Cryptocurrencies vs Dollars: What you should use in online casinos
A guide to the best currencies to use in online casinos
One of the differences between traditional and online casinos is that many online casinos will let you choose what currency you get to play with.
While this can seem like a good thing initially if you aren’t smart about your choices it can become a bit of a double edged sword. If you don’t know the exact conversion rates then you can be losing more money than you realize.
The main currencies that online casinos offer are Yen, Dollars, and Euros. However, in recent years some casinos have started to allow visitors to play with different types of cryptocurrencies.
Today, we’re going to talk about the best types of currencies to play with at online casinos – in particular, are dollars or cryptocurrencies better value.
What is cryptocurrency?
Investopedia describes cryptocurrencies in the following way:
‘A cryptocurrency is a form of digital asset based on a network that is distributed across a large number of computers. This decentralized structure allows them to exist outside the control of governments and central authorities.’
Cryptocurrency is a virtual currency that is backed up by cryptography. One of the major benefits of Cryptocurrency is that it is nearly impossible to counterfeit or overuse. They are also designed to be free from governmental interference, as they are not centrally controlled or distributed.
They are completely portable. Cryptocurrencies are stored in Blockchains – which are networks spread across a series of computers. The Blockchains also ensure that the currencies stay valid and protect them from interference.
If cryptocurrencies are not stored securely they can be stolen. To store cryptocurrencies you may want to invest in a crypto-wallet. There are many of these crypto-wallets that come as apps.
Cryptocurrencies are more similar to gold than actual money, as their value fluctuates. Their value is not secure, but there is no limit to how valuable they can become.
There are many issues with using cryptocurrency, the current biggest concern is the environmental impact of mining cryptocurrencies. Some cryptocurrencies have also been linked with illegal activity. Perhaps the biggest worry people have about cryptocurrency is their volatility and how easily the market can be manipulated.
Should you use Cryptocurrencies in online casinos?
Crypto-casinos are on the rise. These online casinos let you withdraw and play with different types of cryptocurrency.
As there aren’t many companies that let you pay with cryptocurrencies, these crypto-casinos offer a great opportunity to use your investments.
Withdrawing with cryptocurrencies is instantaneous, as all the transactions happen online. You also don’t have to wait for approval from a bank. Another benefit of using cryptocurrency when you gamble is that it can be done completely anonymously. There is no way to track these transactions.
The downsides of gambling with cryptocurrencies do exist. Firstly, conversion rates are tricky to keep track of, so it’s hard to tell if you are getting good value for money from the house.
It is also worth noting that the casinos that do allow you to play with crypto, only allow you to choose from a limited range of cryptocurrencies. They usually allow players to use the bigger and more established coins.
Is gambling with cryptocurrency legal?
There are only two areas of the world where it is explicitly legal to gamble with cryptocurrency – the United Kingdom and Curacao.
Outside of these two places, the rules surrounding gambling with cryptocurrency get a little iffy.
Some countries forbid the use of cryptocurrency for any kind of purchase, including gambling. While other countries have no regulations surrounding the stuff.
If you are worried about whether it is allowed in your country, you may find it easier to be more cautious. If there are no regulations preventing crypto-gambling, there are also no regulations to help protect you from scammers.
- Instant withdrawals (unlike with traditional bank accounts)
- Completely anonymous gambling
- Is illegal in many countries
- Can gain value after you use it
- It’s hard to work out if you are getting a good value transaction
- You have to use a limited range of cryptocurrencies
Should you use Dollars in online casinos?
If currencies were partners, then the American dollar would be the solid and reliable guy who would make a great husband and father. There is nothing wrong with him, he just isn’t as exciting as that guy you met on holiday once (cryptocurrency), but the dollar would never disappear on you in the middle of the night.
If you’re looking to use online casinos in the long term then you will want to bet with the American dollar. While cryptocurrencies are new and exciting, they just don’t offer the same level of security the American dollar does.
As we have seen with Elon Musk’s intervention with Bitcoin, it is possible for cryptocurrencies to lose a huge amount of their value overnight. If this happens with the American dollar, online casinos will be the last thing you are worrying about.
The one downside of using the American Dollar appears if you live in a country where the American Dollar is not used. There will be points in time when the dollar will be weak against your own currency, this will work in your favor. But if it is strong against your currency then conversion rates will be very steep.
Many casinos will even offer you bonuses for betting in dollars – Visit here for an example.
- Value doesn’t fluctuate much
- Nearly every casino accepts it
- Well regulated
- Conversion rates may be steep if the dollar is strong
What are the best currencies to use in online casinos?
Here is a list of the best types of currencies to use in online casinos:
- The American dollar – most casinos across the world accepts this
- The Euro – many European casinos will give you bonuses from playing with euros
- The GBP – the UK has some of the most lenient betting laws in the world, if you’re looking for good deals, this is currency to use