Which Type of Payment is Better in Online Casinos: Cryptocurrency or E-wallets

Gambling enthusiasts spend a lot of time online trying to figure out which site or app to use in order to play online casino games. They do this in order to adequately evaluate each operator and weigh its pros and cons. 

They usually make decisions based on the available games, jackpots, bonuses, and wagering requirements.  However, they also consider another important component that has to do with payments. Users want to play on the best online casinos that payout quickly, and that use the most advanced payment methods.

In other words, they want operators that can accept and make payments via different e-wallets or even cryptocurrencies. Since these are the most popular payment methods we will compare them and see which one is better suited for the purposes of online gambling. 

Benefits and Challenges of E-wallets 

When e-wallets started to appear people had their reservations about them. This is because the tech was relatively new, and we were all still getting familiar with the whole digital world and what it can do.

Simply put, banks were the most trusted go-to option for keeping our cash and handling payments. However, once we saw what e-wallets can do, and how they can be an improvement, more users started using their phone apps to pay for things and to transfer money. 

E-wallets act as a middleman between users and a bank but they can take accountability for money transfers and they use BaaS to create real-time payments.

As a result, those who play in an online casino can use e-wallets to fund their account very quickly, and also withdraw their funds.

Some of the most used e-wallets are:

■ PayPal

■ Neteller

■ Skrill

■ EcoPayz

However, they do come with their fair share of potential issues. These companies do handle your funds but they are not banks. Meaning you don’t necessarily have insurance on your account, and if someone hacks your phone and decides to take the money in your e-wallet there is no guarantee you will be compensated.

So, people often keep the main portion of their funds in the bank, while only allowing e-wallets to handle smaller amounts. So, if you end up winning a jackpot using an e-wallet to transfer those funds might not be the best idea. 

What about Cryptocurrencies? 

Cryptocurrencies are also technically relying on e-wallets, it’s just that stealing someone’s crypto is way more difficult. This is because they use blockchain as a payments network, which is a self-regulating system that’s difficult to hack and trick into making a false transaction. 

If you handle your deposits and withdrawal in an online casino using cryptocurrency, you can also play anonymously. Sites that allow crypto transfers can also enable users to play using a specific URL rather than using their personal account.

This is once again a lot safer and it can come with its own safety benefits. Primarily, you don’t have to worry that your personal information will be at risk if someone hacks an online casino site.  

Unfortunately, cryptos are still struggling to be legitimized by some governments, and there are regions that deem these transactions illegal. Moreover, the currencies can be volatile and people have reservations when it comes to paying for services with cryptos. They mostly hold them out of fear that the same currency will be worth a lot more the very next day. 

Conclusion 

To reiterate, it seems that crypto is a safer option compared to regular e-wallets. Your information is more secure, your money is safer and the transfers go quicker. That being said, e-wallets are really efficient when it comes to processing time, so it’s not that big of a deal. Furthermore, there are a lot more casinos that accept e-wallets compared to cryptos, and you don’t have to worry about spending real currency as much as spending cryptocurrency.

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