Comparison with classical online casinos
Some users, due to ignorance, are afraid to register in a casino with Bitcoin. In reality, there are not many differences. For most gambling sites, crypto acts as an additional payment method by which customers can deposit funds to their balance and receive withdrawals. Only selected operators open an account and place bets directly in BTC or in other coins.
In new projects built on the blockchain, only cryptocurrency is accepted. Their feature is the ability to monitor the amounts of deposits and payments. According to the balance of the casino, the player evaluates the solvency of the site.
Otherwise, there are no differences between classical and cryptocurrency operators. Features of casino sites with replenishment in Bitcoins:
- They give access to games of famous developers. Providers themselves adapt their slot machines, roulettes, poker and other entertainment for betting in cryptocurrencies.
- They offer participation in promotions with replenishment of the account and without deposits.
- Provide real-time support.
- They allow you to set limits on weekly/monthly deposits and losses.
- Cryptocurrency casinos also receive a license to operate from official regulators.
Advantages and pitfalls
There are several advantages of using bitcoin, litecoin, ethereum, dogecoin and other coins for gambling. The advantages of a cryptocurrency casino with a bonus include:
- Irreversibility of payment transactions. No one can cancel or interfere with the execution of the transaction if the player sent funds from his cryptocurrency wallet.
- Removal of restrictions. Financial regulators do not control cryptocurrency payments and cannot influence them, unlike QIWI, YuMoney, bank cards.
- The anonymity of transactions is maintained. This means that outsiders will not know about the player’s hobbies.
- Payment transactions are carried out with a low commission for many coins. For example, in the Litecoin network, the average value of this parameter as of April 2021 is $0.04.
- High speed of transaction confirmation. For Tron and Ripple, the time is a few seconds, for Bitcoin, on average, it can take 15-30 minutes, depending on the network load.
- A significant selection of exchange opportunities. On P2P and centralized cryptocurrency exchanges, a player buys or sells coins using plastic cards and electronic wallets. You can use Visa, MasterCard, QIWI, Yandex Money, online banking of Sberbank, Tinkoff, Post Bank and others.
There are certain nuances in working with cryptocurrencies that a player who has not dealt with them before needs to be prepared for. These include:
- High volatility of coins. While the funds are on the balance of the site, the price of the coin can both rise and fall. In the first option, the player will benefit, and in the second, he will lose part of the funds. This does not apply to those casinos where customers have accounts in fiat currency, and crypto coins are used only for transfers.
- Transaction confirmation delays. Such situations happen temporarily and are relevant mainly only for Ethereum and Bitcoin when unforeseen circumstances arise. However, payments still come to the recipient’s cryptocurrency address.
- Increasing the commission for operations at peak times. Project teams, for example, Ethereum, deal with the issue and implement changes to the system.
If a player does not want to depend on exchange rate fluctuations, he can choose crypto-coins pegged to the dollar. These include Tether, BUSD, USD Coin and other stablecoins. On the Internet there are online operators working with them.