Crypto vs Traditional Payments in online casinos and gambling Australia 2024
- Updated on: December 10, 2024
- Autor: Leo Stewart
The majority of Aussie online casinos provide gamblers with plenty of payment methods to choose from. Certainly, the speed of money transfers, anonymity, fees, convenience, and other crucial aspects depend on the preferred option. In addition to methods based on fiat currencies, cryptocurrency has recently emerged. This digital alternative is really good. However, using it is unfamiliar to many Australian gamblers. Should you pay attention to this method? Is it safe and legal? Or is it better to continue with the traditional quid, which is legally issued and guaranteed by the government? We’ll discuss this in the article below.
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The best cryptocurrencies to play in online casinos
When Bitcoin appeared in 2008, it was not trusted. However, its high level of security and complete anonymity led to the widespread introduction of the technology for online payments over several years. Today, Aussies have a wide assortment of digital tokens with various exchange rates and from various niches. To perform financial transactions in online casinos, consider the following coins:
Best traditional payment methods for casinos
On the other hand, there are time-proven and comprehensive traditional ways to deposit and withdraw from a casino account. These methods are popular, dependable, and affordable. The list includes popular and well-known options, such as:
- Debit and credit bank cards;
- Mobile banking;
- Bank transfers;
- eWallets;
- Prepaid cards.
Comparison table between traditional payment methods vs cryptocurrency
Aside from the fact that digital coins are stored in a digital wallet on a financial exchange, whereas fiat currency is stored in a physical bank account (or payment system) and can be easily converted to cash, there are other differences between these methods. To figure everything out, check out the table.
| Feature | Cryptocurrency | Regular payment methods |
|---|---|---|
| Payment processing speed | Instant mostly. But it depends on network activity. Rarely, it can take up to 10 minutes | It depends on the method, can be instant or take a couple of days |
| Commission | Minimum fees depend on network traffic and can be chosen by a gambler based on what they think is appropriate | There can be a flat fee in addition to a percentage for the service charge. Conversion fees are a possibility |
| Requirements for creating an account/account | A wallet is registered with an anonymous alphanumeric address | An account is registered with the use of a gambler’s ID data and a unique number |
| Security | Almost impossible to hack, but the storage medium can be damaged | Secure, but fraud risks still exist |
| Legality | No global regulation. Legal challenges can be | Legal |
| Stability | Price fluctuation | Quite stable |
| Integration | Acceptance is growing | Widely integrated |
| Errors and returns | Irreversible transactions. Technical errors are impossible | Returns and chargebacks are possible as well as technical issues |
So which is better to choose?
The answer depends on your preferences. Both options have merits and pitfalls. To decide, consider such sensitive features as ease of use, speed, and anonymity. When you use cryptocurrency, you can count on faster transactions and earlier confirmations, which may be critical when you are involved in online gambling. Moreover, for now, nobody can reveal information about your crypto transactions, but you never know the future. At the same time, fiat currency is well-regulated, more stable, and familiar.
