Online casinos have been growing in popularity ever since their inception in the 1990s. Among the factors that have contributed to their growth is the introduction of crypto casinos. Despite that, many people still swear against crypto casinos and the benefits that blockchain provides to online gambling.
For this reason, we will compare crypto and traditional online casinos to determine which is better. The obvious immediate difference between them is in the names. Crypto casinos accept cryptocurrencies such as Bitcoin, Litecoin, and Ethereum, whereas traditional online casinos only accept traditional currencies via debit and credit cards or e-wallets such as PayPal, Revolut, and Neteller.
However, there are many other differences between them, so let’s go over them individually.
What Are the Advantages of Crypto Casinos?
If we’re to delve deeper into the technical details of blockchain and how it works in crypto casinos, we could break this list down into a few dozen smaller benefits and details. Instead, we’ll keep it simple and just mention the main six benefits of crypto casinos.
1. Faster Transactions
Thanks to both the efficiency and the deregulation of blockchain, payouts are typically much faster in crypto casinos than in traditional online casinos. This quality of life improvement is one of the first things many gamblers notice when they make the switch.
2. Lower Fees
Online casinos aren’t just faster but also lighter in terms of backend work. This means lower costs for the casino itself, and a big part of those savings translates into lower fees and better bonuses for the players. Of course, there’s a lot of variation depending on the casino. Some focus on offering niche experiences, like popular music-themed online slots, while others stick to more traditional setups. Plus, crypto casinos are still clearly for-profit, and they always win at the end of the day, just like regular casinos. Still, on average, players can often find more lucrative bonuses and lower fees on crypto casino sites.
3. Fair Algorithms
Another major benefit of the transparency brought about by blockchain is that crypto casinos can’t unfairly stack their games’ algorithms the same way traditional online casinos often do. So, when looking at a game’s RTP (return to player) or its volatility, the numbers you’re shown are the numbers you’ll be playing with.
While licensed traditional online casinos don’t unfairly fiddle with their games’ algorithms, the use of blockchain is still a nice assurance to players that an unfortunate string of losses is just that and nothing else.
4. Less Regulation
Crypto casinos aren’t subject to extensive government regulation the way traditional online casinos are. We’ll touch upon some drawbacks below, but the obvious benefit is that crypto casinos have less red tape to deal with, which speeds up the registration and payout processes.
Of course, many country and state governments try to regulate or even outright ban online crypto casinos, but such bans are much more difficult to implement because crypto casinos operate in a grey area of the law.
5. Wider Range of Games
Going off from the previous point, because cryptocurrencies such as Bitcoin aren’t bound to any geographical restrictions and countries’ regulations, crypto casinos can offer a much wider range of games. So, if there are games you’re looking to play online but can’t find in a traditional online casino, chances are that a good crypto casino will have them.
6. Better Security
Another significant benefit of crypto casinos is that blockchain technology hides all personal and financial information, prevents hacks and data breaches, and offers transparency about all transactions to and from the casino. Many people prefer the security of crypto casinos, as data breaches are a known issue for online casinos that still use traditional currencies.
What Are the Benefits of Traditional Online Casinos?
Even though the tech seems to slant things to crypto’s benefit, traditional online casinos working with fiat currencies aren’t hanging on just because some players are slow to adopt the newer product. In addition to that (and to some gamers’ continuous mistrust of crypto), traditional online casinos do have their benefits too.
1. More Regulation
Regulation may be a dirty word for many people, but it also has its pluses. The lack of government oversight of crypto casinos means that there are risks of scams, phishing, fake software, and so on. The fact that blockchain technology offers some security guarantees doesn’t mean that you can’t get scammed in other ways by a crypto casino.
Game regulation is also an issue. The lack of regulation on crypto casino websites may lead to a wider game selection, but many of those games are prohibited in traditional casinos because they are inherently unfair to the player. Yes, the counterargument here is that if people want to play games with a lower RTP, that’s their right, but the presence of such games on some crypto casinos still tricks many people.
2. Less Security in Some Areas
Cryptocurrency transactions are inherently more secure than transactions with fiat currencies, but that has an opposite side to it as well. Precisely because security is such a strong point for crypto casinos, many of them feel free to skip on some security protocols used by traditional casinos.
For example, many crypto casinos don’t require players to provide verification when making deposits and withdrawals. This is done to increase convenience for players, but it’s still a security risk not present in traditional casinos. So, it’s important that players don’t get overconfident about their security when playing on crypto casinos.
Conclusion
It’s hardly surprising that crypto casinos are taking an increasingly large chunk of the online casino market every year. Blockchain does bring many benefits with it, and it is worth it to look into crypto casinos if you enjoy gambling online. But don’t overlook traditional online casinos just yet either, as they still offer many benefits.
Ultimately, whichever type you choose, it’s still important to research the sites you want to register with and double-check that everything functions as it should before depositing any significant funds into your player account.