Fair Comparison: Crypto Payment VS Traditional Payment Methods for Casino Gaming

The gambling industry has witnessed several shifts and improvements over the years. But one of the latest is using crypto as one of the online casino payment methods. Canadians encounter several problems when trying to deposit or withdraw their funds. The most popular ones include the tie down of funds for several days, extra service charges, and extensive third-party verification. To meet rising challenges, most providers are allowing customers to explore cryptocurrency. But with the volatility of the cryptocurrencies and lack of centralization, is it better than traditional gateways? This article will explain all you need to know about the two channels to help you decide which is a better alternative for your needs.

Crypto Payment in Casino Gaming

Crypto casinos have gained popularity over the last few years. Providers accept crypto as a form of exchange and allow players to withdraw funds using it. Additionally, some casinos offer bonuses and promotions that are exclusive to players who use this payment method. Popular cryptocurrencies include Bitcoin, Ethereum, and Litecoin. As the crypto market continues to grow, it is likely that more online casinos will begin to accept these digital currencies as a form of payment.

Traditional Payment Methods in Online Casinos

Traditional gambling has existed for a long time. As a result, it is a more widely accepted means of transaction. We have compiled a list of popular payment methods you will find in trusted casinos. They include credit and debit cards, e-wallets, and prepaid checks. Check out the common ones below:

Credit and Debit Cards

Credit and debit cards are the most popular channel since most people own a card or two. Examples include Visa, Mastercard, American Express, etc. To make deposits and withdrawals, the user enters the card details and additional information into the casino’s banking page. Transfers take a few minutes to process, and this method does not attract a high fee. On the downside, it is prone to hacking and fraud, as it is linked to the customer’s bank and data. The solution is to use a reputable website that encrypts bank details and secures them.

eCheck

Electronic check is another channel that lets you transfer money directly from your bank to the casino’s account. Players provide their details and the site processes the funds and deposits them into their account. E-checks are faster than paper checks, but some online casinos charge fees.

Skrill

This is an e-wallet service for transferring funds quickly online. It is fast, secure, and available in multiple currencies. Some crypto casinos even offer special promotions for players who use it as their preferred channel.

Neosurf

Neosurf is popular in Europe and Australia. The prepaid card system allows transfers without bank accounts and credit cards. Players buy a Neosurf voucher from a participating retailer and use the code to complete deals. Like cryptocurrencies, it offers anonymity. However, not all traditional online casinos accept it.

Paysafecard

Paysafe is another prepaid card system for completing deals without requiring a bank account. It is a more widely accepted method and allows anonymous transfers. But most online casinos charge fees for certain transactions.

Neteller

Netteler is a fast and secure e-wallet service accepted in many traditional online casinos. Players add funds to their Neteller account using a bank transfer, cards, or other channels and move it to their playing account.

Comparison of Crypto and Traditional Payment Methods in Online Casinos

Security

Cryptocurrencies use blockchain technology. Crypto casinos also use a secured decentralized ledger. As a result, they are safer than regular channels. It is difficult to hack, access, and steal personal information. Not only this, but no one can tamper with your deal. More importantly, cryptocurrencies let players access their funds from anywhere.

Cryptocurrencies are more secure than regular channels since they use encryption technology. The absence of a third-party means you don’t share personal and financial information with anyone. It also carries a lower risk of fraud and hacking.

Speed of Transactions

Crypto casinos take the crown in this category for being faster than traditional methods. Unlike the latter, the former processes deals within minutes or even seconds. In contrast, traditional methods like transfers take several days, which is a disadvantage for players that want to play or withdraw immediately. Only a few channels, like e-wallets and cards, complete exchanges within 24 hours.

Anonymity

One of the most appreciated advantages of an online casino that accepts cryptocurrency is that players remain anonymous. In other words, they don’t need to enter personal information like credit card numbers, names, addresses, etc. This feature helps gamblers keep their gaming activities private, and they don’t risk losing their data to a security breach.

All digital currencies offer a high degree of anonymity since transfers are not tied to personal information. On the other hand, banks and financial institutions request such details. Only the prepaid card system lets you bypass this requirement.

Fees

Cryptocurrencies have lower fees compared to traditional online casinos. One of the reasons is that there is no regulation. Apart from this, funds don’t need to pass through a third-party structure. Some crypto casinos even offer bonuses for using the gateway. As a result, players perform high-value deals without worrying about incurring extra charges.

Besides lower charges, cryptocurrencies are processed faster than other channels. Sending and receiving funds is almost instant or after a couple of minutes at most. This is a huge win compared to mediums like bank transfers which can take several days or weeks to process

Ease of Use

Traditional channels win this category for being widely accepted in most casinos. Apart from this, you don’t need specialized knowledge to use them. Perform transactions from anywhere as long as you have access to your card details or financial information.

Crypto is highly volatile, and prices fluctuate quickly. This often leads to uncertainty, and players can’t determine the value of their winning. Apart from this, cryptocurrencies are not regulated by financial institutions. In other words, there is no protection in the event of fraud. Lastly, crypto casinos are not legal in all countries.

Examples of Casinos Accepting Crypto and Traditional Payment Methods

Cryptocurrencies are steadily increasing in popularity among Canadian players. But there are a few casinos that offer the best of both worlds. They are:

iLucki Casino

iLucki operates under the Curacao Gaming Authority and has a robust stock of slot games. It is powered by the best software providers in the online gambling industry, including NetEnt and Microgaming. The platform has a multi-currency payment method that accepts up to 16 currencies and 6 cryptocurrencies. As a result, players fund and remove cash using cryptocurrencies and regular channels.

The minimum deposit is $10 but could vary depending on the options you use. Gamblers receive a 100% money reward up to $300 and 100 free spins on their first deposit to try out any of the over 4000 available games.

Power Play Casino

This is another provider with an extensive list of table games, slots, roulette, poker, and blackjack. Power Play started in 2018 and is one of the few crypto casinos that support the two channels. New users get a $200 welcome bonus, and the provider offers gambling therapy for players with online gambling problems.

Power Play offers up to $1000 free cash gift and supports a $10 minimum deposit. The provider has a collection of over 250 games, with a 96.31% RTP. The site uses 128-bit encryption keys, and it is safe for everyone.

7Bit Casino

If you need a place to play Bitcoin casino games online, try 7Bit Casino. The platform was launched in 2014 and has a good social reputation for quick and flexible deposits and withdrawals. It is 100% safe and anonymous and supports hassle-free online gambling.

7Bit offers a 100% match bonus up to 5 BTC and 100 free spins across your first four deposits. The minimum deposit is $10, while the minimum withdrawal is $20 or 0.0005 BTC. 7Bit has over 6580 games, including live events, slots, and table games.

Bottom Line

The question of which option is better comes down to personal preference. But if we lay all the cards on the table, cryptocurrencies like Bitcoin are the better option among several methods. Digital currencies are faster, more secure, anonymous, and cheaper, whereas regular gateways are easier to use.