Cryptocurrency

Why cryptocurrency casinos are better than fiat casinos

Last updated: June 13, 2024

CryptoCasino

Written by CryptoCasino — Cryptocurrency Specialist with extensive knowledge in blockchain technology and digital currencies. Skilled in analyzing market trends and offering insightful perspectives on crypto currency investments and developments.

In the last few years, cryptocurrency casinos have become more popular in the online gambling industry. These new casinos are an innovative alternative to fiat (regular) online casinos, offering a more modern experience to the age-old concept of gambling.

A fiat casino is a traditional casino which operates using fiat currencies. These are currencies that are issued by a county’s government and are not backed by a physical commodity like gold or silver. Examples of fiat currency include the US Dollar (USD), Euro (EUR), Japanese Yen (JPY), Danish Krone (DKK), and British Pound (GBP).

A cryptocurrency casino, also known as a crypto casino, operates exclusively or primarily using cryptocurrency. This form of currency only exists digitally and is decentralised, meaning it is not controlled by any government bodies around the world. Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB), and XRP (XRP) are all popular forms of crypto with which you play popular online casino games.

Crypto casinos have experienced a surge in popularity due to a range of benefits that appeal to both players and operators. These benefits include complete anonymity, greater privacy and security, faster transactions, and a larger game selection.

In this article, we’ll take a closer look at the benefits that gambling with crypto provides and explain why cryptocurrency casinos are better than fiat casinos. Keep reading to find out more.

Faster Transactions

One of the main advantages of crypto casinos is the speed with which transactions are able to be processed online.

Crypto casinos are decentralised unlike fiat casinos, which are governed by a central authority that oversees all transactions. Decentralisation takes control away from governments and financial institutions. This not only reduces the risk of monopolies and censorship, but means transactions can be processed much quicker.

Fiat casinos can take a lot longer to process deposits and especially withdrawals due to the involvement of banks and financial institutions. There can be issues with chargebacks, or disputes when using traditional payment methods, leading to potential delays in players receiving their winnings. Some regions or payment providers even block or restrict transactions related to online gambling. In crypto casinos, transactions cannot be reversed which eliminates the risk of chargebacks and with no checks or authorization needed, funds can be installed paid into your crypto account.

Privacy and security

Crypto casinos are becoming more popular because of the increased level of privacy and security that they can provide compared to regular online casinos.

By using advanced blockchain technology, crypto is more transparent than fiat currency. It consists of a chain of blocks, with each block containing a list of every transaction made. It is extremely difficult to alter the data once it has been added to the blockchain, making it more trustworthy and keeping your money and information safe.

Unlike traditional payment methods, crypto is stored in a digital wallet. This form of wallet does not store personal and financial information, which significantly reduces the risk of fraud. A crypto wallet can also be used anywhere in the world, so long as there is an internet connection. They can even be used in countries where online gaming is restricted. If a player is unable to access their favourite crypto casino due to geo blocking, they can simply use a secure VPN to establish a connection, again providing an extra level of anonymity and protection.

Anonymity

Crypto casinos are able to offer users something that fiat casinos simply cannot - complete anonymity. Fiat casinos use traditional payment methods, such as debit and credit cards, that require users to share their personal and financial information online. This information is then stored in an online server. Crypto transactions, on the other hand, can be pseudonymous so no personal information is tied to the transactions being made. This further enhances player privacy, as complete anonymity reduces the risk of identity theft and fraud.

Variety of payment methods

Crypto casinos offer a vast range of payment methods for users to choose from. Traditional fiat casinos tend to restrict users to conventional payment methods such as credit and debit cards, Google Pay, and PayPal. While fiat casinos have more recently begun offering the ability to pay in alternative ways, they still have not yet adopted crypto. At a crypto casino however, various digital currencies are accepted. This can attract players from all over the world, including those with limited access to traditional banking methods, which would otherwise prevent them from gambling online.

As of August 2023, the most popular forms of crypto include:

  1. Bitcoin (BTC)
  2. Ethereum (ETH)
  3. Tether (USDT)
  4. Binance Coin (BNB)
  5. XRP (XRP)
  6. USD Coin (USDC)
  7. Cardano (ADA)
  8. Dogecoin (DOGE)
  9. Solana (SOL)
  10. Tron (TRX)
  11. Polkadot (DOT)
  12. Dai (DAI)
  13. Polygon (MATIC)
  14. Toncoin (TON)
  15. Shiba Inu (SHIB)
  16. Litecoin (LTC)
  17. Bitcoin Cash (BCH)
  18. UNUS SED LEO (LEO)
  19. Avalanche (AVAX)
  20. Stellar (XLM)

Reduced transaction fees

When it comes to fiat casinos, one of main complaints players have is the fees that are charged in order to process transactions. It’s also often the case that different payment methods have different fees, so some players will pay more than others to withdraw winnings from their account. The transaction fees at crypto casinos are often much lower than at their fiat counterparts. Crypto operates on a global scale, meaning players can deposit and withdraw their money across borders without having to pay currency conversion or international transaction fees. If there are any fees, these are extremely minimal in comparison to those charged by fiat casinos. At a traditional online casino, transaction fees are often applied when using fiat money and these fees will reduce a user's winnings and increase the cost of playing.

Larger game selection

Crypto gaming websites have developed a reputation for having a larger selection of casino games, too. Bitcoin casinos only operate online unlike traditional casinos, drastically reducing operational costs. The money that is saved by operators can then be spent allocating resources to developing and hosting a more extensive range of games for players. Specific games that cater to a niche audience are more likely to be found on crypto casinos, attracting a much wider audience in comparison to traditional casinos. The decentralised nature of crypto also means that these games can be accessed by players from all over the world, safely and securely.

For all of the reasons outlined above, we feel that crypto casinos offer an overall better experience for players than fiat casinos. From enhanced security to lower transaction fees, everything is done with the player in mind. So if you want to give a reputable casino a try, head to the casino section right here at Cryptocasino!