Recently, casinos that accept ETH have been on the radar of virtually every player. The fact is that cryptocurrencies, in general, have caused unprecedented excitement among network users. Moreover, the Ethereum exchange rate itself is at a pretty high mark. This has allowed all cryptocurrency holders to start looking to leverage their assets. However, most users are not choosing digital currencies as an asset but as a typical settlement means.
But, a section of online casino players still needs to trust cryptocurrencies entirely or learn how to handle them. This is undoubtedly a significant omission on their part. In this article, we will describe all the strengths of Ethereum casinos in detail, and of course, we will review the weaknesses. You will most likely change your mind in favor of using digital cash.
What are the Benefits of Ethereum Casinos?
So, you’ve probably heard about the prominent companions of cryptocurrencies: anonymity, low fees, and decentralization. But how much detail can you describe them and explain how they work in reality? It is to understand all the benefits that we have tried to explain each of them in simple terms:
- Anonymity. This is the most essential and popular point in every text about Ethereum casinos. However, how does this anonymity work? To begin with, it is necessary to understand that crypto casino owners are not anonymous because they need to increase the site’s credibility. Conversely, players can only be unknown if the crypto casino has no fiat currencies. The fact is that the presence of fiat currencies implies verification on the site, which contradicts anonymity. But, all transactions with Ethereum currency itself are, in fact, anonymous because no one knows who owns your wallet and who performs financial transactions
- Licensing. This point is partly derived from the first. If Ethereum casino is licensed, the owners will be known. By obtaining a license, players are assured that it will be a reliable site with fair games. But, having a license, in most cases, involves identity verification. And this already contradicts the notion of anonymity
- Low fees. This point is another common advantage. But it takes time to find real-world examples of how this works. Imagine using fiat currencies to deposit at an online casino. A lot of money would be taken from you as a commission, which you must pay to the bank and intermediaries. Moreover, such conditions can be both for deposits and cashouts. As for Ethereum casinos, you will only pay transaction fees to network validators during transactions. In most cases, the amount will be $2-$3. These are excellent figures for digital cash
- Have you heard of fast transactions? It is a cryptocurrency that can be much faster than traditional currencies. Why? The fact is that many of the fiat payment systems need time to process your transaction. For example, Payment Cards payments can take up to 5 days, and Bank Transfers can take up to 7 days. At the same time, cryptocurrency transactions take only a few minutes. In some exceptions, transactions can take up to several hours
- Variety of bonuses. For cryptocurrency slots, many casinos offer just a vast number of dividends and other promotions. This is because there are no restrictions on cryptocurrencies
- No withdrawal limits. Not all crypto casinos have this advantage. However, most offer you the ability to cash out unlimited amounts of cryptocurrencies.
What are the Disadvantages of Ethereum Casinos?
Along with the many advantages of Ethereum Casinos, this type of gaming platform has a few drawbacks:
- Fraud. Since cryptocurrencies are currently not regulated in any way, many scammers use this to steal your funds. It is essential to check the validity of the license and other parameters that will help you avoid losing money
- The inability to cancel a transaction. This is a significant disadvantage when you make an improper payment. You will not be able to recover your funds and will not be able to contact the owner to return the amount. So check the beneficiary’s details carefully
- It is not regulated in any way. Although cryptocurrencies are prevalent worldwide, they are not legally held in any way. This means you cannot use them as a natural means of payment.
It is worth noting that some of the drawbacks of Ethereum casinos can be avoided if you are careful and security conscious. Otherwise, playing at Ethereum casinos is more good entertainment than traditional casinos. In any case, there will be much more benefits waiting for you here.