There's a divide in the online gambling industry right now, with crypto-currencies on one side and traditional payment methods on the other. Sites have chosen to accept one or the other, and even those that have embraced both have clearly chosen sides.
The question is, which of these options is better for players? Are crypto-currencies or fiat currencies better for you? And if it's one or the other, what makes it the best option for you?
The benefits of crypto-currency wallets
Crypto-currency wallets are designed to store digital currencies like Litecoin, Ethereum, Bitcoin, Dogecoin and countless other crypto-currencies. They either accept these currencies directly or payments made through exchanges, allowing them to embrace hundreds of different crypto-currencies.
Here are some of the benefits of using them:
Incredibly fast
Many online Bitcoin casinos ask for the most basic of payment details. Since these are not payment methods subject to strict know-your-customer regulations, you often only need to add a phone number or email address, and you're done.
You may be asked to submit verification documents at some point, but these requests are much rarer with Bitcoin casinos, and you'll have time to sign up, deposit, play and even withdraw before the request arrives.
More stable
One of the problems raised by crypto-currencies is that they are incredibly volatile. However, while they are certainly more volatile than most fiat currencies, they are not as bad as they once were.
What's more, many currencies, including bitcoin, have seen a gradual rise over the past few years. Even with the occasional dip, profits remain stable over the long term.
Experts predict that bitcoins could be worth over $100,000 in the near future, and others predict a 7-figure value. That's an amazing amount of money for something that was available for a few thousand dollars just a few years ago!
Many options
You can deposit with dozens of different traditional payment methods, but these options don't compare to crypto-currencies. There are thousands of currencies, and even if you stick to the most popular and stable altcoins, the number still runs into the hundreds.
An excuse to invest
The people who have made the most money with crypto-currencies are the ones who have bet everything. By this we don't mean that they invested a lot of money, but that they spent time learning about the currency, using it regularly and generally keeping up with the latest bitcoin news.
They know when to buy, when to sell, when to hold for the long term and when to prepare for a short-term move. If you start using the currency regularly, you will feel drawn into this world, and then you will become a more savvy investor.
Being able to use crypto-currencies to participate in a popular hobby is also a great excuse to invest.
The benefits of traditional payment wallets
A traditional payment wallet is one that accepts payments made at an online casino through methods such as Visa, Mastercard, PayPal and, of course, many players' favorites, Neteller and Skrill. Payments are accepted in fiat currency (EUR, USA, GBP, etc.) and there are a multitude of funding options. The advantages of these wallets are as follows:
More security
Crypto-currencies are very secure. However, it is undeniable that bitcoin hacks are more common than bank hacks. Also, if an exchange runs away with your money, there's not much you can do.
The lack of centralization is one of the advantages, but in this case, it's also one of the disadvantages. In the unlikely event that a bank does the same, you have a government guarantee and will eventually get your money back.
More familiar
If you're unfamiliar with bitcoin, it can seem a bit intimidating, especially if you're only exposed to news articles talking about volatility and exchange hacking. In this case, it may be easier to stick with what you're familiar with, including PayPal, credit cards, debit cards and other e-wallets.
A faster start
While crypto-currencies are incredibly fast and easy to use, there are a few steps you'll need to take to get started. These include creating an account with an exchange, adding a payment method, and then purchasing some coins. You'll also need to download a crypto-currency wallet and keep it safe.
Of course, you could argue that you have to go through even more steps when you open a bank account or credit card. In fact, there are even more steps, it takes longer, and your credit score will take a hit. However, we assume that every adult who signs up for an online casino already has at least one bank account and one card in their wallet, which negates these problems.
What is the best choice?
Now that we've looked at the pros and cons of each method, the question arises: Which is the best?
The truth is, there is no "best" option. It's all about preference. The best is the one you prefer, and that preference will be based on everything from availability to location to technical know-how.
If you've been using traditional wallets for years, we recommend venturing into crypto-currencies just to see if they're right for you. If not, nothing is lost, nothing is gained, and you can go back to what works best for you!