Online casino gambling is illegal in all but a handful of states in the USA. And in those states where it’s allowed, it’s severely restricted, and it’s difficult for players to transfer money to and from internet casinos that are so heavily regulated.
However, it’s a different ballgame in the crypto casino gambling world. Online casinos that allow gambling using cryptocurrency like coincasinos as a form of payment are becoming more popular daily. They snub U.S. regulations by operating offshore, safely outside the jurisdiction of American law enforcement, and openly advertise and run with almost no fear of prosecution.
There is so little oversight of these gambling platforms that, in many cases, you only need an eMail address and some cryptocurrency to play. In this article, we’ll tell you what you need to know about crypto casino betting and let you decide if it’s for you or not.
What Are Crypto Casinos?
Crypto casinos are online betting platforms that accept cryptocurrency as payment instead of fiat currency that’s controlled and regulated by state governments. Operating outside the bounds of the global banking system has obvious advantages if you work on the shadier side of life.
But there are many advantages and disadvantages for ordinary people who are sick of government intruding into every aspect of their lives. There’s nothing criminal in their intentions or practices, and transacting in cryptocurrencies is one way the forgotten man or woman grabs some of their freedoms back.
Crypto Casino Pros
- They don’t require identification. You don’t have to divulge personal information like age, provide identification documentation, utility bills, or bank statements.
- They’re private. Suppose you access the site through a VPN, using a burner eMail, with encrypted passwords. In that case, you’re free to use crypto casinos with the maximum level of privacy possible without fearing identity theft.
- Faster transactions. Moving cryptocurrency tokens from your private wallet to the wallet on the site’s blockchain is simple and instantaneous. Due to the blockchain network, this completely bypasses the complications of using fiat monetary systems.
- No surcharges. You’re the master of your currency and avoid nasty fees when making deposits and withdrawals.
- No Geolocation-based Restrictions. You bypass regulatory constraints erected by central bankers and local government authorities worldwide. All you need is an internet connection and a wallet full of crypto to enjoy the games on your favourite crypto-funded platform without interference.
Crypto Casino Cons
- No welcome bonuses. Some cryptocurrency casinos nix welcome bonuses for new players.
- Excessive restrictions. Other cryptocurrency sites attach so many strings to your account that they diminish your chances of winning.
- Reduced odds. Many sites have a significantly lower “Return To Player (RTP), thus reducing your odds of being a winner.
- Crypto price volatility. Cryptocurrency is notorious for wild price swings. Your ability to play is affected on a minute-by-minute basis.
- No responsible gambling controls. If you’re an addict, there’s nothing to stop you from gambling away your life savings, rent money, grocery money, and any other money you have, and then some. You’re entirely on your own.
Are Crypto Casinos Worth It?
If you’re addicted to gambling, the answer to whether crypto casinos can be trusted is a definite “no.” Nothing is stopping you from totally ruining your life. No self-banning, stake limits, or deposit limits, and the only actual limit you face is the sky.
Online gambling is regulated so strictly for some good reasons; to fight crime, prevent gambling addictions, and prevent access by minors. But in the world of crypto casino gambling, anything goes.
Can they be trusted? Without the protections of government oversight, it’s a crapshoot if one goes belly up and you lose access to your crypto. The answer to the question is one decision you must make for yourself.