Advantages Vs. Disadvantages of Crypto Sweepstakes Casinos
Crypto sweepstakes casinos work exactly like other online sweepstakes casinos. They operate on the same sweepstakes models and use two in-app currencies (coins): one with no monetary value and another to exchange for real prizes.
The only difference is that a cryptocurrency of choice is used instead of using fiat money to purchase coins. Likewise, when players wish to cash out their earnings, they receive their winnings in cryptocurrency instead of traditional cash.
Currencies Used
While traditional fiat money is tied to whatever region or country the platform is based in, crypto casinos take the same currencies all over the world. The most common cryptocurrencies used across crypto sweepstakes casinos are Bitcoin, Ethereum, Litecoin, Dogecoin, Tether, Tron, Ripple, and Stellar. Bitcoin and Ethereum are the most popular options for many crypto casinos.
Advantages
Using crypto for online casino gaming has many advantages. First, it offers better privacy and security of personal information, as wagering with crypto does not involve sharing sensitive bank information. All that is needed for crypto is a valid ID for a digital wallet.
Secondly, crypto casinos also offer much faster transaction times. While traditional money can take a few days to process, crypto transactions can be completed within hours or mere minutes.
All money transfers involve a small fee to complete the transaction. While traditional bank fees can be hefty, cryptocurrency transactions typically offer lower fees, taking away less of players’ winnings.
Crypto also offers wider global accessibility. While traditional money is often region-restricted due to different currencies used around the world, cryptocurrency is not tied to a particular region and can be used anywhere in the world.
Disadvantages
While using crypto sweepstakes casinos has far more advantages than disadvantages, a few disadvantages can greatly affect the overall experience and should always be considered.
The number one disadvantage of using crypto in online casinos is the volatility of value. Cryptocurrencies are still relatively new, and their overall value can rise and fall greatly over short periods of time. This can then affect players' digital wallets and winnings.
The next issue bettors must consider is the number of crypto scams that are in the casino space. Players must look for reputable casinos that trustworthy sites have reviewed. Any bettors who are curious about crypto sweepstakes casinos and don’t know where to start can check out Sweeps Casino’s Luckybird Casino review.
User Experience
The overall user experience in a crypto sweepstakes casino is similar to any other sweepstakes model casino. The interface, games played, VIP programs, and bonuses are similar to those offered in regular online sweepstakes casinos.
A helpful feature hosted in some crypto casinos is the ability to purchase cryptocurrency within the app, directly depositing the crypto into the platform’s wallet. This eliminates the middle step of opening a digital wallet, purchasing the cryptocurrency elsewhere, and depositing the funds into the casino’s wallet to begin playing. With this feature, players can purchase the crypto of their choice directly from the casino itself and begin playing immediately after purchase.