Online gambling platforms has undergone a major change with the introduction of Bitcoin casinos. There are 2 major gambling platforms available:
- Bitcoin Casinos
- Traditional Casinos
Players can choose any of these according to their comfort and convenience. The innovative approach of Bitcoin casinos has attracted many players across the world while traditional casinos kept their existing audience by providing several benefits and offers. The major difference between traditional and Bitcoin casinos is the payment options they support. Bitcoin casinos support payment methods using cryptocurrencies while traditional casino platforms do not support cryptocurrency transactions. Traditional casinos accept traditional transaction methods including bank transfers, credit cards, and e-wallets.
In this blog, we will discuss the key differences between Bitcoin and traditional online casinos providing a detailed description for potential customers.
Working of Traditional Online Casinos
If you are a gambling enthusiast, there is no need to explain the workings of traditional casinos. The workings of traditional casinos are straightforward. Every user has to be at least 18 years old to enroll in the online gambling platforms. The first thing you have to do is register with a reputable and licensed traditional casino platform.
After Registering with the platform, the next step is to deposit money into your account wallet. You can deposit money into your wallet using traditional payment methods such as bank transfers, credit cards, and e-wallets. To proceed with these methods, you will need to verify your identity and legal age. Players have to submit additional documents to complete this verification process.
After successfully depositing the amount you can play your favorite games and make profits. To withdraw your winnings you also need to use the traditional payment methods. It may take a few days to reflect the withdrawal money in your bank account.
Working of Bitcoin Online Casinos
Bitcoin casinos are working as the same as traditional online casinos, but have some key differences in transaction methods.
Players have to register on the Bitcoin casinos to play games. The main advantage of Bitcoin casino is that players do not have to provide their personal information and sensitive details for registration. The transactions are through cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Dogecoin, etc. Players should own cryptocurrencies to play on such platforms. After successful registration, players can deposit money in the form of cryptocurrencies into their casino wallet. Using this money, players can play several games and make a profit from the platform. To withdraw the winning amount, the same process has to be followed. The transactions are much faster than traditional casino platforms.
Differences: Bitcoin Casino v/s traditional casino
Apart from the working of both casino platforms, many other differences exist. Let’s look at the key differences between Bitcoin and traditional online casinos.
Traditional Online Casino
Let’s look at the major advantages and disadvantages of traditional online casinos.
Advantages
- Traditional casinos have been operating for decades, and built a reputation and trust with the audience.
- Offered many payment methods for its players including bank transfers, e-wallets, and credit cards.
- Players have to submit additional documents for verification to ensure security and safety. This has convinced many players to opt for traditional casinos.
- Traditional casinos have more game collections including tables and live dealers.
- Easy deposits and withdrawals
Disadvantages
- Players have to submit many documents for identity and verification purposes.
- KYC(Know Your Customer) verification is mandatory for depositing and withdrawing money.
- Traditional banking methods used for transacting money into the casino wallet are banned in many countries.
- It will take days to reflect the withdrawal amount in the bank account. The withdrawal time is comparatively high.
Bitcoin Online Casino
Let’s look at the major advantages and disadvantages of Bitcoin online casinos.
Advantages
- Bitcoin Casino ensures complete anonymity to its players like depositing cryptocurrency. The identity and sensitive information of players will be anonymous.
- The transaction is much faster and players can withdraw money instantly to their bank account.
- The simplicity of the registration process attracted many players. Bitcoin casinos do not need any personal information of players since it does not require KYC for verification.
- Since cryptocurrencies are globally accepted, players can deposit and withdraw money from anywhere in the world.
- There are no hidden fees or charges imposed on the Bitcoin casino platforms. The fees are comparatively less when compared to traditional banking methods.
Disadvantages
- Not every player will be holding cryptocurrencies. So they cannot use it for transactions and are not eligible for certain bonuses and promotions.
- Cryptocurrencies like Bitcoin are highly volatile. The value of cryptocurrency will change daily, impacting the value of the winning money of every player.
- Dealing with Bitcoin casinos requires more technology skills. Not every player is proficient in that field.
- Bitcoin casinos are relatively new and it is hard to trace back to the history and background of the platforms.
Conclusion
The online gambling industry has changed a lot with the rise of cryptocurrencies that resulted in the introduction of Bitcoin casino which offers attractive alternatives to traditional online casinos. The innovative approach of Bitcoin casinos has attracted many players across the world while traditional casinos kept their existing audience by providing several benefits and offers. Both the platforms have their advantages and disadvantages but the selection between the two depends on the taste of the gambler. It is his/her responsibility to take risks. Always keep in mind that you are dealing with your money and you should be careful while choosing the platforms.
