6 Differences Between Fiat and Crypto Online Casinos

Not only that, but a significant number of players have made a switch from traditional online gambling platforms to those that accept digital currencies. Why exactly is this the case? Let’s answer this question as we explore six key differences between fiat and crypto online casinos.

Accessibility

Fiat-centric casinos have been on the scene ever since gambling online became possible. However, the emergence of cryptocurrencies, particularly Bitcoin, marked a huge shift in the market. Suddenly, gambling online became possible even to those who weren’t able to engage in this activity before. These are mostly players from regions that have strict policies on online gambling and don’t allow local casinos to operate on the web. As long as they know where to look, players can access the best decentralized casino sites that work on blockchain technology and accept cryptocurrency no matter where they are.  

Anonymity and privacy

If you haven’t stepped into the world of crypto casinos, you may not be aware of the fact that these are, in fact, anonymous casinos. This means that signing up on these platforms doesn’t involve inputting any sensitive personal information. In traditional online casinos, registering means you have to provide your name, address, credit card number. When gambling using crypto, all you need is your crypto wallet and you can access every game on the platform. No personal information can be stolen if you don’t provide it in the first place when registering. Therefore, you can’t fall victim to an identity-theft scheme or have your email spammed after a leak.

Transaction speed

Fiat transactions aren’t exactly known for lightning-fast speeds. In fact, in some traditional casinos, players may have to wait up to five business days just to withdraw their winnings. In today’s world of online gambling, this is way too long and players want faster transactions. And that’s exactly what they got when crypto casinos became a thing. With all transactions being processed on the blockchain, players can withdraw their winnings almost instantly. The reason behind this is that the process doesn’t involve any third parties or intermediaries such as banks. This allows players to spin slots, play blackjack, and enjoy their other favorite casino games without any delay.

Bonuses and promotions

Bonuses and promotions are tied to both fiat-centric and crypto casinos as they’ve been around ever since people started gambling online. However, those that accept transactions using cryptocurrencies are known for offering better perks for players. The main reason behind this is that transaction costs and other fees are significantly lower when using crypto, allowing casinos to be more generous. In addition, wagering requirements for accessing bonuses and promotions are also lower in these casinos, drawing in more players. The same goes for no-deposit bonuses as crypto transactions involve lower risks for casinos. Lastly, crypto casinos also have better loyalty programs, often rewarding players with exclusive NFTs and other tokens.

Security

Earlier, we already mentioned how when playing in crypto casinos, you don’t have to worry about data leaks and identity thefts. But there’s more as these casinos use more advanced security practices to keep players safe. At the core of their security measures is blockchain technology. This tech uses cryptography techniques when processing transactions, ensuring they cannot be manipulated, changed, or deleted. Once a transaction has been recorded on the blockchain, it’s publicly verifiable. Also, blockchain is famous for its decentralized nature, which also means there isn’t one single point for internet criminals to target.

Trust

In traditional casinos, players can’t do anything but trust the casino that its games are fair. Crypto casinos, on the other hand, use blockchain technology to prove no foul play is involved on their platforms. Blockchain records can show that the outcomes of their games aren't tempered with and that everything is fair. This level of transparency doesn’t only improve the experience for players but also helps build stronger relationships between them and casinos. It also results in them having more regular players and loyal player bases.

Conclusion

Although still relatively new, crypto casinos are taking over the world of online gaming. With cryptocurrencies and the online gambling industry continuing to evolve, it’ll be interesting to see what new features and improvements we’re going to see emerge in the future.