Crypto Casinos vs. Traditional Online Casinos: What’s the Difference?
The integration of cryptocurrencies has become a disruptive force in the iGaming evolution, beginning a new era of online casinos. Bitcoin and other digital assets have been introduced in the industry over a decade ago, and an increasing number of people value their benefits. Enhanced transaction speed, anonymity, and the absence of verification procedures attract customers. On the other hand, cryptocurrencies are highly volatile and bring additional risks to gamblers, motivating them to return to fiat payment methods. Knowing the difference between traditional and crypto casinos will help you understand what suits you most, so it’s time to learn the main points.
Licensing and Regulatory Framework
It’s not a secret that the legal landscape is the first thing players should consider. Joining an unregulated online casino can result in unpleasant consequences. Traditional gaming sites operate under the control of the UKGC, Curaçao eGaming, MGA, Kahnawake Gaming Commission, and many other regional authorities. Most countries where gambling is not restricted establish supervising bodies controlling the sector to provide customers with fair and transparent conditions.
On the contrary, there’s no unified legislation for cryptocurrency usage in the iGaming sector. Hence, blockchain-based online casinos operate in a looser environment. Offshore bodies, including the Curaçao Gaming Control Board, don’t restrict their licensees from integrating cryptocurrencies, so most users rely on these platforms. Some casinos don’t have certification, instead relying on the Provably Fair technology, but their reputations raise disputes.
Although this technology is reliable, unfair operators have a gap for manipulation. From a legal standpoint, traditional online casinos provide higher consumer protection, but it doesn’t prevent users from selecting the convenience and speed of cryptocurrencies. More governments are concerned about the growing use of blockchain in the iGaming sector, so they are likely to develop specific regulations. Hence, additional restrictions may be initiated.
Anonymity, Security, and User Privacy
Licensed online casinos adhere to Know Your Customer (KYC) standards that require newly registered members to verify their accounts by providing a valid ID confirming their identities. Some operators also require bank statements and proof of income to calculate personalized bet restrictions. This mechanism is important to ensure customer safety and quick dispute resolution. However, anonymous gambling is unavailable here since the casino doesn’t allow skipping verification procedures.
Cryptocurrencies are different: the anonymous nature of the decentralized system and lack of intermediaries during money transfers allow users to gamble privately. No proof of income and the absence of transaction limits are advantageous. Players can download the 1xBet APK, select cryptocurrencies as their preferred banking options, and deposit instantly without sharing banking details. This feature attracts more customers to this payment option, popularizing blockchain-based gambling establishments.
Deposit and Withdrawal Speed
Here, cryptocurrencies are unbeatable, as all transactions are processed within several minutes. Players don’t need to wait long for their withdrawals, which enhances trust in the operator and helps plan the bankroll better. Moreover, Bitcoin and other digital assets imply no or low fees.
On the other hand, fiat payment methods involve intermediaries and require additional confirmations from banks or other financial authorities. Trusted payment systems need more processing time to consider the withdrawal request, so the term varies from a few hours to several business days. The speed depends on the player’s chosen banking option:
- E-wallets: up to 24 hours.
- Credit and debit cards: up to 5 working days.
- Bank Transfers: up to 10 working days.
- Instant banking: up to 48 hours.
The good news is that deposits via most fiat systems are instant. Withdrawal speed is lower than with cryptocurrencies, so users should prepare to wait for a while. Here, the choice depends on the players’ personal preferences, and both cryptocurrencies and traditional payment options have their benefits and drawbacks.
Payment Limitations and Transaction Flexibility
Here, cryptocurrencies stand out again, as this payment solution suits budget-conscious customers and highrollers preferring to cash in significant sums. Bitcoin and its alternatives can be divided into smaller parts; users get the chance to invest $1 or even less when beginning their gambling journey. Moreover, crypto has no maximum limit, allowing players to make massive deposits without financial verification.
Traditional casinos have strict deposit and withdrawal restrictions, which are often calculated according to the users’ bank statements. This feature is beneficial for compliance with safer gaming practices, but is frequently inconvenient for those who would like to make larger replenishments.
Bonuses and Promotions
Many online casinos accept both cryptocurrencies and fiat payment options, but bonus sizes vary. Operators encourage users to switch to the decentralized financial system and motivate them with bigger promotions. Crypto platforms have lower operational expenses, so they can afford to be more generous towards their customers. Traditional sites focus on providing a welcome package and developing well-thought-out loyalty programs.
On the opposite, crypto platforms often delight gamblers with smaller regular bonuses dedicated to special events or game releases. Both strategies are attractive in engaging and retaining players, so everything depends on the personal user preferences.
