Online casinos like https://hitnspin.casino/ are now on the brink of making an important financial decision: should they accept cryptocurrency and make it a standard deposit and withdrawal option? At this time, many online casinos accept digital currencies, but then many don’t. What is the deal? Will it become the global online casino standard or not?
Why Do Casinos Accept Cryptocurrencies?
Many casinos accept digital money because some cryptos have proven themselves to be stable, not in the sense of price, but it means these cryptos will be here to stay. Currently, the most accepted cryptos in the world are Bitcoin and Ethereum.
Here are some reasons why casinos accept cryptocurrencies:
- Instant transactions – unlike traditional money, there is no need to wait for a long clearing time if you use cryptocurrencies;
- Fewer fees – casinos and players enjoy the benefit of not paying high fees when they use cryptocurrencies. Compared to banks, these fees can add up and affect the profitability of both the casino and the player;
- Secure Transactions – security is the default of cryptocurrencies; it is impossible to hack them because they use the computers of the miners as servers;
- Global accessibility – you do not need to be a resident of a specific country to do crypto transactions; you can buy cryptos, no matter where you are.
As you can see, casinos have many benefits to enjoy if they use crypto. However, there are still some risks associated with cryptocurrencies and that is why some casinos refuse them.
Why Do Some Casinos Reject Cryptocurrencies?
Here are some reasons why some casinos do not like to use cryptocurrencies:
- Lack of regulation – cryptocurrency was designed to be decentralized. There is no single entity that controls it. As such, it can crash anytime, and the casinos will not have a course of action to correct this failure;
- Volatility – as you probably know by now, cryptocurrency prices are very volatile. They go up and down to extreme levels, making their value less predictable.
A casino that accepts cryptocurrency has a lot to gain if the crypto price goes up, but it also has a lot to lose if the crypto price fails.
Should You Use Cryptocurrency as a Player?
The use of cryptos in online casinos has upsides and downsides. If you are a player, here are the upsides:
- Security and speed of transaction – identity theft is not likely to happen in cryptocurrency transactions. In addition, cryptocurrencies are easily verified and will take only a few hours. Typical bank deposits can take at least three business days;
- Buy and sell – you can buy and sell cryptocurrency as you deem fit. If a crypto asset you own has increased in value, you can sell that right now and lock in the profits. This is something that money can never do. Money always goes down in value;
- Lower fees – most banks and credit card companies charge at least 3% of the transaction from the merchant. As a player, it is not unlikely that you will also pay these fees if you transfer money out of a casino. Cryptocurrency transactions charge less than this.
As you can see, the benefits of using crypto as a player are similar to why a casino would use them in their operations. The thing is that crypto usage also has its dark side.
For one, it is easy for a cryptocurrency—any crypto—to lose value. The price of these goods is merely based on the whims of people. A simple bad news or scandal can significantly impact the cryptocurrency’s price. For example, when Elon Musk tweeted about Doge, the price of Dogecoin significantly went up. Now? It is practically worthless.
Second, cryptos have no regulation. Anyone can own it, and the result is that some rich people can pump and dump cryptos anytime they want. This behavior can make them rich, but then the people who invested are the ones who will suffer.
Since cryptos are not regulated, people in a position of financial power can hoard the crypto, make it seem like there is not enough supply, and then influence the market. At this point, the crypto price will increase because the demand overpowers the supply.
Can you imagine what these hoarders do once the price has increased? They will sell their cryptos at a lower price—millions of them. The result is that the market will panic, thinking the crypto is losing value.
Cryptos Help to Make Online Games More Comfortable – Start Using Them Right Now!
More and more credit card companies and banks are refusing to take part in online casino transactions. Because of this, casino gamers have to find new ways to fund their accounts. Currently, cryptocurrency is the only thing that makes sense. Is cryptocurrency the future? As of this moment, it certainly is.
