It is safe to say that cryptocurrencies are among the hottest topics in the last couple of years. Despite things such as the global pandemic, Bitcoin, as well as any other Altcoins, continue to become more popular. That’s why it shouldn’t come as a surprise that many gambling operators allow their clients to make transactions using those options.
Like any other payment option, this one has a few specifics that you should be aware of, so let’s check out some of them. Hopefully, they will help you decide whether it’s worth using digital currencies for online betting.
1. Cryptocurrencies are considered to be safer than any other payment alternative
Due to their specifics, most digital currencies allow bettors to make safe deposits and withdrawals. This doesn’t mean that the other payment alternatives are not safe, but it is way more difficult for hackers to bypass the crypto safety features.
1. Some online casinos only have the most popular cryptos
There are places where you can find detailed reviews of many casinos. For example, such websites as nostrabet.com will provide you with a step-by-step analysis that goes through everything the given brand has to offer, including the payment options. If you check them out, you will notice that some casinos only support Bitcoin as a payment option.
1. In some cases, you may not be able to withdraw your winnings using cryptos
For some reason, there are online casinos where clients can’t make withdrawals using cryptocurrencies. This means that you may have to use an alternative payment option if you want to pull out the amount you’ve won.
1. Sadly, you may not have the chance to use your favorite digital currency
Some online casinos give their users the chance to access different promotions. Usually, you can make a deposit using every payment option, but in some cases, the bonuses may not be available to punters who fund their accounts using cryptocurrencies.
1. Some cryptocurrencies allow their holders to make an instant transaction
One of the things you have to check when choosing an online bookie is the processing time of each payment option. In some cases, your preferred cryptocurrency might allow you to make an instant transaction. Hence, you can start playing your favorite games within seconds.
1. You may have to pay small fees for each transaction
Since digital currencies are not as popular as e-Wallets for online betting, some casinos will require their clients to pay a small fee for each crypto transaction. You can learn more information about it by reading the Terms and Conditions.
1. Depending on the value of each cryptocurrency, you may end up depositing more than you can afford
If you are a crypto user, you have to keep an eye on the price of your preferred option. Those types of payment options are notorious for their volatility, which means that you may end up depositing a lot more funds than you can afford.
1. Be careful because your country might not allow you to use specific cryptocurrencies
There have been many rumors that some countries might start to regulate cryptocurrency usage. In other words, you need to check whether you are allowed to use your preferred payment option because you may not be able to pull out your winnings late on.
1. Some cryptocurrency wallets may not allow you to fund your online casino account
Nowadays, digital currency users have access to an abundance of wallets that they can use. The most popular ones will allow you to make transactions whenever you want to. However, there might be some alternatives that may not let users fund their online casino account.
1. Many Altcoins might cease to exist, so be careful what you’re using
Last but not least, you should be careful what cryptocurrencies you’re using. Although there are loads of Altcoins, some options are not as popular as others, so we won’t be surprised if they cease to exist.