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Credit Card Casinos vs Cryptocurrency
Credit cards and cryptocurrency are the two primary payment methods online casinos accept. Crypto casinos were unheard of a scant ten years ago, and now, they threaten the extinction of credit cards for casino gambling as cryptocurrency rapidly gains popularity.
The question is, why are crypto casinos becoming so popular? What do these early adopters of crypto gambling know that the rest of us don’t?
For one thing, cryptocurrency is a far superior payment method because it’s more secure than credit cards. There are many ways to scam someone out of their credit card data. Sometimes it involves getting physical possession of your card or simply “skimming” the information off your card.
It’s impossible to scam a crypto user out of their information without knowing their private key. And the purpose of having a private key is to never give it to anyone, ever, for any reason, as we’ll demonstrate below.
Maintaining Your Privacy and Security
If you value your privacy, then cryptocurrency is the only payment method you’ll ever want to consider. Crypto allows complete anonymity for every transaction you make. There are no bank statements, identity verification, or card swiping because it’s just you and your two financial keys, one public and one private.
The public key is the one everyone sees. It’s necessary to complete transactions, but it’s useless without the private key. The private key is the one you maintain a secret.
Only you know of its existence, whereabouts, and digits. That’s the key you never share for any reason. And that’s why someone can’t scam you out of your cryptocurrency because your crypto is virtually untouchable without the private key.
What’s a Cryptocurrency Casino?
A cryptocurrency casino uses crypto as its primary and, more often, only payment method. Cryptocurrency is a decentralized financial (DeFi) currency that stores its transaction history on the blockchain.
Bitcoin, Ethereum, Dogecoin, and Litecoin are examples of modern digital cryptocurrencies. No state governments or central bankers control the use of cryptocurrencies. They are strictly peer-to-peer payment mediums between you and the person you’re dealing with, and that’s why they’ve become so popular.
Most crypto casinos use Bitcoin, but Ethereum, Litecoin, and Dogecoin are also becoming more widely accepted by casinos. Each coin has its unique use case, and most gamblers own several crypto coins just to be prepared for any eventuality.
What’s a Credit Card Casino?
The more familiar credit card casino accepts payment by placing a charge against your bank charge card, just like a department store, gas station, or any other establishment that accepts credit card payments.
The problem with traditional credit card transactions is that up to six different parties are involved, each collecting and storing your financial data without your knowledge or consent.
For example, when you swipe your card, the merchant collects your data, the credit card network grabs a piece, the merchant account processor knows who you are, and your bank knows all about you and yourself.
A credit card processor can also be thrown into the mix, but you get my point. Of those six entities, only one has a legitimate right to your data, and that’s you, the data owner!
Each party involved with processing your transaction charges a fee, adding to the overall cost of everything you buy because retailers pass those costs onto you in the form of higher prices.
Which One Is Best?
The answer to which payment method is best depends on your objectives for how large a financial footprint you want to leave in the world.
Suppose you don’t mind everybody and their brother knowing your financial details, and you’re willing to assume the subsequent risk of fraud, abuse, and identity theft. In that case, you can argue that the convenience of credit cards is the way to go.
But if you believe that your personal financial information is no one’s business but your own, then you’ll argue for cryptocurrency as your primary payment method. For my money, it’s not much of a contest.