GamStop is software that blocks all gambling sites for a period. This software is voluntarily used by gamblers struggling with their addiction. The self-exclusion plan is unbreakable until the period of self-exclusion expires, which could be from 6 months to a few years. Therefore, GamStop users often give in to their temptation by casino sites that are not blocked by GamStop and continue gambling. Most of these sites are crypto casinos. Cryptocurrencies are new-age currency whereas credit cards are the age-old method of transaction in the online gambling industry.
Pros & Cons of Crypto Gambling
GamStop users prefer Crypto gambling over any other means of transaction, as cryptocurrencies are decentralized and preserve the anonymity of the users. This helps them get around a block of GamStop. Although Cryptocurrency might sound flawless to the GamStop punters, it has some drawbacks too.
Pros of Crypto Gambling:
- Anonymity: One of the main reasons for GamStop users to use Cryptocurrency is the feature of preserving anonymity. Cryptocurrencies work with blockchain technology, where to use the currency, buy or sell it, you would only need your crypto wallet address. Therefore, by not linking your identity with the wallet, you could make the transactions anonymously. Even crypto casino sites, offer a “no registration” option where you need not share any personal information with the website to play and win as long as you use cryptocurrencies for deposits and withdrawals.
- No legal Restrictions: One of the main features you can learn about cryptocurrencies is that they are decentralized, which implies that it is not regulated by any one governing body. These give several advantages to the players. One as it is not regulated by the government of a country, it’s a tax-free possession. Another advantage is there is no restriction on offshore gambling. There are several countries where gambling is banned and is a criminal offence. So, players residing in those countries could easily use VPN and gamble on crypto sites. Cryptocurrency would not need any bank details and your transactions will be private. Therefore, punters could easily get around these legal restrictions as well as the GamStop block.
- Security: Cryptocurrency uses blockchain technology which in simple words are blocks information in form of unbreakable strings of codes. This prevents any type of hacking, thus ensuring maximum security.
- Low Transaction charges: As cryptocurrencies are not any type of state currency, there is no need for currency exchange, so the transaction fee is zero or negligible amount. Moreover, crypto-casinos do need to secure the funds as its already secured by their blockchain technology.
- Offers and bonuses: As cryptocurrencies have proved to be economical to both the players and the operators, online casinos offer appealing bonuses and offers to players using cryptocurrency as a form of transaction. This makes it a win-win option for both the players and the operators.
Cons of Crypto Gambling:
- Volatility: Cryptocurrencies are subject to market demands, and it’s worth keep on falling and rising making them highly unstable. This volatile nature makes it less valuable.
- Low transaction speed: Sometimes, cryptocurrency transactions may take a longer time to process than traditional FIAT money transfers.
- Not widely Accepted: Cryptocurrencies are not accepted everywhere, there are a limited number of sites that allow cryptocurrency transactions. No local store or shopping websites accept such currencies.
- Addictions and Criminal activities: Anonymity nature is useful for punters of GamStop, but it makes it untraceable. This might lead to criminal activities using such currencies. Moreover, Crypto addiction is a rising issue in today’s world, all its features contribute to a deep addiction loop of gambling and trading.
Pros & Cons of Credit Card Gambling
A credit card is the first mode of transaction that has been in use since the first online casino. In the early day of online casinos, a credit card was the only option available for gamblers. Credit card gambling comes with an equally heavy list of its pros and cons.
Pros of Credit Card Gambling
- Limits: Every credit card user has a certain limit of the amount that they can deposit through their credit cards. This limit depends on their income and is regulated by the bank and the credit card company. This ensures the prevention of addiction to some extent.
- Security: Credit cards are enveloped by three levels of security. First is the credit card company that ensures safe transactions and secure your funds, 2nd is your bank that secures your money and the last layer of security is provided by the online casino site that uses multiple tools and software to secure your fund and transactions.
- Accessibility: Credit cards, unlike Cryptocurrencies are accepted everywhere, from all the gambling sites to all local shops and shopping sites. If you do not have a credit card, it is easy to apply for it and get one. It can be used to make deposits at offshore gambling account. Overall, its acceptance rate is higher than that of cryptocurrencies.
- Quick Transaction process: Deposit and withdrawals are easy and fast with credit cards; all you need to do is fill in the details of the card to make the transaction. The amount is reflected in your casino account or bank account in few minutes.
Cons of Credit Card Gambling
- Credit Card Debt: Although there is a certain limit to your credit card, the amount is often higher than your income. Addictive gambling could result in huge credit card debts. Moreover, you have to pay credit card interests to the card company until you pay back your debt.
- Additional Fees: For the processing of the transactions, the bank and the casino sites charge additional fees in the name of transaction, and handling fee. This usually is a certain percentage of deposit or withdrawal money.
- Cannot Prevent Any Restriction: Credit card details include your bank location and your identity, therefore while using a credit card for a transaction, you cannot retain your anonymity and would not be able to gamble from a place where gambling is banned. Credit cards help to get around neither the legal restrictions nor the block by GamStop.
For GamStop users to get around the block, cryptocurrencies are proved to be a better way of transaction. Although it too has its drawbacks. Be it crypto or credit cards, one should be careful, choose carefully, and practice responsible gambling.