A major part of online casinos involves gambling with real money, and for decades, fiat money was the only viable option.
However, after being introduced in 2009, the cryptocurrency has skyrocketed in popularity and has become an accepted form of payment in every domain, including the casino and gambling one.
If you’ve only been using fiat money so far, you might want to know if switching to crypto will be a good move.
So today, we will discuss the difference between a crypto casino and a venue offering only fiat currency when it comes to gambling and which one you should choose.
Comparative Analysis Between Cryptocurrency and Fiat Money
Everyone has their personal preferences when it comes to financial transactions. Some prefer fiat money, and some prefer crypto, so there isn’t much difference per se.
However, the payment method you pick vastly influences your overall gaming experience when it comes to online gambling.
Here’s a comparative guide between cryptocurrency and fiat money for online gambling:
1. Ease of Transfer
Tedious financial transactions can severely spoil your gambling mood.
Fiat money transfers take up a lot of time. You first have to deposit the money in your bank account and then transfer it to your casino account. In some cases, you might even have to convert your funds to meet the casino’s requirements.
On the other hand, cryptos are much easier to transfer. Since they are already in your crypto wallet and are globally accepted, all that you need to do is transfer them to your casino account.
Whether you play regionally or internationally, you will never have to worry about currency conversion.
2. Less Overheads
One of the biggest drawbacks of fiat money is the extra charges you incur with the transaction. Most traditional transactions charge you high transfer or processing fees.
Also, if you’re getting your winning sum converted into a different currency, you can lose a part of it to conversion fees and differences in currency value.
With cryptocurrency, you do not have to worry about these things. Cryptos are decentralized and have the same value globally.
This ensures you get almost every penny of your victory amount. Also, since they operate on minimum resources, there aren’t any high transaction fees involved.
Despite the countless benefits of cryptocurrency, we have to agree that they’re still not as popular as fiat money. Not every gambling website, especially the small-scale ones, has the option to pay with crypto.
At the same time, the users themselves might not have access to cryptocurrency.
After all, it requires substantial knowledge of the crypto world to garner such assets.
On the other hand, almost everyone has access to fiat money, and it’s much easier to use. Moreover, you don’t have to go through the hassle of learning to invest or understand a whole new currency.
4. Instant Transfer
No matter where you’re transferring your funds, cryptos make your transaction seamless and instant. You could get the entire sum processed within minutes.
On the other hand, fiat money has a tedious processing procedure. The wait can be longer if you’re transferring money internationally.
No matter which financial institution you choose to manage your fiat money finances, they will never be as fast and seamless as cryptocurrency.
Gambling is a controversial subject in almost every country from a legal standpoint.
While some states understand its benefits and allow their citizens to gamble online freely, others don’t.
So, if you use fiat money to make your payments, it will undoubtedly be recorded and be brought to the notice of your local law enforcement body.
However, there is zero government regulation on cryptocurrency. No one tracks your crypto transactions, and only you will know where your funds are going. This makes it easier for you to pay for online gambling anonymously.
Fiat money has no cap on its supply. It’s a government-backed currency, so it can be printed as per citizen requirements and national economic activities.
However, cryptocurrency has a minimal supply that will never increase.
Did you know that there are only 21 million bitcoins? Over the years, a majority of these have already come into circulation. As per the latest reports of August 2021, 18.77 million coins have already been mined!
When it comes to safety, both fiat money and cryptocurrency are reliable. Fiat money is stored in bank lockers and is regulated by the government.
Although there have been reports of scams and robbery in the past, these incidents are rare.
Similarly, you can be assured that no one can scam you with fake cryptos. Each transaction is encrypted and recorded in the digital ledger so that your digital assets remain completely safe.
Cryptocurrency is evolving fast and spreading its roots as a significant financial asset in almost every industry. Moreover, it benefits online casino and gambling enthusiasts more than anyone.
Whether you’re an amateur about to begin your gambling journey or a pro gambler, crypto will fetch you innumerous benefits that’ll only improve your game!