Bitcoin

Payment Methods for Online Casinos: Bitcoin vs Fiat

Dec 21, 2020, 4:16PM
4 min, 6 sec READ
Brought to you by LuckySlots.com

There are many ways to have fun online. With technology, people are given the right to choose from a myriad of online games.

With that, online casinos emerged and they gave people the freedom to scroll freely and enjoy some slots and table games. Considering the fact that they are online, people are actually able to enjoy this even when they are just in the comfort of their own home. 

Aside from game variety, players can also enjoy convenience, mobility, as well as options when it comes to the available modes of payment. Before, only online banking is allowed on these sites as fiat seemed to be the most acceptable form of payment. Now, these online casinos have also learned to accept cryptocurrency. 

Indeed, online casinos provide the same chances for their player regardless of their chosen payment method. However, it is with the differences between fiat and crypto that their users can have different experiences when it comes to online casinos. 

With that, here are some of the notable differences between fiat and crypto when they are used for a table game or slot game

Restrictions

Fiat is always accepted but it depends on what country you are coming from. However, it is undeniable that fiat is always controlled and regulated by banks. On the other hand, crypto’s primary characteristic is that it is decentralized. Meaning, no one can ever meddle with crypto transactions as it does not fall under any legislation that may restrict it from circulating. 

Gambling laws

Many countries have strict laws against gambling and this also includes the use of online casinos. With that, players who are making use of fiat will find it hard to deposit their money into their accounts if their currency happens to be blocked on a certain site. However, this does not apply to crypto as they are used globally. This means that even if your country bans the use of online casinos, you may still be able to play with the help of crypto. 

Globality 

As earlier stated, crypto can be used wherever in the world. As it works as a digital asset, crypto users can enjoy their stored crypto without the need to have it converted to another currency. This factor is a mere disadvantage to fiat because currency exchanges may take some time or may be charged with expensive fees. 

Transaction fees

Fiat may often charge some fees on your transactions and it may be high.  On the other hand, crypto doesn’t do that. In fact, what crypto ensures is that they only intend to charge little to no fees at all. Despite the low charges, the fees that are being charged by different cryptocurrencies may still vary from one another. 

Ease 

Technically speaking, both are easy to use. However, fiat would have to go a long way before it gets deposited in your playing account. You must first have it deposited or transferred to your banking account before you can have it placed in your online account. Crypto, meanwhile, is already a digital asset. With that, it is guaranteed that the online crypto transfers will really be easier. 

Speed 

Since fiat is regulated by banks, transactions may take a while before being reflected in your online account. With that, players can expect to have their transactions reach seven days or more. Meanwhile, this doesn’t happen with crypto as it is ensured that almost all transactions will take place instantly or just about 10 minutes at most. 

Security

Both banks and crypto are secured in their own ways but there are still some notable differences when it comes to this factor. With fiat, you may encounter problems such as frozen accounts and card malfunctions. This doesn’t happen with crypto because it is decentralized. That way, you are sure that your money is kept away from the possibility of having them interfered by governments and banks.

Anonymity

One of the best things about using crypto is that it never requires you to provide your personal data. By giving you the option to include your name and/or your purpose, you can make anonymous transactions. By doing so, players will be more confident to make deposits that are not going to be reflected in their bank statements unlike with fiat. 

Conclusion

Overall, there are many differences in how players can enjoy fiat and crypto. Regardless of what payment method they choose, they will still be able to enjoy their favorite slot game along with other table games. They will all still be able to enjoy the same games and bonuses that are being offered by their chosen sites. With that, players need not worry about missing out on some perks that either fiat or crypto may bring since making use of both can give them an undeniable fun experience. 

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.