In 2009, Satoshi Nakamoto unveiled a new concept to the world; cryptocurrency. Ever since, crypto has had its ups in downs, eventually hitting its peak in 2019/2020. Nowadays, Bitcoin, and other cryptos have become a key part of the popular mainstream.
So much so, that plenty of online casinos have embraced the phenomenon. Some, to the point of running a crypto-only business. In this article, we’d like to explore these crypto casinos, and how they compare to old-fashioned, FIAT gambling sites.
Obviously, the biggest difference is the payment methods. FIAT casinos accept plenty of different payment methods, from credit cards to direct bank transfers. On the other hand, crypto-casinos deal exclusively in cryptocurrency. The most notable cryptos you’re likely to find are Bitcoin, Ether, Tether, Ripple, and Bitcoin Cash.
However, it is worth mentioning, that there are plenty of websites that are willing to accept both. Crypto-casinos, in an attempt to pull in a broader audience, have begun accepting FIAT currency payment methods. On the other hand, FIAT casinos have begun adding crypto options. It is very likely that in the future, most online casinos will accept both currency styles.
One of the interesting things to compare is stakes. Often FIAT currency casinos have stake limits on both ends, meaning a minimum stake, and a maximum stake. Limiting the stake on both ends does have some benefits, as it ensures that customers won’t go overboard.
Cryptocurrency casinos also have stakes limits. However, you are more likely to find online gambling sites that have completely removed the limit and also accept crypto. For the unaware, online casinos with no limit are websites where you can place big wagers without any trouble at all.
Without stake limits, it is up to the gambler’s discretion to place a wager as big, or as small as they like. The benefit works both for low-stake gamblers, and high-rollers alike, which means that people on either end of the extreme tend to prefer no limit casinos, and therefore, they flock to crypto gambling sites.
Any long-time gambler knows that payout speed is one of the more annoying aspects of online casinos. Nothing is worse than winning a big pot, going to the withdrawal section and seeing “3 – 5 business days.” However, with FIAT currencies, payment processing is very important, as the money has to pass through several middlemen, before it reaches the player.
Crypto casinos don’t have that problem. It mainly has to do with the way cryptocurrency works. It is a peer-to-peer system, that does not rely on middlemen or central authority to handle the money. In other words, crypto goes directly from the casino to the player, and vice versa. The method significantly reduces processing time, making both deposit and payout speeds much faster.
It is worth noting, that different crypto casinos still could take some time to process your payment. However, for the most part it will almost always be done in a matter of hours, or a full business day at most.
Though crypto casinos are far ahead of their FIAT counterparts in payout speeds, they sort of lag behind in game diversity. At crypto casinos, you are likely to find classic slots, and not much else. To be sure, slots are the most popular game at online casinos, so by no means is this bad. In fact, crypto casinos have been doing their best to update their gaming library, and include multiple new games.
However, they still can’t compare with classic online casinos. These websites feature most of the popular casino games, and even some originals. Slots are, of course, the most popular choice. However, there is also blackjack, baccarat, video poker, proper poker, bingo, and original titles that you can’t play anywhere else.
If you are a fan of cryptocurrency, and you want to stick to slots, crypto casinos are not a bad choice. However, for those who want to diversify their gambling, FIAT casinos remain a better option. It is worth noting though, that crypto casinos have made some changes, and done their best to improve their gaming library. So, who knows what the future holds?
Pros of Crypto Casinos
In these final segments, we would like to go over the pros and cons of both crypto and FIAT casinos. Starting off with the pros of crypto casinos. They are, certainly the more recent of the two, with the first crypto casinos showing up in the mid-2010s. Let’s look at the advantages first, then move on to the cons.
- Fast Payouts: fast payouts are, by far, the biggest advantage of crypto casinos. Most withdrawals are done within 24 hours.
- No Stakes: most crypto casinos don’t have stake limits, which is good for high-rollers and low-stake players alike.
- Great for Crypto Fans: crypto fans will almost certainly enjoy playing at crypto casinos, if they have an eye for gambling.
Cons of Crypto Casinos
It isn’t all sunshine and roses though. Though the crypto market has been recovering recently, there is still a long way to go from the recent crash. Certainly, that has had an impact on people’s desire to gamble with cryptocurrency. On top of that, there are a few other cons to look at.
- Gaming Library: crypto casinos don’t tend to have a very diverse gambling library.
- Payment Options: as they are primarily focused on crypto, you won’t find many other payment options at crypto casinos.
FIAT Casinos Pros & Cons
Finally, it is time we looked at the pros and cons of FIAT casinos. These are the websites that have been gaining a lot of traction, and making up the bulk of the iGaming industry. But, is the product worth the hype? Let us find out.
- Diverse Payment Methods (sometimes including crypto)
- Diverse Game Library, featuring slots, blackjack, roulette, and more
- Poker Rooms with different variants of the game
- Original games, like Fish Table Games
- Payout time might take a bit too long
- Often include strict guidelines for minimum and maximum bet limits
- Limits the stakes as well
Disclaimer: The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of Outlook Editorial.