Crypto Casinos: Should I Buy Into the Hype?
Just how and where is our money being kept?
Whether you’re a devout follower of crypto markets or an advocate of DeFi, the rise of digital currencies have transformed the way we interact with our capital by an order of magnitude. Sweeping changes have been made to industries in a matter of months, especially visible in the growing crypto casino niche.
The popularity of crypto casinos is a result of the meteoric rise in crypto itself, due in part to many of the benefits of the concept. Security, decentralization and the growing need of virtual solutions to complex transactions are all reasons that catapulted the popularity of crypto online casinos, the sum of all bets done in crypto increasing by 116.7% since Q1 2021
Should I be using crypto for my wagering?
Some of the early adopters of the crypto casino established in 2010 were thankful for Bitcoin’s unique ability to not track or store personal details. To this day, this is one of the major selling points of crypto-casinos all over the world and their popularity is steadily increasing. This untraceability remains far more relevant in a modern world filled with often intrusive advertising. There are tons of comparison sites that compare both regular online casinos and crypto casinos, for example EestiKasiino.
Thanks to back-end tech, many digital coins have a safety net for their users in the heightened level of cybersecurity that is naturally integrated. Identity theft or leaking is far more difficult with cryptocurrency transactions, providing a much lower risk for both merchant and user.
Fees, taxes and inflation, oh my!
The decentralized nature of cryptocurrencies allow the user to future-proof their earnings from transaction fees, the threat of inflation and, perhaps most importantly, are non taxable in many states.
Although in a legal gray area, anonymity offers users in countries where gambling may have restrictions to still access their betting providers without the need of third party bank accounts in different countries.
Sounds good, but what’s the catch?
Many of the relative negatives of cryptocurrencies are similar to the benefits in that, decentralization and anonymity isn’t always the best option when trying to hold people accountable for their purchases.
Another factor is the fluctuating market price of the actual currencies. Not everyone is well-prepared to reap the benefits of decentralization amidst a crashing coin price that seeks to make their earned rewards less valuable. Not to mention the threat of legislation changes that can impact not only a coin, but an entire digital market.
Anonymity: A double-sided coin
Unfortunately, even though anonymity can be a great benefit, untraceable transactions can cause their own mischief. Unlike the traditional banking infrastructure, cryptocurrency chooses not to track any of the user’s details, leaving some awkward situations where a lost or stolen crypto wallet is often hard to recognize or take back.
Crypto: The Black Swan
The global reputation of cryptocurrencies goes through various phases, oftentimes labeled itself as anything from the savior of finance to the destruction of modern capitalism. As such, crypto is not yet a household name. Not all retailers will happily accept a payment in cryptocurrency, creating an awkward situation for the end-user as they have to juggle various payment methods to cope.
Cryptocurrency brings a swathe of options to a modern digital user, the question of using it or not lays solely on your shoulders.
Back to the list