Casinos traditionally offer a variety of deposit and withdrawal methods. While many reviews tend to give a lot of importance to the sheer number of methods available, few actually examine the most prevalent. We have taken the task of analysing the main payment methods for you and comparing them with cryptocurrency payments, to see how they stack up to the convenience of cryptocurrencies.
Neteller was one of the first alternate online payment methods which became famous for payments to friends, merchants and casinos. Accepted in over 200 countries Neteller has become a mainstay of internet payments. When opening a Neteller account, the user will need to fund the Neteller digital wallet with a variety of “traditional” payment methods. It’s worth noting though that fees and commissions on Neteller transactions can be charged, while limits are applied to unverified accounts.
In 2001 Moneybookers revolutionized low-cost international money transfers. While also used as a payment method, it was their challenge to the archaic banking system that captured the public imagination. Rebranding between 2011-2013, the popular service then became known as Skrill.
While being a significant advancement on previous methods of international transfers, it has lagged behind somewhat in recent years as a payment method. With transaction charges and GEO restrictions from some casinos applied to Skrill, it’s market share has been on the decline.
Always popular, despite their many pitfalls, online credit card transactions have flourished – even with a litany of security and fraud issues. While still retaining massive use by players, credit cards represent many of the traditional banking aspects that players should be wary of:
– Fees and Interest charged.
– Geo restrictions on gambling transactions applied by certain authorities.
– Lack of security.
Bank Wire Transfers
Viewed by many as archaic in this day and age, Bank Wire Transfers are still used by millions today. With high fees, slow processing times, security issues and intense scrutiny from authorities, this payment method is sure to continue its slow decline.
With the advent of crypto-currencies, the inevitable shift from aging payment methods towards more secure, cheaper, faster and transparent financial transactions has begun. By cutting through red tape and eliminating financial institutions, Bitcoin began the crypto-revolution. In the public eye, it still leads the way in terms of market share and value. There are however a few other trusted cryptocurrencies leading the pack when it comes to trusted deposit and withdrawal methods:
Bitcoin Cash (BCH) was released on August 1st, 2017 and is an upgraded version of the Bitcoin Core software. By increasing the block size limit to 8mb, BCH can process more payments per second than its Predecessor (BTC). Basically, Bitcoin Cash is a faster and more economical payment method than the currency from which it was derived.
Litecoin, while having some notable differences when compared to Bitcoin, is based on a similar premise. Created by Charles Lee with the express purpose of increasing transaction speeds, Litecoin has become renowned in this department with processing periods up to four times faster than Bitcoin.
Introduced in 2013, Ethereum (with Ether being the currency within the network) quickly gained popularity with its unique appeal which separated it from other cryptocurrencies. Ethereum can be thought of as more of a software platform, where decentralised apps use the blockchain to create smart contracts. These are mainly simple instructions for computers to execute Ether transactions. While bearing similarities to banking transactions, Ether, like other cryptocurrencies, eliminates every negative aspect of institutionalized finance and middlemen
Advantages of Cryptocurrency Payments
Much like traditional currencies, the value of these cryptocurrencies fluctuates. However, they all offer invaluable advantages over traditional funding methods:
– Enhanced Security.
– Unlimited payment size (casino dependent).
– Faster transaction times.
– No GEO restrictions or regulations for gambling.
The choice seems not be whether to switch to crypto funding methods, but rather which one to select.
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