FIAT OR CRYPTO?…….The fiercest currency debate of all time…
The iGaming industry is evolving further and further each year. Not just in the visual and enjoyment sides like the VRs and the ARs, but also on the wildly-increasing adaptation of cryptocurrency.
In this article, we’ll help you find out and decide which is better for you: Fiat Online Casino or Cryptocurrency Online Casino.
REGULATING AUTHORITY
Fiat Online Casino
Our conception of reliability is defined by what works and what’s always been there, and that’s tried-and-tested banking systems. These banking systems have been constantly developed for hundreds of years to be the most secure places to trust our money. This is where most people go and most systems apply, and operators can expect a lot of folks joining their online casino if they’re running a Fiat Online Casino.
Banking laws protect players from theft and other cybercriminal acts. Furthermore, in several cases, if you use their banking system, if the Fiat Online Casino you’ve played in has been fraudulent, by lawful agreements, you can have your money back because using their service makes your money insured.
If there’s one factor that doesn’t sit well with Fiat Online Casinos in this subject, it is the fact that banking laws and restrictions will affect your fiat money. Restrictions change and interferences happen with banking laws and transaction fees and taxes. There are even situations in which accounts are freezing.
Cryptocurrency Online Casino
Cryptocurrency Online Casinos run on software-backed systems—meaning there are no sudden interferences, no central authority restricting movements of your money. You may hear the word “decentralized” a lot whenever cryptocurrency is being talked about, but it’s true—it means that there’s no “middleman” between you and your Cryptocurrency Online Casino—meaning you are free from getting pried on by regulating authorities.
One downside of this involves changes when this technology gets improved. Protocol changes will happen—and it may be more difficult and slower for non-regulated ecosystems like cryptocurrency to adopt new protocols.
SAFETY
Fiat Online Casino
Your spending patterns and habits are recorded in the bank’s system. Your transaction patterns are also recorded in the Fiat Online Casino. Any unusual activity, say when you’re trying to transact in amounts that are not in your normal range, or you’re transacting in an unusual place (like the other side of the world that you’ve never been in), the bank and the Fiat Online Casino will contact you to confirm the transaction. This way, you are protected by your own spending behaviors and patterns.
As mentioned before, some reputable banks have been around longer than our parents’ parents’ lives. They’ve survived this long, constantly staying one step ahead of the fraudsters and cybercriminals, earning the trust of customers for managing their money. Mishaps happen, but banks only survive if the money-managing tactics they’re doing are effective and so part of their job is to stay ahead with safety measures.
Some people, however, are not confident with relying on banks and Fiat Online Casinos to give out their personal information. Yes, most of the time banks and Fiat Online Casinos are safe, but identity theft and all that cybercriminal acts still do happen, and this tiny chance of being the victim is something a number of people won’t stand for.
Cryptocurrency Online Casino
While your identity and spending patterns are your protecting factors in the Fiat Online Casino, it works the other way round in the Cryptocurrency Online Casino, as you as a player can keep your details completely anonymous. How? Your cryptocurrency wallet itself doesn’t have your personal information—simply because there’s no need for them. Staying completely anonymous also protects you from crimes like identity theft.
As Cryptocurrency is still just over a decade-old technology, there are cybersecurity breaches that prey on cryptocurrencies that are yet to be established. It’s riskier if you veer away from the big-named cryptocurrencies. Enhanced cybersecurity measures are being developed, ones that are deemed to perform beyond what traditional banking industries use, but it can’t be denied that there’s still a lot to do with cryptocurrency’s security infrastructure.
TRANSACTIONS AND TRANSPARENCY
Fiat Online Casino
Transactions are secured by the third party banking system you have availed to assist you in depositing your betting capital and withdrawing your bet winnings. Your transactions will be recorded, as mentioned, and your transaction behavior will be taken note of, in order to detect suspicious activity that may not have been your doing.
However, every transaction you make will incur charges that will sum up to a significant amount in the long run in the Fiat Online Casino. You’re asking for their help in making things smoother for depositing and withdrawing your money, and you’re paying them. Moreover, these transaction fees lack some really detailed breakdowns, meaning there may be hidden charges that most aren’t aware about.
Cryptocurrency Online Casino
The approach with Cryptocurrency Online Casinos is more direct. Since there is nothing between your wallet and the casino you’ll be transacting with, you can seamlessly and effortlessly deposit and top up your funds and play games instantly. Withdrawals and payouts happen in real-time, having your winnings go directly back into your cryptocurrency wallet as you cash out. The highest transaction costs amount to 10 US cents—and this does not depend on the amount you’re transacting with either. You can save the amount you don’t spend on transaction fees anymore and in time, you’ll get to bet even more.
Transparency is an attractive factor with Cryptocurrency Online Casinos—cryptocurrency, after all, is a public ledger, a record-keeping system displayed in public, showing everyone’s cryptocurrency balances and all transactions between each other, while everyone’s identities are maintained anonymously.
One drawback in this is Cryptocurrency’s scalability—its ability to cope with large numbers of transactions at a time. This is one thing that highly-established fiat currency banking systems have an advantage. Lacking in scalability affects the transaction speed, and even though normally it should be done real-time, it may not be so if you’re transacting at the time of the day when so many other transactions are going on as well.
ODDS AND PROMOTIONS
Fiat Online Casinos
In Fiat Online Casinos, bonus amounts range from tens to about a few hundred dollars. Foreign exchange rates differ each day, but normally the differences are not so big and wouldn’t be too hard on your wallet so long as you’re not nitpicky about the small differences.
Major economic turns, though, like recessions, affect the values of exchange rates enough that they also affect the values of such bonuses.
Cryptocurrency Online Casinos
Cryptocurrency bonuses offer potentially exponential rewards. For example, Bitcoin Online Casinos offer bonus rewards of about 1 BTC to 5 BTC—and it is usually priced in the thousand dollars: For example, it is around USD 9,000+ as of this writing. Even if you only get 1 BTC, this is still way more than the few hundred dollars you can get from Fiat Online Casino bonuses.
At the same time, it could also go trench-deep low, as cryptocurrency values are even more volatile and unpredictable than foreign exchange. An attitude with a high-risk comfort level is needed in order to keep transacting with cryptocurrencies this way.
GAME CONTENT
Fiat Online Casino
There are endless gaming options in the Fit Online Casino. Whatever comes to your mind, Fiat Online Casinos have it. If your Fiat Online Casino doesn’t have this game that you’re suddenly interested in playing, it’s easy to find another Fiat Online Casino that has it.
Cryptocurrency Online Casino
Originally fiat-only games are beginning to entertain cryptocurrency bets and transactions. Gaming portfolios that belong to Cryptocurrency Online Casinos are also multiplying. While not as wide in variety or as numerous as Fiat Online Casino games, if your go-to games are the well-loved ones, then most likely there’s a cryptocurrency game content for it.
Pros and cons differ and choosing between Fiat Online Casino and Cryptocurrency Online Casino depends mainly on how comfortable you are with risk and the business model that works for you and that you want to adopt as an iGaming operator.
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