Fiat Casinos vs. Crypto Casinos: What You Need to Know
In a fast-evolving gambling space, online casino players always find themselves with many choices. They can play at conventional casinos using FIAT currency (government-issued), such as USD, GBP, or Euros.
The other option entails playing at crypto casinos. These online casinos allow gamers to deposit, place bets, and cash out using cryptocurrencies, such as Bitcoin, Bitcoin Cash, Litecoin, and Ethereum.
FIAT casinos boast a longer history; however, crypto gambling platforms aren’t taking a backseat. They have firmly established themselves and are here to stay.
In this article, we look at the key differences between FIAT and crypto casinos. With the information, you can make a rational decision on which one to choose for your online casino needs.
Bitcoin Vs Fiat Casinos
The Currency and Payment Methods Used
Evidently, the biggest difference is the banking methods used. FIAT casinos support different payment methods, from direct bank transfers to credit cards. On the other hand, crypto gambling sites deal exclusively in crypto tokens. You will likely find notable examples such as Tether, Bitcoin, Ether, Ripple, and Bitcoin Cash.
However, it is worth mentioning that a growing number of platforms accept both. In an effort to attract more players, crypto sites are now taking FIAT currency payment methods. On the contrary, FIAT casinos have begun adding crypto options. With this trend, most online casinos will likely be accepting both currency styles in the future.
Casino Payout Speeds
Any seasoned gambler knows that payout speed is among the most important aspects of online casinos. There is nothing as frustrating as winning a huge sum only to see a withdrawal timeline of “3 – 5 business days.”
With FIAT casinos, payment processing is not as fast as many may want, as the money has to pass through multiple middlemen before it reaches the player.
Crypto gambling platforms don’t have that problem. Obviously, this has to do with the way crypto works. Operating on a peer-to-peer system, crypto eliminates the need for middlemen or central authority to manage transactions. In short, crypto goes directly from the online casino to the player and vice versa. This method considerably minimizes processing time, making the payout speeds much faster.
It is important to acknowledge that some crypto sites could still take time to process payment. But, for most, it is done in a matter of minutes.
Another differentiating feature between FIAT and Crypto casinos is game fairness. Crypto gaming sites inarguably have fairer games compared to the traditional FIAT casinos.
Crypto casinos use provably fair technology and algorithms that can be verified for fairness. You can do this yourself; thus, there is no need for third-party auditing and validation. In addition, the game titles come with a reasonably low house edge (ranging from 0.5% to 2%), giving you a good chance of winning.
FIAT casinos usually lack this feature and use RNG technology. Their house edge is also slightly higher (3% – 15%) based on the game and casino you are playing for.
Anonymity and Privacy
Crypto gaming platforms provide more anonymity and privacy than FIAT casinos.
During account registration, you might only be asked for your email address – no names, physical address, or phone number. When making crypto transactions, you are presented with encrypted addresses instead of personal information, making the entire process even more anonymous. This feature is attractive to people who value privacy while participating in online gambling.
Due to banking and legal regulations, FIAT casinos must always require personal information when creating an account and transacting. While security measures are there, the level of anonymity is lower than in crypto platforms.
Which Is Better? FIAT vs. Crypto Casino
There are many differences between these two gambling platforms. Some may view these differences as advantageous, while others may see them as unfavorable. For example, FIAT casinos may take some time to process payouts. On the contrary, crypto casinos are less regulated. This can potentially lead to problems with unscrupulous operators.
Given these factors, there isn’t a definitive answer to which is better. Both platforms offer great chances to play and possess unique attributes that the other casino may lack.
The only way to find out which is superior would be by accessing your preferences. For example, if you wish to stay anonymous, then a crypto site would clearly be better.