Crypto casinos – Pros and Cons
Once upon a time, there were only a few payment options to choose from when playing for real money at online casinos. It was a rather rustic time, where e-wallets have risen, grown and even covered most of your cash outs.
Neteller, Skrill, Ecopayz etc, those were the fast and easy means to withdraw your (hopefully) massive jackpot wins. Paypal was always a good option, and it is still today, for certain locations and limitations.
In the most recent years though, a rising star has fastly gained track and popularity. Cryptocurrencies. Playing with cryptos at online casino is perhaps the very ideal mix. Let’s give you a tour for you to see why crypto casinos are the most solid answer today.
Pros – Pretty obvious features stated here
- No more country restrictions – usually, you would have to choose among a restrictive selection of payment methods, mostly due to your location. Sometimes you would be limited by the actual amount (for instance, Bank Wire Transfers usually have a threshold, like $1K). So even if you saw 10 different payment options listed, you’d sadly find that you can only use one, or worse, none. Not the case with cryptocurrencies, no matter the coin, everyone can hold cryptos and use them securely while playing at online casinos.
- Independent & decentralized. We believe this to be one of the core advantages of playing at crypto casinos. You will manage to have your funds stored and used without any government or banks involved.
- Your privacy is safe – since crypto transactions don’t involve financial institutions, you’ll be able to play completely anonymously. No track of your records (except for the actual amounts). You can spin to win without having every step recorded by bank accounts or credit cards.
- The fees – Bank wires and other e-wallet transactions can be quite pricy at times, we all are aware. Blockchain transaction also have a fee involved, but it usually is much lower than traditional transactions. Some cryptos ensure with lower fees than others, or in some cases it might be depending on the period (if there’s a big rumour on the market, if there are major fluctuations etc), these fees can be quite diverse, so we’d recommend keeping an eye on that.
- You also have the power to control and adjust the fees, depending on the amount you’re sending and the timeframe in which you wish to have the transaction completed.
- In any case, the whole process gives you a lot more control and power over the outcome and the amount of resources you wish to spend.
- Easy to prove completion. You don’t require other institution in order to prove you’ve made a payment, or to see that your casino earnings reached out. You’ll see the whole process live on the blockchain, public information available to everyone.
Cons – less, but worth mentioning in full awareness
- As an online casino player, you must have all the information and make sure you take the informed decision, especially when it comes to real money winnings. Thus, even if we’re big fans of cryptocurrencies in general, and when it comes to crypto casinos in particular, we still have to share the cons.
- With cryptocurrencies, you have to be very careful when managing wallets, amounts and all info. Why? Because in case you send something by mistake, or if you provide the wrong wallet to the casino, you will most likely be unable to recover the coins.
- Chargebacks, neh. In case you wish to claim a charge back from the casino, you won’t be able to do so as it was the case with credit cards or e-wallets. This is one main reason why you should choose wisely the crypto casino you give money to, make sure to have made proper research to avoid any regrets.
- Price fluctuations. Since bitcoin, Ethereum, Litecoin and friends are also looked at as investment opportunities in a lot of cases, the price often fluctuates, massively too. When this happens, it is perhaps best to find a more stable coin to use for casino transactions, to avoid any surprise.
Which bitcoin casino to choose? How to make real money
Since you can’t ask for a refund and transactions are not mediated by another institution, you have more control, more independency, but also more responsibility when choosing to make a deposit, no matter the cryptocurrency.
How do you choose? Nowadays, it’s like mushrooms post-rain, so many new bitcoin, Litecoin, dogecoin casinos showing up and multiplying. Some mix fiat and cryptos, some only have cryptos (which you can use to directly play with).
First of all, see what oure most recommended bitcoin casinos are. We have a tendency to be very scrupulous and skeptical, we choose the very best, provably fair casino games, reliable brands only.
Choose based on which coins they offer. Perhaps you prefer the steadiness of Litecoin, the anonymity of Monero, the popularity of Bitcoin, the innovative looks of Ethereum, etc. Well have our personal criteria too. Or sometimes actual support for a cryptocurrency, as a result of the project behind it.
No matter your preference, you’ll surely find online casinos with your choice available.
Top cryptos to be found at online casinos
At best crypto casinos, you usually find these names among most commons cryptocurrencies: Bitcoin, Ethereum, Litecoin, Bitcoin Cash and even Dogecoin. When choosing your top crypto, you usually have in mind: the volatility character, transaction fees variations, which exchange platforms you can use, etc. And so you can make your informed choice.
Check your timing too when managing your cryptocurrencies, regardless of the casino you went for. There’s a certain level of administration power you’ve got on your hands and need to properly manage.
Some of the most popular crypto casinos we trust in and recommend are: veterans in the industry such as Bitstarz Casino, Fortune Jack Casino, Betchain, Betcoin, BitcoinCasino.io, 7Bit and more.
Newer brands have shown up and are also proving a fair and transparent activity: CryptoThrills, CryptoSlots (sister brand of veteran Slotland Casino), 1xSlots (casino and sports betting products), Slotman, CryptoWild Casino and the story continues. Check our most recent bitcoin casinos list.
Traditional, fiat based casinos have also tried to stay up to date and properly meet the standards of online gambling today, so they have slowly adopted cryptocurrecies too. Usually as deposit methods only, meaning you can’t directly play in that coin. This can result in your earnings being affected by crypto fluctuations in time.
If you’d still prefer to have both fiat and crypto options as a mix, then some casinos meet these requirements. For instance: Winward Casino, Diamond Reels Casino, Las Vegas USA, Slotland Casino and many more.
About your wallet – Keep it safe
Let’s say that ok, after tons of research and a solid vote of trust given to our recommendations too, you’ve decided. You’ve worked it all out and decided for which crypto casino to go for. You’ll have to get your funds setup now.
Find a reliable exchange platform, which allows users from your region and for which you found solid, positive reviews online. Fully validate your account and go through all the necessary verification steps, to avoid any kind of setback once you’ll be ready to actually make transactions or trade. This is an important step. You’ve got a wide range of options here as well: Binance, Kraken, e-Toro, Coinbase etc…
Of you feel unsure about the process, you can first try with lower amounts, to avoid any high risks on your actions. Test, trial and error.
Hot wallet and Cold wallet.
Perhaps you’ve heard of this “battle”, or even read about it online. “Cold wallet” is referring to hardware devices where you can store your cryptos offline, and it’s considered usually to be more safe than a hot wallet. Why? Because you’ll disconnect the device, and safely store it, without risking being the victim of hacking, malware, scams or other potential issues. You hold your private key safely (not digitally), and you can always recover your funds with it, in case an unexpected situation occurs.
Some notable and reliable examples of cold wallets are Trezor, Ledger, CoolWallet, KeepKey and more. Let’s take Trezor for example, which was the first hard wallet ever! It’s easy to use, a small device, you can carry it with you anywhere. You’ll be able to ensure the highest level of security with constant updates and the cost offers a good quality-security ratio.
Hot wallets, on the other hand, present a number of vulnerabilities, as your security keys and codes are basically stored online, on the online servers. This makes you an easier target for hacking attacks or different scams. Electrum, Exodus are some examples, but you can also store the coins digitally using the exchange platforms.
You can always choose a mix form: split your cryptos among more hot and cold wallets. Some coins would be available for fast transactioning, some for storage. Each purpose defines a different end. What we recommend it to avoid keeping very high amounts in digital wallets, as there’s always a risk in that.
Best crypto bonuses & promotions
The general feeling is that, once bitcoin casinos have emerged, new standards of promotions came along too, raising the overall standards for traditional, fiat casinos too.
We’ve noticed that crypto casinos usually have a different and more innovative style in creating new promotions and giveaway events. The bitcoin bonuses and fiat bonuses don’t show many differences, but you will find notable ones when it comes to more interactive, dynamic type of promotions.
The Bonuses. Bitcoin, Ethereum, Bitcoin Cash bonuses & more.
You’ve got the same range of promos here, except for cashback bonuses. As we’ve explained above, since you can’t require a cash back when using a cryptocurrency, then cashback offers are excluded here. You can enjoy though:
- Free Spins
- No deposit Bonuses
- No wager bonuses
- Match promos
The terms and conditions are usually around the same range. Wagering terms apply to both fiat and bitcoin slots bonuses, somewhere between x35 and x60. No major difference here.
Fortune Jack has recently raised the bar a lot in terms of bitcoin welcome bonuses, setting up a nice 25 free spins, with no wagering attached to it. That’s pretty cool of them, no wagering bonuses are scarce and valuable, showing a lot of strength from an online casino. Keep in mind you have to verify your phone number first, you’ll get a text message and that’s that.
Even though the standard type of bonuses are the same as for fiat, you might find that games for particular providers are more inclined to be used for crypto promotions though. For instance, providers such as Game Art, Play N Go, Betsoft will be finded among most popular bitcoin bonuses too.
Slots such as Boomanji, Fruit Zen, Wolf Gold are popular choices among bitcoin users!
What we appreciate most with crypto casinos though are the innovative tournaments and giveaways. Bitstarz Casino, for instance, is always reinventing and refreshing their giveaways. The bitcoin casino is hosting a welcome freeroll for all new sign ups, who get to share the total €200 cash prize pool every week. Nice touch!
Then, you’ve got the “adventure” type of event. This is very common among crypto casinos. You’re invited to join by spinning any slot, playing any video poker game or table game. You cumulate points, reach the next level and get a reward.
The reward type in these tournaments (e.g: Level Up Adventure at Bitstarz) can vary a lot: you can expect free bonuses, match bonuses, souvenirs from the casino, real cash or gadgets, luxury trips etc. Worth trying and spinning for sure! In this case, online slots have a much bigger contribution to your final ranking, best is to check full terms here as well.
All in all, crypto casinos offer the same advantages as the fiat ones, plus some more on top. Considering the crypto value and future potential, we’d say pretty much all casinos will have to incorporate Bitcoin, Ethereum, Litecoin, Monero, Doge, Bitcoin Cash and other friends among their currencies or at least among their payment options.