Crypto casinos are significantly superior to fiat casinos. They have replaced the old financial systems so fast and so well that it’s almost surprising how something like blockchain could be so revolutionary. In fact, this is an important case study of the century – how cryptocurrency-based casino brands came out as the perfect solution for closing the gap between countries by facilitating cross-border payments that are secure, fast, and 100% reliable.
Today, we’re going to take a deeper dive into the heart of this matter. In many ways, it has equal significance as a practical case study and guide as, let’s say, the role of blockchain in making decentralized finance a viable option for inflation-battling countries.
So, what exactly is so good about cryptocurrencies that “crypto casino” brands are cropping up left, right, and center? What makes them good compared to traditional fiat transactions? More specifically, why deposits from and withdrawals to crypto wallets are better by design compared to bank transfers, credit cards, and e-wallets like PayPal and Skrill? Let’s find out!
Faster Cross-Border Transactions
First of all, cryptocurrencies win when it comes to cross-border transactions. The deposit in your PayPal wallet from an online casino can be instant and a Visa transaction might take an hour or two – but that’s only when you’re in the same country or general region. Try to deposit at a casino based in a different country and you’ll see how the systems fall apart due to red tape introduced by financial institutions.
It’d be clear as day why playing casino games with crypto is a future-proof way of immersing yourself in your favorite entertainment. After all, crypto removes all the headaches of traditional fiat currency deposits, offering a smoother experience without geographic limitations, where you can play games, such as blackjack, poker, and slots in a more inclusive and accessible manner. What’s more, crypto-powered casino platforms provide additional crypto bonuses and promotions that make the gambling experience even more attractive.
As the digital economy continues evolving, crypto gambling further promises to remove friction, facilitating the next generation of enjoyable casino entertainment through the power of blockchain technology. However, when it comes to traditional payment methods, credit is where credit is due.
E-wallets like PayPal, Skrill, Neteller, etc. became popular mainly because they could facilitate cross-border payments near-instantly – and they do compete strongly with cryptocurrency payments in this regard, sometimes even being better in terms of speed.
But let’s look at the whole story:
- E-wallets have platform fees.
- If you’re converting currencies, their exchange rates are for their profit, and you end up losing as it’s almost always below the going market rate.
- When you initiate a withdrawal from your e-wallet to your bank account, you’re faced with pretty much the same challenges of speed.
That clearly establishes cryptocurrencies as a method on equal footing, if not better, than e-wallets today.
Wondering why didn’t we talk about the good old-fashioned bank transfer in this comparison? Anyone with access to a card, e-wallet, or cryptocurrencies simply doesn’t use that. Many casinos (fiat ones, mind you) have started removing support for wire transfers altogether. They are going to meet the same fate, if things continue down this road, as checks and money orders.
The main reason? They are slow. If the server of the casino is literally in the same state as you, the bank transfer can still take 4-5 working days even for the most user-friendly and reputed online casinos.
None of that is a problem in the case of cryptocurrencies. So, while others are pulling their hair on which is the most cost-effective e-wallet for long-term and high-volume use between PayPal and Skrill – be smarter and just switch to cryptocurrencies.
Negligible Fees
Today, no online casino worth its salt charges any kind of fee on transactions when you withdraw. Fees, if any, are charged by the bank on the receiving end. So, why this point?
Well, the thing is that many casinos do charge a convenience fee. Then, there are the banks that can charge fees. E-wallets have their own transaction and convenience fees – not to mention the lower exchange rate which is another kind of fee.
All in all, we’re not yet living in a world where your casino winnings arrive as-is in your bank account. This makes cryptocurrencies a better bet. Just stick to a coin like LTC or BCH and you’ll be paying pennies for the network fee while getting your winnings pretty much intact.
The gas fees on ETH can be high and BTC – but there are ways to work around them and manage them if you’re well-versed in crypto.
Check CoinWire’s guide on the cheapest coins and stick to a few of these. You will never be paying anything that resembles a fee anymore when cashing out the sweet fruits of those reel spins or those football bets.
In Conclusion
So, cryptocurrencies have truly transformed online casinos. Running a crypto casino with direct wallet payments or via a third-party payment processor like CoinsPaid is quite profitable as it’s better for the players.
And those two were just the tip of the iceberg. When you really get down to it, you will find that there are more benefits to using crypto vs. fiat in online casinos such as:
- Coin values appreciate over time, meaning if you don’t cash out, you’re actually making money with a capital asset.
- Casinos find it easier to deal with crypto transactions (for example, it allows them to avoid strict KYCs). Moving larger volumes is also easier. Incidentally, the minimum and maximum limits are always better for cryptocurrencies for deposits and withdrawals compared to credit cards or e-wallets.
- Blockchains are immutable and resilient. This makes them inherently more secure.
As the development proceeds further and developers widen the frontiers, we’re sure there will be newer benefits to note here.
