There is a heavily contested debate among punters on which gambling means is better between Bitcoin casinos and traditional gambling platforms. The online gambling industry has different factions: those who like using cryptocurrencies like Bitcoin to gamble and fiat currency enthusiasts. However, it is no hidden fact that Bitcoin casinos have had the upper hand for a while now.
Bitcoin has spearheaded the rise of Bitcoin casinos, with these platforms now leaving fiat casinos behind. This rise has led to the establishment of many Bitcoin-oriented bookmakers that are difficult to keep up with. Each has its distinct feature, So here you can compare cryptocurrency casinos and choose your best.
Fiat gambling platforms and crypto casinos are similar in some ways but differ in significant areas. Every gambler has their taste, so whichever gambling means provides cool features for them becomes their most preferred. Therefore, consider some significant differences between crypto casinos and traditional gambling platforms available in this article.
Top Differences Between Crypto Casinos and Traditional Gambling Platforms
Choosing a preferred gambling means, especially for punters who are new to the industry, is not an easy task. Before selecting your preferred casino type, you have to consider the differences. We will discuss some of these below:
● Type of Currency Operated
This factor is probably the most apparent difference between these two casino types. The type of currency used in their daily operations differs; traditional gambling platforms use fiat currencies, while Bitcoin casinos use crypto. For regular casinos, you could use whatever government-issued currency type to fund your account. So, you can find traditional casinos operating in currencies such as US Dollars, Euros, Australian Dollars, and Canadian Dollars.
For Bitcoin casinos, we use a different currency type, which is cryptocurrencies. The choice of the coin depends on the casino; they might accept Bitcoin, Ethereum, Dogecoin, Tether, Solana, and many more. As the crypto market grows, the coin options accepted on these platforms increase.
● Fair Gaming Options
The integrity of many gambling platforms has been noticeably unstable in the past few years. Game fairness has become very difficult to get from online gambling platforms. The integrity of the games like poker or roulette is a significant factor differentiating crypto casinos from regular ones. Without question, crypto casinos provide more even and fair game options for their customers.
Traditional casinos often rely on the services of external agencies or regulatory bodies to ensure game fairness. At the same time, crypto-operated platforms employ a proven algorithm, which enables the service providers to verify the games’ fairness by themselves without calling on third-party auditors. Furthermore, the house edge on Bitcoin casinos is low, usually between 0.5% to 2%. So, compared with traditional casinos, which are between 3 to 5%, you discover you have a better chance of winning at crypto casinos.
● Transaction Methods
There are numerous ways gamblers can process transactions in an online gambling platform. Fiat currencies and Bitcoin are entirely dissimilar when it comes to payment options. For storing and transferring various cryptocurrencies, a crypto exchange platform, a BTC wallet, or any other coin wallet is necessary. On the other hand, fiat currencies require e-wallets, credit and debit cards, banks, and any third-party financial institutions for their storage and transfer.
Cryptocurrencies and fiat currency payment methods both process transactions at different speeds. Bitcoin transactions are completely decentralized, which means they have no ties to any bank because they operate on blockchain technology. For this reason, users verify transactions more quickly than with fiat currencies.
● Safety and Security
We cannot underestimate the importance of security in the online gambling industry. These platforms tend to draw the interest of many evil characters in the online world. Undoubtedly, the level of security in Bitcoin casinos is significantly higher than that of traditional casinos. For hackers to gain access to customers’ funds, they would have to go through different layers of security. Cryptocurrencies use blockchain technology, whose encryption is far more secure and superior.
Compared to many third-party fiat currency wallets, or credit cards, crypto wallets offer better security for your assets. In addition, Bitcoin casinos provide their customers with total and complete anonymity, which is an extra layer of security. So, no personal information is required when transacting with Bitcoin or any digital currency. Therefore, there is nothing that links your transactions to any gambling platform.
● Regulatory Oversight
Fiat currency casinos have been in the gambling industry for a long time, so they are subjected to numerous laws and regulations. However, this has not stopped the emergence of fake casinos. Fiat currencies are subjected to numerous laws and restrictions by the governing body of the country in which they operate. These rules can significantly limit the services provided by the bookmaker, which impacts customers.
Bitcoin casinos have a somewhat different regulatory landscape. They are not subject to severe restrictions like those that apply to fiat casinos because they have no connections to governmental organizations. The laws surrounding their operations are still evolving as they grow in popularity. However, it is essential to gamble on only licensed Bitcoin casinos because they are the safest in the industry.
● Ease of Access/ Limited Geographical Restrictions
Bitcoin, Ethereum, and others are slowly becoming a global means of payment, and this has dramatically helped gamblers. Now, it is easy to fund your Ethereum or BTC casino account from whatever country you are in. Fiat currencies are heavily limited in this aspect unless the casino allows for using different fiat currency types.
● Volatility
Bitcoin casinos operate with cryptocurrencies, which are known for their volatility. The price of cryptocurrencies fluctuates significantly for short periods; it is easily susceptible to changes, depending on how the market moves. This volatility can affect gamblers either positively or negatively. So based on the market conditions, they might experience gains or losses. Many crypto gamblers have mastered the art of using these fluctuations to their favor. However, for fiat currencies, its value remains relatively stable.
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