The quality of the online gaming experience depends on a combination of games and online payment processors. Wire transfers paved the path for modern and more efficient solutions in an ever-evolving industry. Now, with more choices than ever, players often choose between e-wallets and cryptocurrencies.
The concept of e-wallets or digital wallets has been around for several decades. Yet, their widespread adoption was closely related to the early 2000s technological boom. Today, customers use e-wallets for settling a wide range of financial transactions. Cryptocurrencies appeared almost a decade later, even though the digital currency idea dates back even further. Both options are an excellent choice in the online casino industry, each with its competitive advantages we’re about to show you.
Skrill as a trusted payment method
Founded in 2001 and based in London (UK), Skrill has served as an e-wallet enabling 128-bit encrypted real-money online transactions. In August 2015, Optimal Payments bought the entire Skrill group, creating a new conglomerate – Paysafe Group. The move established Skrill, topping the position of financial transactions e-wallets. Accordingly, Skrill became a global company in 200 countries with 30+ million users, putting it in a leading role in this business.
Skrill is famous for its simplicity. Setting up an account is straightforward and compatible with 200+ currencies. In addition to the electronic wallet, there’s a Skrill MasterCard available in GBP, EUR, USD, and PLN. Besides, users can link a bank account for online payments. All you need to start using this system is a free account.
Also, you are far from having to worry about security because all data is stored in one place. Select Skrill and enter your registered email address and password when you want to pay. All critical information stays reserved on encrypted servers. Since the company’s existence, no data or identity theft case has been recorded, which speaks about security. Therefore, Skrill has built a global reputation for reliability and trustworthiness. Many online merchants accept the system authorities regulate in several countries, adding an extra credibility layer.
The rise of cryptocurrency
Cryptocurrencies emerged as the next logical step in e-wallet’s evolution. Furthermore, the concept included earning through mining or other ways to get a capital income. Also, while all other methods relied on regulated banking and card systems, cryptocurrencies explored decentralization.
With peer-to-peer transactions, cryptocurrencies don’t need banks acting as intermediaries. The independence factor reduces the need for third parties and minimizes censorship or manipulation. Cryptographic security techniques and control of the creation of new units made them resistant to fraud and counterfeiting.
Unlike other systems known until that point, cryptocurrencies were open to all from the beginning. People excluded from traditional bank transfers or limited access to banking services could start using them. They were happy when an anonymous person or group known as Satoshi Nakamoto created Bitcoin in 2009. Then, in 2015, Vitalik Buterin expanded the capabilities of blockchain by introducing smart contracts. With them, Ethereum went beyond traditional transactions with the terms of the agreement written into code. One by one, online merchants started to accept cryptocurrencies, online casino sites included.
Online casinos and payment methods
Payment methods are crucial in online casinos as the gateway for players to engage in real-money gaming. They facilitate deposits and withdrawals, ensuring a seamless and secure transaction process.
Since its start, Skrill has become a cornerstone payment option for many casinos. Players could fund their casino accounts or collect winnings thanks to swift transactions. Security is among the most significant advantages of casinos that accept Skrill since all financial records are safe from unauthorized access. Accessibility and widespreadness made it easy for brand owners to include Skrill in the cashier.
While cryptocurrency transactions started as an exotic option, they are becoming mainstream. Sharing anonymity with e-wallets, cryptos introduced a higher privacy. As such, they do not need personal information disclosure. Also, unlike traditional instruments with fixed worths, cryptocurrencies appreciate over time. For players, this means higher profits and benefiting from their holdings’ increased value.
Skrill vs. cryptocurrency: A comparative analysis
The decision between cryptos and Skrill is quite challenging. The two choices have a lot to offer, making them some of the best options available in online gambling. We’ll list these services’ significant pros and cons to simplify things. The following analysis should help you determine whether some are deal-breakers.
As stated, players enjoy high security and privacy with cryptos – the blockchain network’s courtesy. The so-called pseudo-anonymity frees them from sharing personal records with operators. So, there’s no need to worry about someone misusing your valuable data. Skrill digital payments are often associated with banks or cards, but casinos only see your email. Again, by disclosing only a handful of information, Skrill’s privacy is 75% higher than Visa’s or MasterCard’s.
When paying, both alternatives rely on their unique security protocols. Cryptos depend on the mentioned blockchain network. This is a ledger-shaped database that uses cryptography to secure any information. Each block contains a timestamp, data, and a hash. These parameters are unique to all blocks – something like a digital fingerprint. The Skrill wallet is getting closer with its 128-bit SSL encryption. It would take 2128K combinations to crack the encryption key, which is challenging even for the most powerful computers.
About deposit and withdrawal processing times, both options excel. While different merchants advertise different procedures, the Skrill system promises instant transfers. The same goes for cryptos, but only for some. The bespoken Bitcoins take up to 40 minutes, compared to Ripple’s near-instant process. Yet, several factors influence this speed, so we will only sometimes blame casinos for block time & size and network traffic delays.
Deposit and withdrawal limits differ between the chosen option and the gambling platform. Sites usually accept deposits starting from $5 and $10 going up to $80,000 per transaction. Fees are non-existent, but only within the casino-customer part. As a company, Skrill charges $4 per transaction. Cryptos follow the same depositing rule as the specific brand owner imposes it. Yet, they accept higher withdrawals, where your winnings are the only limits.
However, many brands still consider Bitcoins controversial. So, not all operators and software providers support cryptocurrencies. As a result, there’s a limited gaming space with a built-in crypto nature. Still, the number of Bitcoin-exclusive casinos, like their bonuses and promotional offers, is rising. At the moment, there are 2,000+ gambling sites accepting blockchain.
Bitcoins and Ether star cryptocurrency exchanges with the current caps of $500+ billion and $191 billion, respectively. Gaining them is unlike traditional financial resources you get via bank transfers. Also, the mining concept enables prospective users to earn coins without real money investment. Profiting from casinos’ promotional offers is another way to build up your wallet. Yet, to replenish a Skrill account, users need tangible funds – earn them in any legal way possible; such a money transfer is still centralized and controlled.
Finally, the two worlds are as much closer as one may think. Thanks to the Skrill Cryptocurrency Service introduced in 2019, registered users can buy Bitcoins and other cryptos. The service promises lower transactions and fewer fees since there’s no need for conversions between those assets. The Skrill payment apps have a built-in price movement update on the go for 9 cryptocurrencies, including Ripple and Litecoin.
Conclusion
To sum up, payment technology and different methods are pivotal for online casinos, serving as the foundation for financial transactions. Skrill offers a secure and accessible digital wallet solution. Yet, cryptocurrencies provide an alternative option with their decentralization, security, and potential for privacy. Both options cater to the diverse preferences of players, contributing to the online gaming industry’s dynamic and inclusive nature. These methods enhance the gaming experience and create a safer and more convenient gambling environment.
The decision between Skrill and cryptocurrencies hinges on your unique requirements. For online casino enthusiasts and digital consumers, aligning your choice with your specific needs, values, and priorities is essential. Before selecting a payment method, take a moment to reflect on what matters most to you about security, accessibility, speed, and acceptance. Your choice should cater to your preferences and enhance your online financial experience.
