Crypto casinos have taken the world by storm. This has been led in part by the growing popularity of cryptocurrencies and the general direction of innovation in blockchain-based tools. These casinos are just like other online casinos, and the major distinction is that they have options to use your cryptocurrency wallet for deposits and withdrawals.
But there’s more to a crypto casino than meets the eye. Today, we’re going to talk in detail about all that’s important and should be understood before you start making deposits and playing on a crypto casino.
Security Measures
Well-known and popular crypto casino platforms are quite dependable and offer state-of-the-art security for all transactions between the client (your device) and the host (the remote server). That is, it’s generally safe to transact online at a crypto casino, as reputable providers incorporate robust security measures across transactions, account access, and randomized gameplay. Data transmission between the client device and casino server is encrypted using industry-standard protocols like SSL/TLS, which adds an additional layer of security to the gambling experience.
Moreover, with crypto casinos, the transparency of blockchain transactions enables players to independently verify payouts, so that they can independently track deposits, wagers, win, and withdrawals on a public ledger.
However, players should take the proper security measures to safeguard your investments on your end, as player funds are stored in digital or hardware wallets, not by the casino itself.
Crypto wallets are accessed with the help of keys. As long as you keep your key or seed phrase safe, nobody can possibly hack into your account. A 12-word seed phrase is, for example, safer than a 20-letter password using alphanumeric characters and symbols.
In fact, the password “catgreenspecial” is harder to brute force (“guess”) by a computer than “C@tsAre$uperCute10.” Password crackers are built to try different letter and symbol combinations, but the likelihood of getting a combination of English words in the same sequence is impossibly lower than that of getting a common word sprinkled with numbers and symbols.
If you happen to lose access to your keys, let’s say you misplace a piece of paper or lose the digital note where you keep this stuff, then there’s nobody that can help you gain access to your wallet and the funds within. There’s no regulatory authority, no intermediary organization like a bank, and no official support to speak of.
Crypto vs. Fiat: What’s Better for Deposits & Withdrawals?
Now, the answer to that question depends on a variety of factors. There are several things that make the world of crypto more volatile and fluctuating than even the stock market during times of global turmoil, like economic slowdowns and international conflicts.
There are some benefits to crypto transactions, such as:
- Cryptocurrencies offer a higher degree of anonymity online.
- Transacting with cryptocurrencies is significantly faster than bank transfers on most days.
- You can do cross-border transactions without worrying about exchange rates, delays, or any financial red tape.
- Most online casinos offer higher maximum and lower minimum amounts for deposits and withdrawals when it comes to crypto.
- Crypto casinos tend to offer better welcome bonuses than fiat casinos.
Things to Keep in Mind
Even if you think you have got it all right, you could still be wrong! Just having a cryptocurrency wallet and using it to fund your casino wallet isn’t sufficient. You should be aware of a few things like transaction fees, network congestion, and exchanges.
Let’s have a look.
Transaction Fees
Cryptocurrency transactions carry a minimal transaction fee. This is often lower than the fee associated with credit and debit card transactions, and remarkably lower than checks, money orders, bank transfers, or other types of cash deposits.
Still, these fees are something you should keep in mind, so do your research and find out what the associated fees are with each coin (often, most coins will have the same fee with some being higher or lower than usual).
Most crypto casinos have pages dedicated to the cryptocurrency fees so make sure you check them before choosing a coin to do your online gaming with.
Network Congestion
There’s also the issue of network congestion—Depending on the time of day, the blockchain’s activity might be higher or lower than usual.
When activity is higher, the network charges additional fees for all transactions, including your deposits and withdrawals. Keep tabs on current fees by opening your cryptocurrency’s fee tracker (gas tracker for Ethereum) and only make transactions when the activity is low to avoid heavy premiums.
Exchanges
Not your keys = not your wallet. Keep this in mind!
Most of us like to buy cryptocurrencies on centralized exchanges like Binance because it’s much more convenient compared to decentralized exchanges like Uniswap. This in and of itself is not a problem, but if you make your Binance (or another centralized exchange account) wallet your primary wallet to do all your transactions, then you’re not 100% safe, as all that crypto is ultimately owned by the exchange and not you.
Make sure you transfer the centralized exchange’s amount to your own wallet as soon as possible and as frequently as possible. You can make your “own” wallet online (such as by using Electrum for BTC or MetaMask for ETH) or by going for a hardware wallet, which is safer.
In these cases, you will own a key, usually a set of 12 or 14 words, which provides access to that wallet. In the case of centralized exchange, you don’t own any key and it’s not your money.
Final Verdict
Generally, crypto casinos are better. But your mileage may vary—Especially if the whole idea of cryptocurrencies isn’t all too friendly for you and you might be better off sticking to traditional crypto casinos.
If you wish to do your research and give it a spin, then trust us, the experience is going to be better with cryptocurrencies than with fiat money, card transactions, and bank transfers!