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Let’s face it. Many people play casinos only for financial reasons. Therefore, the ability to quickly and conveniently top up an account or withdraw winnings is a must. Cryptocurrencies have become just such an optimal method for many. What is their advantage over traditional methods? Let’s figure it out.
This article is dedicated to the comparison of new cryptocurrency payments and the usual methods of depositing and withdrawing money in casinos.
Understanding Traditional Payment Methods in Live Casino Games
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Just a couple of decades ago, you could only place a bet with cash. In this case, the player had to go to a physical casino. The emergence of online platforms became a kind of revolution. At the same time, using cash was no longer convenient. Online services began to offer different options, from bank cards to mobile payments and e-wallets.
At the same time, top platforms, such as 1xBet, try to offer the maximum possible number of methods. The user can choose the most convenient option thanks to such a variety. This approach has its advantages. Firstly, it is accessible. Almost everyone has a bank account or a card. Even if this is not about you, you can use mobile payments. Thus, the user does not need to worry about registering additional payment methods, and the entire deposit process takes only a couple of minutes.
However, there are also disadvantages. Most payment operators charge fees. These are small amounts, but you don’t want to lose even that. Another inconvenience is the payment processing time. Not all methods are instant. Sometimes you have to wait. In addition, depending on the player’s geographic location, various restrictions may arise.
The Rise of Cryptocurrency in Live Casino Gaming
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There is a whole list of advantages that have forced most casinos to use cryptocurrency. Here are some of them:
Complete anonymity of users. Any cryptocurrency transactions are carried out anonymously. You can only track the number of wallets that are involved in the transfer procedure. In this case, it will not be possible to find the owner. He creates a wallet under a special pseudonym;
Payments at high speed. Betting with cryptocurrency is much faster because the transfer occurs using the blockchain from one wallet directly to another. There are no intermediaries in the process, as in any other situation, so nothing can be transferred faster than cryptocurrency;
No commission. Cryptocurrency users do not have any dealings with banks. Accordingly, no one takes a commission from them. Thus, you can get the most profitable type of currency;
You cannot block the wallet. Since this is not a fiat currency, the state cannot close your wallet or even get any access to it. Thus, your finances are not at all threatened, and you can play even in a country where it is prohibited. Even if your bet is noticed, they still won’t be able to track it. It’s also worth noting that when working with crypto, you don’t need to do double conversion. For example, many European casinos receive your currency when you want to bet in dollars, but they themselves work with euros. It turns out that your currency is immediately converted into euros and then euros into dollars, and you lose quite a lot of money. This doesn’t happen with cryptocurrency. It doesn’t need to be converted.
Transaction Speed: Crypto vs. Traditional Methods
Of course, the main advantage is the speed of transactions. It is clear that long waiting times significantly worsen the gaming experience. Therefore, traditional operators try to reduce the transaction time. However, this is not always possible, because the payment needs to be processed. Therefore, players always have to wait for some time. The period can vary from several minutes to several days. This is especially often observed during withdrawals.
Cryptocurrency payments do not have this drawback. They happen instantly or almost instantly. Obviously, this increases player satisfaction and allows you to start playing live games without delay.
Security and Privacy: Which Method Offers More Protection?
Of course, traditional methods of financial transactions are quite safe. Most often, operators make efforts to protect user data. However, it is impossible to completely exclude the possibility of hacking since modern encryption methods are tied to real user data. Blockchain technology provides a much higher level of protection. It is almost impossible to hack a cryptocurrency wallet. In addition, the user’s personal information is reliably protected.
Accessibility and Availability in Live Casinos
In terms of availability on online platforms, traditional methods are ahead of cryptocurrencies. Currently, a good selection of cryptocurrencies for making payments is only available on large platforms and specialized resources. Most local casinos still offer only traditional methods.
It is also important to note that traditional methods are not without their drawbacks. This is especially true for regional restrictions. In this case, of course, using cryptocurrency will solve the problem. It is available worldwide and can be used in any country.
Fees and Costs: Which Payment Method Is More Cost-Effective?
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We have already mentioned the payment operator commission. Since such services have to compensate for their expenses, it is almost impossible to do without them. Therefore, fans of traditional methods will have to accept the need to pay a little more. Usually, we are talking about small amounts, but if you are an active player, this can have a significant impact on your budget.
Cryptocurrency payments are usually commission-free. However, it may be present when exchanging currencies on specialized platforms. But even in this case, the costs will be much lower. Thus, blockchain technology wins in this matter.
Bonus Offers and Incentives for Payment Methods
It is quite difficult to identify a favorite in this matter. The fact is that platforms use bonuses not only to attract new customers. Often, such privileges help motivate purchases using a certain method. Therefore, the benefits of offers depend on what the platform promotes. Many casinos make promotions only for traditional methods of replenishment. Other platforms, on the contrary, encourage cryptocurrency transactions.
As cryptocurrency payments gain popularity, more and more casinos offer bonuses. This often motivates users to switch to this type of payment. This is not surprising because additional funds significantly increase the profitability of gambling.
Volatility and Value: Crypto Considerations for Players
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A separate problem is the high volatility of cryptocurrencies. Their value can change literally in seconds both up and down. Fiat currencies are more stable. Of course, not all users like this. However, it’s not all bad. There are a number of measures that can help protect against these fluctuations:
Use the most stable currencies. The rule is simple: older options fluctuate less than new ones.
Monitor the market closely and do not make purchases if a strong fall is expected.
Give preference to stablecoins. They are tied to a specific asset, and therefore, their value fluctuates less sharply.
Conclusion
Cryptocurrency has firmly entered the world of gambling. More and more platforms offer this method, and more and more players choose it. Indeed, these are fast and secure transactions, which, in addition, can be more profitable than traditional ones. This does not mean that you should completely abandon the usual financial methods. It is best to act according to the situation and choose the most profitable option at the moment.
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