Is Cryptocurrency the Best Way to Gamble: A Look at the Different Options for the Modern Gambler

WORDS: Ocean Road Editorial Staff PHOTOGRAPHY Supplied

The gambling industry is one of the fastest growing entertainment markets in the world. Despite it already being a few decades old, there are still many people who don’t realize how iGaming works. Yet, with gambling platforms on the internet growing in popularity, plenty of people are becoming interested in giving them a chance.

The first question that one has to answer when discussing online casinos is how deposits and withdrawals work? After all, you can’t gamble without wagering. The truth is that quite a lot of sites offer PayID transactions for Australian Players, which has attracted new fans to these platforms. But what are the most popular methods for payment? That is what we are here to examine.

Credit Cards

The first and foremost way to make a deposit at an online gambling platform is through a credit card. Back in the 1990s, when online casinos first opened up, credit cards were the one and only way that players could wager. Because of that, they are now a staple of the iGaming industry. Which is their first advantage over other methods.

Because they are so tied to the gambling industry, credit cards are widely accepted. There are very few online casinos operating today that will not take credit cards. The ones that don’t are specialized in some way, operating specifically with cryptocurrency, or some other method of transaction. But, we will get to that.

Another big advantage is the fast transactions. Players don’t need to wait too long in order to get their cash after a win, or to start playing. That being said, the risk of using credit cards is overspending, as some gamblers lose track of how much they’ve wagered. Still, with a bit of restraint and responsibility, credit cards remain a top pick for many.

Debit Cards

In the 21^st century, quite a lot of people have moved away from credit cards, and are embracing debit instead. The mechanics behind both cards are similar. The main difference is that debit card users have access to a limited amount of cash, greatly reducing the risk of overspending. That is one of the key benefits that debit cards have over credit cards.

As for general advantages, debit cards don’t require much of an introduction. Because they are so similar to credit cards, most people already know how they work. So, they are, in fact, quite simple to use. Couple that with the same level of security you can expect from credit cards, and you have a pretty good payment method. However, there is a downside.

Most online casinos have been operating with credit cards for a long time. And while some have adapted to the new climate, there are still plenty who have not updated their card-based payments. While many will accept debit or credit card-based payments, there are still some that only operate with credit cards.

Cryptocurrency

Cryptocurrency is sort of like the cool new kid on the block. Some are interested, some are a bit afraid, and some are completely aloof to the rising market. Considering that the crypto market is now the third most popular trading market in the world, we’d wager to say that those who were interested from the start got it right.

Online casinos were among the first businesses to allow crypto-based deposits and withdrawals. So, it is fair to say that they were innovators in that regard. But, is there a benefit to crypto-based gambling. Well, safe, anonymous, and instant payments are the big upside. They are so successful, that some websites have dedicated to crypto-only gambling.

On the other hand, there is also a very clear downside to crypto-based gambling. That, of course, is the volatility that so many crypto traders are vary of. While many don’t understand crypto volatility as well as they proclaim, there is no denying that there is a danger there. So, a lot of people prefer to stick to FIAT money-based deposits and withdrawals.

e-Wallets

Platforms like PayPal, Skrill, and more are becoming increasingly popular, not just in online gambling, but in most markets. It is now possible, for example, to pay using PayPal in most super markets. These types of e-wallets have a lot of benefits to speak of. For one, they can be accessed through any electronic device, which means you no longer have to worry about your wallet.

More to the point of online gambling, e-wallet-based payments are fast, secure, and come with a heightened level of privacy. Through the use of encryption technology, digital wallet developers have found a way to create one of the safest payment methods in the world. Knowing all that, some may ask; what could possibly be the problem?

Well, the big issue are fees. Digital wallet payments often require the customer to pay some pretty hefty fees, especially when gambling on the internet. What is worse, those fees may apply to withdrawals, meaning you will not get the sum that you’ve worked so hard to win. That is why, a lot of people prefer traditional payment methods. Speaking of which…

Bank Transfers

Finally, we are looking at the good old-fashioned, bank transfer. As the name suggests, a bank transfer requires you to make a payment directly through your bank of choice. This route allows for incredibly high security, little-to-no fees, and relief from the stress of dealing with a middleman. For that reason, it is most people’s first pick.

Having said all that, there is a pretty big downside to direct bank transfers. Most gamblers want to start playing the moment they deposit, and have their money in their own account as soon as they withdraw. However, with direct bank transfers, the processing time can often take a couple of days. Many gamblers simply don’t have the patience to go through all of that.

However, for those who don’t mind the slow processing time, bank transfers might be the best pick. They are incredibly safe and reliable, require miniscule fees, and get the job done without a hitch. So, if you want a safe experience, bank transfers should be your first pick.