Payment options are a crucial factor to consider while selecting an online casino. Cryptocurrency is one payment mode that is gaining popularity on gambling sites. Many well-known gambling sites are hybrid casinos that take both fiat cash and cryptocurrency as payment. Online gambling with bitcoin has advantages as well as disadvantages.
PROS
Casinos frequently need to get certain information, in order to fulfil KYC (Know Your Customer) standards for licensing. Crypto-exclusive websites often demand less information. Using bitcoins and other cryptocurrencies to wager provides gamers with more privacy.
Online casinos take security seriously and employ SSL encryption technology to safeguard their customers’ financial information. The blockchain technology employed by cryptocurrencies, on the other hand, provides an even greater level of security.
Using cryptocurrencies to execute transactions at online casinos is often much faster. In most betting websites, they can be used for payment almost instantly. Some alternative techniques may take hours or even days to execute a transaction.
CONS
There is less government oversight because there are at least a few unlicensed cryptocurrency casinos operating out there. Lack of a license does not imply dishonesty, but if the site where you are playing in indulges in dishonest practices, you are on your own – more or less.
Once you send funds from your crypto-wallet, they are gone. There is no redress if you transfer too much or to the wrong address, unlike credit cards and other methods that allow you to cancel payment on transactions. There are no refunds in case of payments with cryptocurrencies.
