It all started with the barter system as a mode of payment for any transactions. Cash transactions followed this in the form of money or currency, as we call it. Every nation has its currency – Dollar ($) in the US, Euro (€) in Europe, Rupee (₹) in India and so on. For a long time, cash was the mode of payment. In the past few decades became the second choice after Online Payments through Credit Cards, Debit Cards, PayTM, UPI and many other such options.
A new form of currency that was developing side by side to Online Payments was the Crypto Currency. The first form of Crypto Currency was Bitcoin. Crypto Currency is a digital asset that works as a medium of exchange. The ownership records of this currency are securely stored in a ledger using cryptography. Crypto Currency does not exist in physical forms like dollar, rupees, or euro. These days Bitcoin is extensively used in online casinos. Let’s look at which form of currency is better for online gaming – fiat money or cryptocurrency.
Advantages of Fiat Money in Online Casinos
- Easy Counting: When using Fiat money in online casinos, it is much easier to count your winning amount as you have been dealing with such a kind currency for a long time.
- Stability: Fiat money is a stable currency compared to other currencies like gold, silver, or even crypto currency. In online casinos, this kind of money always finds more buyers.
- Satisfaction: Satisfaction is another aspect that only Fiat money guarantees. Once you win a casino amount, you can instantly feel the touch of that amount with your hands.
Advantages of CryptoCurrency in Online Casinos
- Withdrawals are easy: With Fiat money involved in online casinos, centralized authorities automatically appear. This causes many verification processes before funds are distributed to the respective party, as such delays can occur. With Crypto Currency, there is no centralized authority, and there are hardly any delays. Players can withdraw the required amount whenever they want for quite a few days from the bankroll they carry.
- Security: In digital transactions, many frauds happen as credit cards, and debit cards can be hacked when transactions occur. However, this is not the case with cryptocurrency, as hackers cannot compromise the centralized database. This is so as the players are not required to provide any sensitive information to the casino. Further, the player's crypto details are not present on the server, thus reducing any potential risk of fraud.
- Minimum Costs: Players who use cryptocurrency in online casino games get to enjoy reduced costs. Reduced costs resulting from the network fee imposed on the players depending upon the type of currency. Further, there are no fees on the casino’s transactions. This also dramatically enhances the payout to the online players. The casino, as such, can decide to reduce certain costs towards the player to keep them hooked to their online casino.
- Incentives and Bonus: For players who are using cryptocurrency as a payment mode, the casinos offer some incentives to them. This is possible for casinos as the players don’t use any credit cards. This minimizes certain costs of the casino, and the casino rewards the players with some attractive bonuses.
All kinds of casinos require the players to prove that they can support their bets. Once they are using cryptocurrency, they become anonymous. The value of cryptocurrency can fluctuate every second. This can create difficulties both for the player and the casino itself. Regulators have recognized cryptocurrency as a legal trend but not without strict controls to manage the risks.
Despite these regulations, certain casinos have already started to implement cryptocurrency as one of their payment modes. This is certainly a belief in the Blockchain technology that can protect its users from any fraudulent transactions. With these regulations in place and Blockchain implemented, we may see a secure future for cryptocurrency.
Fiat money and cryptocurrency are placed against each other when it comes to online gaming. While fiat money shows more stability and satisfaction, cryptocurrency is more secure and beneficial. Cryptocurrency owners can vouch because they do earn more while using cryptocurrency rather than fiat money. Cryptocurrency doesn’t involve the hassles of centralized authority when money is used for gaming in casinos.
It is instantly available as compared to fiat money. Though people might be preferring Fiat money today, tomorrow, the sun will rise on cryptocurrency. For those who have already pledged themselves to Crypto, the future awaits them.