Cryptocurrency has taken the world of fintech by storm. You hate or love it, but you definitely can’t ignore it. With digitization and high internet penetration globally, e-currency has become popular among others. Cryptocurrency is the currency of the future because of the unique advantages it offers. Users have been experimenting with cryptocurrency lately, trying to equip themselves with the latest news and advancements in the crypto world. Many users have made millions by investing in cryptocurrency, while there is also the possibility of losing it. Newspapers, television, and other communication channels have the specially dedicated space to spread knowledge about the crypto world. So that people don’t end up betrayed and cheated. Cryptocurrency can be a tricky bet expert have divided views about it. Some experts sees cryptocurrency as the same as gambling online, like playing online casino games.
Online casino games are the sort of online gambling where users put money, and their win fetches them money. Users put money into cryptocurrency and online gambling to manifold their investments. So which one is better?
Both are incredibly risky and are a sort of double-edged sword. To decide which one is the better option. Let us check the pros and cons of both.
Pros of investing in cryptocurrency
- Protects inflation
Cryptocurrency launches with its specific amount fixed. Its source code specifies the value it holds and its value increase as its demand increases. Its increased value will upkeep with the market and will thus prevent inflation. There have been instances that the other traditional currency has faced inflation leading to the decline in their value.
2 . Democratic Governance
One of the benefits of cryptocurrency is its democratic governance. It does not have centralized power as in traditional currencies- the power is in the hands of the government. The government makes decisions on behalf of the people. The cryptocurrency is self-governed and managed by the dispersed, decentralized consensus and is not centralized like traditional currency.
- More Secure
Cryptocurrency transactions are more secure than traditional currencies as it is hard to crack the code. The ledger maintains the privacy and security of cryptocurrency transactions through the code based on the mathematical puzzle, which is hard to decode. The traditional currency is not as secure as cryptocurrency. Therefore users are now preferring cryptocurrency over the other currency type.
- Borderless Transactions
Cryptocurrency can be purchased using several different currencies worldwide and transacted from one currency to another using the minimum transaction fees. Cryptocurrency allows users to carry out monetary transactions without a third party at a low cost. The value of the cryptocurrency is not in the hands of a centralized government which means doing away with the monopoly. Hence, this results in a safe and secure cryptocurrency.
- Faster Transactions
Cryptocurrency transactions in the absence third party result in a superfast transaction. Therefore it takes very little to no time to process the crypto transaction. Irrespective of the fact, whether the crypto transaction is domestic or international.
Cons of investing in cryptocurrency
Though there are many pros to investing in cryptocurrency, there are cons also.
- It can use for illegal transactions.
Cryptocurrency, as we have explained above in its pros, it is a very private and secure system. It is beneficial for the users but poses a challenge to the government in keeping a tab on the transaction data hiding the source.
- Loss in data is equivalent to monetary loss.
Since the cryptocurrency is virtual and has impeccable security and privacy feature secured by the coded ledger. If in case of the user loses the private key of his crypto-wallet, then in such a case, coins will remain locked until the private key is available. The loss of the private key to your wallet results in financial loss. Hence, data is essential in cryptocurrencies.
- Not Environment Friendly.
Cryptocurrency depends on efficient and advanced computers. Consumption of high computational energy and electricity to run it. Since electricity uses fossil fuels majorly, it’s not environmentally friendly.
The above are the major pros and cons of cryptocurrency. Now, let’s check the pros and cons of online gambling to decide the better one.
Pros of the online gambling
- Convenient & User-Friendly and Quality Casinos
Playing online gambling is very convenient and user-friendly. Playing with online casino players doesn’t require having a specific knowledge set, unlike in cryptocurrency. You need to log in to the website and start playing immediately. It’s convenient and user-friendly. There now a lot of quality online casinos, and they offer top online pokies to players from New Zealand, and here upi can see for Canada.
- Money is no constraint.
Online does not require huge investment money, unlike in the case of cryptocurrency, where you need a specific amount. There are numerous games available in online gambling, and you can find the one that fits your budget.
- Bonuses and reward
Online gambling websites offer users joining bonuses and rewards to attract them to play. Users can select among the online gaming offering a high return to investment games.
- Compatible with a variety of devices
Online gambling does not require a specific device offering you to indulge in online gambling from different devices. Most gambling websites are compatible with desktops, Androids or iOS, etc. Hence, offering portability to play.
Cons of the online gambling
- It’s Addicting
Online gambling is addicting to the user. Continuous gambling can ruin mental peace along with monetary losses as well. You can see the signs of gambling addiction
- Withdrawals take time
Withdrawing money after winning the casino game takes time. It depends on the mode of transaction you are using.
- Lonely at times
Online casinos give freedom to play a round-the-clock 24X7 but are lonely as there is no personal interaction. It feels lonely at the time as there is no one there to make noise around you win or lose. It’s virtually playing.
An understanding of both the pros and cons of cryptocurrency and online gambling makes it better for the user to choose one. It becomes easy for the user to decide between investing in cryptocurrency or playing an online casino game. It depends on the availability of funds and choosing things depending on the user’s need and preference.
Let’s make a comparison between them. To make it easy for you to decide appropriately for yourself.
- Cryptocurrency investments are long-term. Cryptocurrency is not the get-rich overnight scheme. Cryptocurrency investment requires patience and belief in the crypto market. While playing casino games is online gambling is short-term, they do not require you to hold money. The returns from the cryptocurrency are long-term, while online casino gameplay gives results immediately over the short term.\
- Investing in cryptocurrency requires you to know the crypto domain and knowledge of the terminology of crypto. But playing casino games does not require any specific knowledge base. You can start playing immediately.
- Investing in cryptocurrency requires you have a specific amount to invest in it, while this isn’t the case with casino play. You can start casino gameplay with the smallest amount you have and find an appropriate game to play.
- Investing in cryptocurrency means taking a calculated risk, which isn’t the case with gambling. Casino play is a blind game that purely depends on luck and some judgment. Investing in cryptocurrency requires you to gain knowledge about the industry to make a safe bet on it.
Noways many casino games offer payment options for cryptocurrency as well. Cryptocurrency is increasingly recognized as the mainstream payment medium- by various government authorities globally. It has brought smiles to the online casino gaming enthusiasts as it’s perfect for gambling using different casino games online. You can also use cryptocurrency for sports betting as well. It’s good news that cryptocurrency is getting recognition, but the downside is not everyone can invest in it due to a lack of awareness about crypto. As investment in the wrong cryptocurrency brings more losses than benefits.
Cryptocurrency is a highly unpredictable market, uncertain to predict its future. Unlike other financial instruments, cryptocurrency does not have a previous track record for forecasting its returns in the future. But due to various advantages, it offers cryptocurrency seen as the future currency. With diligent knowledge, one can decide which crypto assets to invest in to gain profits. Casino games can be a perfect way to spend time with thrill and adventure. You can choose the one that better suits your requirements considering the pros and cons of both. If you are to invest in cryptocurrency, acquire the necessary knowledge and commit yourself for the long term