Crypto casinos are becoming more popular due to their convenience and faster transactions. Despite their widespread appeal, many are still wondering what makes them different compared to other online casinos.
To help you decide which one is better, here’s your guide to their key differences:
Payment methods
Online crypto casinos accept virtual currencies like Bitcoin (BTC) and Ethereum (ETH) for deposits and withdrawals. These sites use blockchain which operates in a decentralised system. Since there is no central authority controlling it, transaction fees are lower.
On the other hand, online casinos accept payment methods like fiat currencies, credit/debit cards, and bank transfers. These transactions have higher fees since they are controlled by banks.
Transaction speeds
When you deposit or withdraw at an online casino, it can take a few days for the money to move between your account and the casino’s. This is because the transaction is processed through the banking system.
In contrast, online crypto casino transactions are processed instantly with blockchain tech that records and verifies transactions. As soon as you send crypto to the casino, the transaction is added to the blockchain right away.
You can deposit, play crypto casino games, and withdraw your winnings faster compared to regular online casinos. This makes the overall experience more seamless and convenient.
Security and fairness
Online casinos rely on the casino operator to secure your personal and financial info. This makes them prone to hacks and data breaches.
On the other hand, blockchain tech in crypto casinos records all transactions publicly, making transactions public but immutable. This makes transactions more secure and less prone to fraud.
In crypto casinos, game outcomes are generated using a provably random process using cryptographic hash functions. This ensures that the results cannot be controlled or predicted, ensuring fairness. Regular online casinos don’t have this level of transparency, so you have to take their word that the games are fair.
Licensing and regulation
Online casinos are usually licensed and regulated by government bodies. This means they have to follow strict rules and laws to operate legally, making you feel more confident that your money is safe.
On the other hand, crypto casinos that are licensed and regulated undergo regular audits, use provably fair gaming systems, and have strong security measures to protect your funds and data.
For safe and secure online gaming, only play at licensed crypto casinos that are highly recommended by other players. Research and read reviews to find the best one that caters to your needs.
Environmental impact
Online casinos that use payment methods like credit cards and bank transfers don’t have much of an impact on the environment. The electricity and resources used to power their sites and servers are about the same as any other online business.
On the other hand, crypto casinos have a much bigger carbon footprint. This is because the blockchain requires a lot of computing power to function. The computers that process crypto transactions consume plenty of energy. To address this, many crypto casinos have started using renewable energy to reduce their carbon footprint.
Choosing between crypto and online casinos is a matter of preference. Consider factors like the type of payment method you are more comfortable with and the transaction speed you require.