Bitcoin vs. Traditional Online Casinos: What’s the Difference?

The online gambling industry has improved a lot in recent years. Most modern casinos have implemented advanced technologies to boost the quality of their offer. That’s why VR & AR technologies and other modern inventions are slowly becoming present on every casino site.

But, the improvement of the offer and quality of games was not the only goal that online operators had. They also wanted to make all the money transfers on their website easier and safer. You can now find a bunch of different casino sites accepting crypto deposits and withdrawals.

Unfortunately, people sometimes can’t figure out which options suit them the most. We prepared an explanation of traditional and crypto casinos in India on this page. All the pros and cons of each option are highlighted here. So, let’s find them out!

Traditional Online Casinos in India

Let’s start with the online casinos that most people in India got used to. Before everything, it is important to say that the quality of traditional online casinos in India is at a high level. However, those advantages may not suit everyone. Let’s find out their biggest pros and cons!

Pros of Traditional Online Casinos in India

Most people still use traditional methods: Credit/debit cards and e-wallets are still the favorite option for many people in India. People got used to using these tools for everyday purchases as well as business purposes. The habits can’t change too quickly, and casino operators are aware of that. That is the reason why we would put availability as the biggest advantage of online casinos that accept only traditional payment methods.

Larger offer: We do not want to say that Bitcoin is not a popular payment method. On the contrary, its popularity in the iGaming world is on the rise. But, the number of casinos that decided to accept cryptos isn’t as big as the number of traditional gambling sites. Even casinos that accept crypto rarely disclude VISA, PayPal, Skrill, and similar payment methods from the list of available tools. That’s not the case with traditional casinos. They either support cryptos completely or do not offer them at all.

Focused on the security of players: Traditional casinos usually use SSL encryption to protect the data of the customers. On the other hand, they will not allow people to withdraw money before verifying their identity. That means no one younger than 18 (who does not meet the age requirement) will get to gamble on these online casinos.

Cons of Traditional Casinos in India

Transaction fees: We do not know which traditional deposit and withdrawal method you are usually using. However, we are pretty sure you are annoyed by the transaction fees that you have to cover. Most people gamble with small amounts, which is characteristic of responsible players. Small winnings can reduce the amount of money you withdraw from your casino account. These reductions aren’t massive, but we are sure most people would want to avoid them.

Transaction period: Almost every traditional payment method will allow you to deposit money instantly. Unfortunately, that’s not the case with withdrawals. The transaction from the casino site can sometimes last up to 72 hours or even more. Bank transfers are the slowest method. People sometimes need their winnings urgently, so they may not find traditional casinos suitable for their needs.

Currency conversion fees: Online casinos that offer their services in India rarely allow INR as a gambling currency. Most of them are adapted to the markets of the Western world. That’s why you usually find American dollars, Euros, and British pounds as the only currencies available. Currency conversion fees can also reduce the amount of money you win at the casino. Although those expenses aren’t too low, we are once again sure most people would be glad to avoid them.

Bitcoin Casinos

The popularity of the Bitcoin casinos has exploded from the first moment BTC experienced price improvement. Without any doubt, it is one of the changes in the online gambling world that re-shaped the entire iGaming world. Most of the popular Bitcoin casinos in India have greatly improved their gaming catalogs. That’s why they are becoming more popular. But, just like traditional gambling sites, they also come with certain disadvantages. Let’s explain both.

Pros of Bitcoin Online Casinos

Quick money transfers: As we said, with traditional payment methods, you will not have the opportunity to get your money instantly. With cryptos, all the transfers that you make are instant. Bitcoin is completely decentralized. That means no middleman (read: bank) is involved in the process. The funds go directly from your casino account to your crypto wallet.

Anonymity: Do you feel uncomfortable sharing a bunch of personal information with the casino? We agree sharing your address, social security number, or ID with the gambling operators is uncomfortable. Bitcoin online casinos do not have tough requirements. They will only ask for the address of your crypto wallet. In other words, you only need to use a pseudonym to get the money you won in the casino.

Low transaction fees: When no financial institutions are involved in the process, the transaction fees are automatically lower. That is the reason why you will not deal with a significant reduction in your winnings. It is a great option for people who get nervous about covering transaction fees.

Cons of Bitcoin Online Casinos

High volatility: Bitcoin is undoubtedly one of the revolutionizing inventions of people in the last couple of decades. We are yet to see how it will impact the entire financial world. But even the latest technologies come with certain cons. The volatility of Bitcoin is extremely high. Its price goes up and down all the time. Your winnings may not have the same value in one day. Yet, the good news is that the volatility of other altcoins is even crazier. Compared to them, Bitcoin can be considered stable.

A small number of available casinos: Bitcoin and other cryptos are slowly becoming a trend in the gambling world. However, we must admit their number is lower than traditional casinos. It takes time until gambling operators apply the most modern financial option to their platforms. Plus, only a small group of people are regularly using it to pay everyday costs. We are sure their number will grow even more in the next 5 to 10 years.

Some Bitcoin casinos don’t require identity verification: You won’t find a traditional casino that will not ask for identity verification. That is their way of supporting responsible gambling. However, we have noticed that some operators do not have such practices. That is the reason why you should carefully explore all the options in front of you. You can check out the link we attached above to find the best Bitcoin online casinos in India!

Bonus: They Have to Be Licensed

Before we end this article, there is one thing that we must say! It doesn’t matter which of these casino types you plan to register at. Every casino that grabs your attention with its cool offer and amazing bonuses must be licensed. The license should be issued by local or international regulatory bodies with a good reputation in the gambling world. That confirms the casino has undergone strict testing procedures by independent third-party test labs.

Conclusion

As you see, both options come with certain advantages and disadvantages. It is up to you to decide which option suits you the most. But don’t forget that the license is the first thing you must check before starting the registration process. Without it, no one guarantees you will remain safe.