. Just download an app or buy a cold storage wallet then generate a wallet address, private keys, and your seeding phrase. These are randomly generated per wallet, making them your unique identity as a crypto user.
Which is the better payment method for online gambling?
Crypto casinos outshine traditional casinos in every aspect listed above. Hence, it’s wise to favour them, especially platforms that accept Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) rather than those limited only to fiat money like USD and EUR. While the top crypto casino sites support both options, if you’re faced with a choice, prioritise crypto casinos for a superior gaming experience.
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
