Cryptocurrency Betting – Pros And Cons For Online Casino Deposits
Online Cryptocurrency Betting
Though all cryptocurrencies have taken a massive fall over the last couple of months, we still want to take a deep dive into the world of cryptocurrency betting. In truth, we’re not fans of crypto ourselves. It all looks like a Ponzi scheme. But we can certainly see why some people would prefer to use cryptocurrencies at all their favourite offshore casinos.
Why Should You Use Crypto?
If you dive into online gambling, especially offshore gambling, you’ll find that cryptocurrencies are alive and well. Many users feel that crypto is somehow superior to Fiat when used for gambling online. And there’s a thriving online casino community who are confident that cryptocurrencies of the future, with all the benefits they offer. Yet the truth is that only a tiny minority of people understand currencies. The vast majority have no idea how to set up a wallet or exchange Fiat currency for crypto. The idea of the blockchain hasn’t convinced very many people to join the party.
Nevertheless, if you head over to any online crypto casinos, you’ll see that they are just as desperate for new clients as both the regular online and offline casinos. That’s why you’ll be faced with absolutely massive bonuses, incentives and benefits from the get-go. Looking at cryptocurrency betting casinos another way, it could be said that these massive gifts to all new players can only be positive. And that it will boost your bankroll and thereby help you win the jackpot online.
Crypto Offers Casino Deposit and Match Bonuses
Today the vast majority of offshore crypto casinos will offer all their new players a generous matching bonus up to a specific value. For example, Bodog Casino gives all new crypto customers a matched deposit welcome bonus of 150% up to $900. That’s a pretty big bonus by any standard. You’ll also find that there are many online casinos that offer bonuses which only last for a few days. So by depositing with crypto, which is instantaneous, a gambler is able to maximize their payouts with these matched bonuses. After all, these short-term incentives and bonuses can change from week to week or month to month. So being able to act quickly as possible is a huge advantage.
Cryptocurrency Betting And Loyalty Programs
There are now many online casinos which accept all types of payment options, including cryptocurrency. But we’re now finding more and more offshore casinos for cryptocurrency betting where it’s the only funding option. In order to keep the players happy to continue to deposit with cryptocurrencies, you’ll find many of them have created a crypto-loyalty program. This may include giving returning players a 35% reload bonus, plus 35% on every crypto deposit made. In fact, many have gone so far as to invent specific jackpot games just for crypto gambling.
Crypto Deposits Come With Flat Fees
An added bonus to using crypto to fund your online casino account is that you’ll find many offshore casinos that will offer free deposits. This is in contrast to your regular online casino where you’ll often have a fee running as a percentage. When making cash deposits, you’ll normally pay a deposit fee. It’s generally just a small percentage. Though having said that, much will depend on which casino you’re working with. Keep in mind that some fees can run as high as 15.9%!
Get Free Crypto Casino Deposits
Virtually all regular and licensed online crypto casinos will offer a flat fee. In contrast, nearly all the offshore cryptocurrency betting casinos we could find offer their deposits for free. One of the perceived benefits of crypto casinos is they are happy to accept much higher deposits when it comes to cryptocurrency gambling. This means you can load more money into a casino wallet whilst at the same time paying less in fees. Many offshore crypto casinos will allow you to deposit up to $100,000 with any cryptocurrency for either a single small fee or no fee whatsoever. As you’re probably well aware when teasing with regular online casinos the maximum deposit is normally $5,000. It could be argued that with a bigger deposit, you can increase your jackpot winning chances.
Crypto Deposit Speed
One reason why many gamblers love to use crypto is that it’s instantaneous for deposits. You may have to wait some 15 minutes or up to 2 hours for the funds to be minted on the blockchain. But still, this is very fast when compared to the 3 to 5 days it takes to move funds from your bank to the online casino. The incredible speed as well as the ability to fund your account with anonymous cryptocurrency makes the option so appealing for many online punters.
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Anonymous And Borderless Cryptocurrency Betting
When it comes to online gambling with crypto, you’ll find there are two levels of anonymity. The first is that there are no bank transactions with crypto gambling. Meaning your debit or credit card will show no record of a cryptocurrency betting deposit. But there are other ways to be fully anonymous with cryptocurrency gambling. To do this you must utilise a wallet that’s disconnected from your personal information. Obviously, forget your crypto wallet pin number you will lose all access to all its contents. We suggest you write down your access codes on a piece of paper and store them somewhere safe. Keep in mind that as a general rule, the higher the anonymity, the fewer the chances of being able to recover your wallet should you lose your password.
Anonymity With Cryptocurrency Betting
You’ll find many casino-related articles talking about how you can utilize VPNs to get around any border or country restrictions. But in reality, is not that simple. For a start, you can be certain that all online casinos will be running software that can detect your VPN use. Not only that, but the casino’s terms and conditions clearly state that the use of VPNs is against their rules. So there’s a very good chance that the online casino can simply seize the funds in your account. And then they’ll ban you. So using a VPN is certainly not one of the best jackpot winning strategies.
But when it comes to making crypto deposits, then there’s no need for a VPN. The very anonymous style that goes hand in hand with crypto means that all deposits remain unseen.
Cryptocurrency Betting Is More Secure Than Fiat
Many believers of crypto will constantly talk about how safe cryptocurrency betting is. Especially when compared to using Fiat currency at a regular online casino. They will say that there’s great potential for fraud and security breaches, whereas gambling with crypto is much more secure. Unfortunately, this is a little disingenuous to the reputable online casinos. They spend huge amounts of money every year on maintaining absolute security and ensuring that all your banking and passing information are kept away from prying eyes.
It’s true though, that when you transfer money from your crypto wallet to the casino wallet there is no information stored. It will show as an anonymous transaction on the blockchain. But the problem with many offshore crypto casinos is that, without a reputable gaming license from an organization such as the Malta Gaming Authority or the UK Gambling Commission, then you can never be sure whether the online casino you’re dealing with is trustworthy. You have no idea whether they’re running good online security. Or if they’re simply selling your details to the highest bidder. Likewise, you have no way of knowing if the games are fair. After all, no audits take place with these offshore entities. If you win big, they can just turn around and block you. Without proper oversight and regulations, it’s just like the Wild West, with the player coming off worse.
Encryption And Validation
By tracing transactions on the blockchain, it’s possible to determine the route any cryptocurrency has taken. Whether your from your wallet to the online casino or vice versa. The blockchain needs to be validated as all the transactions on it make it more difficult for a hacker to steal your coins. Nevertheless, you’d have to be living under a rock not to read how huge scams are taking place within the crypto industry on a daily basis. All cryptocurrencies have recently fallen by up to 80% over the last few months. To that end, we can no longer recommend using crypto as a valid payment option for online casinos. Its volatility makes it impossible to know its price from one day to the next.
In truth, we imagine that many crypto retail investors will start converting that crypto into Fiat cash at a significant loss. And though both Bitcoin and Ethereum have taken massive tumbles, their falls appear to be relatively minor when compared to the number of altcoins that have been completely wiped out. If you really want to gamble with cryptocurrencies, then we suggest you stick with the big daddy of them all, Bitcoin.
But we should reiterate that cryptocurrency betting on unlicensed offshore crypto casinos is probably going to introduce you and your bankroll to a whole world of hurt. Here at Jackpotfinder.com we are pretty adamant in our opinion that the only way you can trust an online casino is if it has a valid gaming license. Otherwise, you could well be just throwing your money away. And that’s why we recommend Bodog Casino. Not only do they accept crypto should you desire to use it, but they offer every game under the sun. With many being immersive and fun live dealer versions.
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