TMCnet Feature
April 19, 2021

Cryptocurrency Vs. Fiat Currency: Which is Better for Online Gambling



For decades, fiat money has been the dominant medium of exchange. However, with the rise of cashless transactions, cryptocurrency has turned out to be the game-changer. And of all the industries it has influenced, the online gambling industry appears to be benefiting the most.



For instance, over the last couple of decades, the gambling industry has migrated from cash-based transactions to online transactions. Then came Bitcoin, a revolutionary blockchain-based solution that provided online casino enthusiasts with a new, unique, and secured gambling experience that’s completely different from conventional gambling.

There are several benefits of cryptocurrency over fiat currency, especially for online gambling. Listed below are some of the significant advantages:

Speed of Transactions

The entire transaction process’s average speed is one of the fundamental characteristics that attracts both Bitcoin casinos and gambling enthusiasts to opt for cryptocurrency over fiat currency. Almost all virtual currencies allow instant deposits, transfers, and withdrawals, which is extremely difficult to achieve using fiat money. Compared to the extended waiting period prevalent in casinos dealing in fiat money, Bitcoin casinos, on the contrary, process your winnings and cashouts within hours, if not minutes.

Lowered Costs

Compared to traditional banking services, cryptocurrency doesn’t incur any storage cost or charge high fees for transactions. When you deal in fiat currencies, you’ll have to bear additional costs, such as transaction charges, processing fees, conversion fees, etc. As cryptocurrency is decentralized and uses minimal resources, it leads to lowered overheads. You can rest assured to get total value from your winnings and cashouts in cryptocurrencies.

Ease-of-Use

When you use fiat currencies, you might have to compromise with lengthy processes. Although they may not be complicated, they surely test your patience. For instance, you’ll first deposit the funds in your bank account and then transfer it to your online gambling account. In some cases, you may even need to convert the currency to meet the casino’s requirements. But with cryptocurrency, the whole process gets a lot easier. The funds are already in your crypto wallet, ready to transfer, and globally acceptable.

Anonymity, Transparency, & Security

No one can use a fake Bitcoin. It is a digital currency, and every transaction is recorded and encrypted, ensuring that no one can bypass the predefined protocols. All of your transactions get immediately recorded in a digital ledger. As a result, you can rest assured that your money is safe and secured. Since there’s no government regulation, you also don’t have to worry about someone tracking your spending, meaning all of your crypto transactions are untraceable by anyone other than yourself.

Besides, licensed online casinos like Fortunejack that accept cryptocurrency are legally bound to use provably fair gambling methods. As a player, you have the full right to review how casinos calculate best and pick winners. This increases transparency for both the players and the casino.

Bottom Line

Based on the above points, cryptocurrency has a clear advantage over fiat currency in online gambling.  Most cryptocurrencies remove the usual hurdles that come packaged with conventional trading systems, including instant payments, anonymous transactions, and simple usage - all of which matter the most in online gambling. That said, there will soon be a time when online casinos will reject fiat currencies and opt for blockchain-based cryptocurrencies.


 
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