The emergence of virtual currencies has improved online gambling a lot. Online casinos now accept virtual coins, allowing players access to gaming features. However, there are also some downsides to using tokens in gambling. Read more about the pros and cons and learn key crypto-gambling terms in this review. 

Pros of Using Cryptocurrency

Faster Deposits and Withdrawals

There are no faster means of payment than cryptocurrency. Thanks to blockchain technology, your transactions will be successful at lightning speed. Also, recollect you can pay an extra gas fee to quicken payment completion if there is a need for it.  Fiat deposits may be instant, but withdrawals often involve lengthy delays. With crypto, you can save time and recover your winnings instantly. 

Let us explain how things work using the example of wazbeecasino. This site offers several crypto tokens to deposit and withdraw. These include Bitcoin, Ethereum, Tether, TRON, Ripple, and more. When making transactions with them, gamblers can receive their winnings within minutes, usually up to 10 minutes. Moreover, the site also offers a special bonus for depositing with crypto — the 150% match up to 100 EUR. Sounds like an excellent bankroll boost, right?

Lower Transaction Fees

The gas fees you incur when depositing or withdrawing with crypto are much less than those from transacting fiat currencies. For instance, the bank payment method often leads to a significant reduction in your withdrawn amount. 

Be aware you can also pay an extra gas fee to make your transfers a priority and complete them faster, especially when the blockchain network is experiencing a drag. However, bank transfers will take your money and still make you wait days to receive your funds. 

Enhanced Privacy and Anonymity

Secrecy is one of the perks you can get with cryptocurrency. The thing is that these payments do not require you to provide personal details. All you need is your wallet address, and you are set. Also, crypto-gambling sites often operate based on privacy and anonymity. Hence, they don’t implement KYC and don’t require the submission of identification documents. 

Global Access to Casinos

Cryptocurrency payments are universal. Wherever you are, as long as you can access your virtual wallet, you can deposit and withdraw funds. You only need to copy the destination wallet address and paste it where necessary to process token transactions. Fiat payment will never give you such freedom. 

Cons of Using Cryptocurrency

So far, we have discussed the critical advantages of online crypto gambling. Now, let’s go through some of the demerits of this payment technology. 

High Volatility Risks

The first and the most apparent disadvantage of crypto will be the fluctuation of token value. Due to how the crypto market is structured, a coin never retains the same value over stretched-out periods. By contrast, fiat currencies do. So, expect that your crypto winnings can multiply or decrease in value over minutes. 

Limited Casino Acceptance

The UK Gambling Commission, for example, does not allow its casinos to offer crypto payments. Many jurisdictions of the world still prohibit crypto gambling, even with its apparent benefits. So, you may be disappointed by the actual choice of casinos that offer crypto. 

Responsible Gambling Concerns 

You will notice that crypto casinos usually don’t impose deposit limits. The lack of regulation thus raises concerns about responsible gambling. So, it is up to you to control your gambling habits. 

Irreversible Transactions 

Once you provide a wallet address and confirm a transaction, it is impossible to get back your funds. So, mistakes will cost you the entire amount you are trying to deposit or withdraw. The lack of reversal begs whether cryptocurrencies are genuinely worth it. 

Cryptocurrency Gambling Glossary

For most gamblers, the crypto domain is something unique and undiscovered. Let us examine some popular terms you may encounter when playing in a crypto casino. They include:

1. Blockchain is a decentralized ledger that records transactions across many computers. This technology allows for transparency and security in transactions. 
2. Decentralization is the process that takes away control from a central authority. So, no single entity controls payments or outcomes in crypto games. 
3. Smart contracts are self-executing programs that automatically process transactions once specific conditions are met.
4. Provably fair gaming uses cryptographic algorithms to detect rigged games. The mechanism helps casinos maintain fairness in their games. 
5. Gas Fees are necessary for processing transactions on blockchain networks such as Ethereum. They are additional amounts you have to pay when depositing or withdrawing.
6. Cold Wallets vs Hot Wallets: The offline crypto token storage is cold wallets. The hot wallet, however, is online, thus vulnerable to attacks.