With the outburst of technology trends in this modern day and age, it is no wonder that nowadays there are a plethora of ways to make transactions online. Since there are a few doable and safe payment solutions, many people still don’t have full trust in such online payment methods, mainly PayPal and cryptocurrency. However, online casino players have found out by now that there are far more “pros” than “cons” in such transactions and that they have proven to be safer than regular or standard banking methods.
The main question that still puzzles many people is how to secure payments through those platforms since both PayPal and cryptocurrencies have their amazing benefits as well as limitations. We have explored in detail how exactly secure PayPal and cryptocurrency transactions are in online casinos – and here is the result.
PayPal 101
PayPal is a practical, fast, and safe service that enables users to make payments anywhere across the globe as well as send and receive money. What’s more, as more people become more comfortable with this type of payment, online casino platforms have fully embraced it, as there is no need to enter the bank every time they are about to make a deposit or withdraw. PayPal ensures secure and effective data encryption and has extremely fast transaction times, which makes it more popular with online casino users.
Benefits of PayPal in Online Casinos
One of the greatest advantages of using PayPal in the online casino business is having trustworthy and fast transactions at any given moment. Not only that, but with an eWallet function, users can deposit, pay, and withdraw money around the world and not worry about being scammed. Even though cryptos are getting popular, more online casinos accept and prefer PayPal as the payment method is fast, safe, and has up-to-date encryption tech. Consequently, the top PayPal online casino sites are some of the most highly ranked eligible sites, and with that in mind, you can gamble with ease and rest assured that everything is safe.
The Downsides of PayPal
Although there aren’t many, many people argue that the fees to pay at PayPal are rather high in comparison to some other payment methods. Also, for some online casino users, staying anonymous is of utmost importance, and in PayPal, you need to give a valid ID and provide your card details, which can increase the risk of them being hacked or maybe stolen.
Cryptocurrency 101
Cryptocurrency is an “invisible” form of online money, or rather, an invented token or coin that doesn’t have any physical representation but has an extremely high value in the online world. Cryptocurrency can be mined or purchased from some official crypto exchange and used for any form of online transactions where it’s accepted. All cryptocurrencies operate on well-developed and unique blockchain technology. The most notorious and popular cryptocurrency is Bitcoin, but now there is an abundance of other crypto money that is equally used.
The Benefits of Crypto in Online Casinos
It goes without saying that both PayPal and Crypto are versatile and globally acknowledged payment solutions, with both having remarkable reputations. However, crypto tends to be slightly preferable to PayPal as there are no fees. Also, with cryptocurrencies, decentralization helps reduce any risk of cybercrime, which is another pro. Add the masterful blockchain technology, and you will have an independent and safe payment method throughout.
The Downside of Crypto
Unfortunately, cryptocurrency regulations tend to vary from country to country, which is not preferable to online casino platforms. In addition, there are still a great deal of online casinos that don’t support this payment method, and therefore crypto is not available at many casino sites. Add the fact that there are scarce or almost no regulations, which entails that this method offers potential security threats. With all those things in mind, online casinos don’t want to risk their player’s safety, and for that matter, they still accept this way of payment.
Both PayPal and crypto have their fair share of advantages and disadvantages for online casinos, but it’s our job as users to see which options suit us better and make a valid choice.
