Gambling activities have acquired a new form in the past several decades thanks to the expansion of the Internet. Online casinos have enriched the industry, and their number has been growing ever since the first such websites were launched. The spread of digitalization has also created new payment methods — digital currencies. The combination of the two has resulted in online gambling with cryptocurrencies.
Since electronic cash is relatively new to the market, it is understandable that it still confuses people. Although there are many gambling sites that accept cryptocurrencies, crypto gambling is not just about choosing a casino that offers them as payment options. The subject requires a more thorough explanation, which is why we have assembled a guide. Stay tuned to learn what to consider before loading a cryptocurrency gambling site.
Cryptocurrencies in a Nutshell
In order to be able to comprehend crypto gambling and eventually profit from it, you need to learn what cryptocurrencies are.
Cryptocurrencies essentially represent electronic money, which, as opposed to cash, is intangible. It is transferred directly from one user to another, while blockchain, a digital register, records details regarding transactions. Cryptocurrencies offer a wide range of advantages, such as security, anonymity, and fast transactions with low fees.
Nevertheless, before you engage in crypto gambling, you need to be aware of the risk involved in using cryptocurrencies. The value of any cryptocurrency can change dramatically from the moment you purchase it until the moment you use it as a payment method. The cause of such changes is the fact that digital currencies are not regulated by any jurisdiction.
On the bright side, the absence of intermediaries is the reason digital cash is transferred so quickly. While other transactions take time, cryptocurrency transactions are verified almost immediately.
Types of Online Casinos that Accept Cryptocurrencies
Once you have studied the topic of cryptocurrencies and decided to use them as a payment method for real money gambling, it is time you chose the right casino. However, before you do, you need to familiarize yourself with different types of such gambling websites. The most prominent distinction is between casinos that offer only cryptocurrencies as payment methods and those that feature them among other options.
Among the vast number of online casinos that accept cryptocurrencies, there are those that offer no other payment option. The most frequent such casinos are Bitcoin gambling sites, as Bitcoin is the original and the most widely used form of electronic cash. Such casinos are rather new to the market, which means that more often than not, they have not established a reputation. Given the fact, you must thoroughly research cryptocurrency only websites in order to be safe, provided you want to use them in the first place. Even though crypto gambling may be appealing because of minimal delays, we advise you to choose reputable casinos that offer it among other options.
Crypto Gambling as an Option
Many online casinos feature digital cash as a payment option among others, traditional, payment methods. This is a safer choice in comparison to the previously discussed one. You can find an established, trustworthy gambling website that has recently added cryptocurrencies to its list of acceptable options for depositing and withdrawing. Bitcoin is the most commonly offered cryptocurrency on such websites. It is the most stable digital currency at the moment, which is why gambling with Bitcoin is safer in comparison to gambling with other cryptocurrencies. However, it is not the only digital currency you can rely on. Research your cryptocurrency of choice and see whether an established online casino features it in its banking section.
Provably Fair Gambling
A provably fair system in online gaming has been developed recently, as a result of crypto gambling. Its purpose is to regulate games in a way that all outcomes are completely fair. However, Bitcoin gambling is the only form of crypto gambling that features the system. While the PF system of a dice game and that of a video poker game may differ, their goal is the same. The only game that still lacks a PF system is poker.
Games Available for Crypto Gambling
Essentially, all games, including casino games, table games, slot games, poker, sports betting, and lottery games are available for crypto gambling. However, your gambling experience with cryptocurrencies will differ from the one you are used to. Although you can play the same games regardless of the payment method, crypto gambling may require you to access more casinos. The reason is that one casino that offers the possibility of crypto gambling usually does not feature all the games you want to play.
Why Gamble with Cryptocurrencies?
Now that you are familiar with crypto gambling, you may be asking yourself — why choose it over gambling with fiat currencies? The answer is — security. In general, cryptocurrencies offer complete security regarding personal information to users. Online gambling may prove to be unsafe due to possible breaches or fraudulent intentions of operators. Such breaches may cause the personal information you have entered in order to create an account to be compromised. Crypto gambling, on the other hand, leaves no room for such an occurrence. Nevertheless, that does not mean that the general rules of gambling do not apply to crypto gambling. It simply means that your personal information is safe.
In spite of security that cryptocurrencies provide in every field, gambling being one of them, we advise you to remain cautious in the process of choosing a casino. Remember to withdraw your winnings daily, provided that the website you have chosen allows it. This is important to keep in mind because of the volatile nature of cryptocurrencies. We have already mentioned that their value may vary due to them not being regulated. You need to be aware of that if you decide to use them as your preferred payment method. The sooner you manage to collect your winnings, the better.
Pros and Cons of Crypto Gambling
After elaborating on every aspect of crypto gambling, we will briefly summarize everything by emphasizing the pros and the cons of this form of gambling. The main advantage of using digital currencies as payment methods for real money gambling is the provably fair system. In addition to that, you can rest assured that your personal information is safe, and you can choose a cryptocurrency based on your preferences.
On the other hand, cryptocurrencies do not have a constant value, which can lead to changes in your winnings. Moreover, you may have to choose several websites instead of one in order to cater to all of your gambling needs.
The list of pros and cons we have assembled is general. Depending on your needs, you may find cryptocurrencies either a perfect or a terrible choice. In case you are new to the field, and you are eager to engage in crypto gambling, take all the aspects into consideration. Additionally, we advise you to gradually transition from traditional gambling to crypto gambling instead of making a sudden change.
The combination of cryptocurrencies and online gambling can create confusion because both are still viewed as novelties. However, once you take all the aspects of crypto gambling into consideration, the activity seems less complex. Just like every other form of real money gambling, it requires caution, but whether you will engage in it or not depends solely on your preferences.